1/ Today, Qube Research & Technologies, Vertalo and zerohash joined the Issuer Sponsored Token Coalition, expanding the range of market participants working to advance issuer-sponsored tokenized securities.
3.7/ 5
Our score
Good
Maker fee
0%
Taker fee
0.03%
Accepts US customers
Yes
Proof of reserves
Yes
What is Bullish?
Bullish is a centralized crypto exchange operated by Bullish Global, a publicly traded company on the New York Stock Exchange. It combines a global central limit order book with an automated market maker, and offers spot trading, options, perpetuals and dated futures through one portfolio-margin system.
Company and ownership
Bullish was founded in 2020 in Hong Kong by Brendan Blumer, its co-founder and chairman. Blumer previously launched Block.one. Block.one provided the initial seed investment, while a 2021 funding round raised US$300 million from Peter Thiel, Alan Howard, Louis Bacon, Christian Angermayer and Richard Li. Bullish became public in August 2025 through an initial public offering that raised US$1.1 billion. Its headquarters are in George Town, Cayman Islands, and the exchange acquired CoinDesk for approximately US$75 million in November 2023.
Trading and custody
The exchange aggregates liquidity into a single global order book with limit and market orders matched by price and time priority. Its AMM supplies additional bids and offers from treasury pools, while AMM instructions are restricted to eligible institutional and corporate professional investors in selected locations. REST, FIX and WebSocket APIs support order management, market data and private data access.
Bullish says customer assets are held on a full-reserve, 1:1 basis, segregated from company assets and not lent or used for proprietary trading. The custody model includes offline private-key isolation, transaction authorization controls and daily reconciliations. Access requires identity checks under the exchange's regulated operating model.
Fees and availability
From October 2026, FX Markets charge a 0 bps maker fee and a 2.5 bps taker fee for institutional and individual clients. Promotional II markets charge 1 bps for takers, while filled maker orders receive a fee rebate. The standard taker fee increases in steps with SDS and caps at 2.5 bps at SDS of 80% or above.
Bullish serves eligible customers in 50+ jurisdictions, with products varying by location. Its entities are regulated in the United States, European Union, Hong Kong and Gibraltar. Hong Kong access is limited to qualified investors trading spot in selected markets. US derivatives are unavailable, and UK access is limited to investment professionals or high-net-worth entities.
Track record and risks
Bullish began operations in May 2021 and opened to its first institutional investors in November 2021. It reported US$1.25 trillion in total transactions handled by March 2024, while its website reported BTC and ETH spot volume in the global top three in October 2026. Deloitte audits the company annually and its full-reserve model. The main risks are centralized custody and regulatory or regional restrictions. Withdrawal access may also be affected during operational or compliance events, while derivatives can result in leverage losses. AMM instructions carry high risk and are limited to eligible professional investors.
Founders
Brendan BlumerCo-founder and chairman
Previously launched Block.one.
Best for:Institutional spot tradersProfessional derivatives tradersAPI-connected trading firmsEligible EU and US customers
Pros and cons
Pros
- NYSE-listed operator with quarterly public earnings reports
- Deloitte audits and stated 1:1 segregated reserves
- 0 bps maker fee on FX Markets
- Spot, options, perpetuals and futures share one portfolio-margin system
- Regulated entities across the US, EU, Hong Kong and Gibraltar
Cons
- Centralized custody leaves assets exposed to exchange and operational risk
- Products and jurisdictions vary, with 50+ locations served selectively
- US and Hong Kong customers cannot access the full derivatives offering
- AMM instructions are restricted to eligible professional investors
- KYC and professional-investor rules limit access in some regions
Our review
3.7/5
Good
Bullish offers regulated, full-reserve institutional trading with deep derivatives coverage, but regional limits and a professional-market focus reduce its retail appeal.
Bullish is a centralized exchange built around institutional spot and derivatives trading. Its global central limit order book combines with an on-chain automated market maker, while unified portfolio margin covers spot, options, perpetuals and futures. AMM instructions are limited to eligible institutional and corporate professional investors in selected locations.
Bullish operates through entities regulated by the NYDFS, BaFin under MiCAR, the Hong Kong SFC and the Gibraltar GFSC. In the United States, its operations include FinCEN registration and a BitLicense covering 20 states. Access remains uneven: the platform serves eligible customers in 50+ jurisdictions, Hong Kong is limited to qualified investors trading selected spot markets, and derivatives are unavailable to US and Hong Kong customers.
Bullish says customer assets are held on a full-reserve 1:1 basis, segregated from company assets and reconciled daily. Deloitte audits the company and its full-reserve model. Customers still place assets with a third party, leaving custodial safety and account access as platform risks.
The published October 2026 schedules cover the following markets: FX Markets charge 0 bps maker and 2.5 bps taker, while Promotional II markets charge 1 bp taker and rebate filled maker orders. The wider schedule uses SDS tiers and caps taker fees at 2.5 bps at 80% SDS or above. Asset availability varies by location, despite new eligible-region listings such as CT, USDsui and SCX.
Bullish was founded in 2020 by Brendan Blumer, previously associated with Block.one, began operations in 2021, acquired CoinDesk in 2023 and became publicly traded on the NYSE in August 2025 after a $1.1 billion IPO. Deloitte audits are also part of its operating record, but the exchange remains oriented toward professional traders. It suits institutions that require direct API access alongside unified portfolio margin.
Specs
| Markets | Spot, Futures, Options · unverified |
|---|---|
| Maker fee | 0% · unverified |
| Taker fee | 0.03% · unverified |
| Accepts US customers | Yes · unverified |
| Proof of reserves | Yes · unverified |
| Mobile app | Yes · unverified |
| Licenses & registrations | New York State Department of Financial Services, FinCEN Money Services Business registration, BaFin MiCAR license ID 10162355, Hong Kong Securities and Futures Commission CE No BUQ956, Gibraltar Financial Services Commission GFSC 119714 · unverified |
| Security features | Full-reserve 1:1 customer assets, Segregated customer assets, Daily reconciliations, Offline private-key isolation, Transaction authorization controls, Deloitte audit · unverified |
| Futures & perpetuals | Yes · unverified |
Not disclosed by the provider: Coins listed, Fiat deposit methods, KYC required, Staking / earn, Max leverage (x), Copy trading, P2P market, Earn / savings products, User protection fund, Referral program.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Spot trading
A global central limit order book supports limit and market orders, with asset availability varying by location.
Derivatives markets
The platform offers options, perpetuals and dated futures through unified portfolio margining. US and Hong Kong availability is restricted.
AMM liquidity
An automated market maker places bids and offers from treasury pools into the order book. AMM instructions are limited to eligible professional investors.
Full-reserve custody
Bullish says customer assets remain segregated at a 1:1 ratio, with offline key isolation, transaction controls and daily reconciliations.
API connectivity
REST, FIX and WebSocket interfaces provide order management, liquidity-strategy and market-data access.
Institutional sub-accounts
Fully segregated sub-accounts support institutional operating structures alongside integrated credit and settlement services.
Low FX maker fee
FX Markets charge 0 bps for makers and 2.5 bps for takers, effective October 2026.
Inside Bullish
Spot
Spot markets use a globally aggregated central limit order book with limit and market orders. Bullish says its matching system uses price-time priority.
Derivatives
Derivatives cover options, perpetuals and futures through unified portfolio margin. Availability varies by jurisdiction, and derivatives are unavailable in the United States and Hong Kong.
Token services
The company has also announced tokenized Bullish shares under the ticker BLSH.
AMM Markets
AMM Markets add on-chain bids and offers from treasury pools to the order book. AMM instructions are limited to eligible institutional and corporate professional investors in selected locations.
Digital Assets
Digital Assets covers the exchange's listed assets and markets.
Indices
Indices provides benchmark products, including more than 400 BMR-compliant indices through the Bullish and CoinDesk ecosystem.
Custody
Custody uses segregated customer assets, offline private-key isolation, transaction authorization controls and daily reconciliations. Bullish states that customer assets are held in a 1:1 full-reserve model.
Institutions
Institutional access includes API, FIX, WebSocket, O/EMS and bilateral access, along with integrated credit and settlement services.
Individuals
Individual customers can access eligible Bullish markets through the exchange, subject to jurisdiction and product restrictions.
API
The API provides REST, FIX and WebSocket interfaces for order management, liquidity strategies, market data and private data.
Bullish screenshots
What users say about Bullish
The only specific praise is that the app feels easy to use, while complaints focus on U.S. users being allowed to submit verification information before access is restricted or accounts are locked. There is not enough repeated positive feedback to establish a top good theme.
In their own words
“Steals info for US users They don’t advertise not available in USA, let you acces with American ip and then approve your verification info and then lock your account. This app should be restricted from USA users downloading this to prevent their data from being taken and mishandled…”
“A Scam App to Harvest Personal Data? I downloaded this app. Starting with my country, I created an account. I entered all of my information. Then I went out to eat. After dinner, I tried to log in, but could not. I tried the ‘forgot password’ option, but never got the promised email.”
“Crypto Nice and easy app 10/10”
Based on 1 Reddit posts and comments, 3 App Store reviews from the last 12 months, checked Oct 18, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Bullish? Share your experience below.
Funding and investors
$300MTotal raised
3Rounds
7Investors
-
Initial public offering Aug 2025 $1.1BPI Public investorsSource
-
Funding round Jan 2021 $300MAH Alan HowardVenture capital CA Christian AngermayerVenture capital LB Louis BaconVenture capital PT Peter ThielVenture capital RL Richard LiVenture capitalSource
-
Initial seed Jan 2020 Amount undisclosedSource
FAQ
Who founded Bullish?
Bullish was founded in 2020 by Brendan Blumer, who previously launched Block.one. Bullish began operations in 2021 and is publicly traded on the New York Stock Exchange.
What are Bullish's trading fees?
FX Markets charge 0 bps maker and 2.5 bps taker fees for institutional and individual clients under the October 2026 schedule. Promotional II markets charge 1 bp taker, while filled maker orders receive a fee rebate; other taker fees rise by SDS tiers and cap at 2.5 bps at 80% SDS or above.
Is Bullish available in the United States and Europe?
Bullish is available to eligible customers in 50+ jurisdictions, with products varying by location. Its US operations are regulated by the NYDFS and registered with FinCEN, while Bullish Europe GmbH is regulated by BaFin under MiCAR; derivatives are unavailable in the US.
Is Bullish safe for holding crypto?
Bullish says customer assets are maintained at a 1:1 ratio, segregated from company assets, reconciled daily and audited by Deloitte. Its custody operations also use offline private-key isolation and transaction authorization controls.
How many coins and trading pairs does Bullish support?
Asset availability varies by location. Recent eligible-region listings include Concrete's CT, Sui Dollar's USDsui and Steelcoin X's SCX.
Does Bullish have its own token?
Bullish announced that it tokenized its shares under the ticker BLSH.
Latest from Bullish on X
1/2 Bullish BTC options are now integrated with @elwood_io.
Options trades and live market data from Bullish now flow directly into Elwood's platform for post-trade portfolio management, risk and reconciliation.
https://t.co/5PESgFlKtY
Options trades and live market data from Bullish now flow directly into Elwood's platform for post-trade portfolio management, risk and reconciliation.
https://t.co/5PESgFlKtY
1/2 📣New digital asset listing: Concrete ($CT), the native utility token of @ConcreteXYZ, a platform for on-chain products and yield across crypto and RWAs, is now available to trade on Bullish in eligible regions.
Available pairs:
◾CT/USDC https://t.co/PNEbeKpK3P
Available pairs:
◾CT/USDC https://t.co/PNEbeKpK3P
Our Bullish Exchange monthly metrics report for September 2026 is now available.
Access the report on the Bullish Investor Relations website below.
https://t.co/VmkTz8t4A4 https://t.co/WXfF9kQpDR
Access the report on the Bullish Investor Relations website below.
https://t.co/VmkTz8t4A4 https://t.co/WXfF9kQpDR
1/2 📣New digital asset listing: Sui Dollar ($USDsui), @SuiNetwork’s native US dollar stablecoin issued by Bridge, a Stripe company, is now available to trade on Bullish in eligible regions.
Available pairs:
◾USDsui/USDC
◾BTC/USDsui https://t.co/jRaokRdD4a
Available pairs:
◾USDsui/USDC
◾BTC/USDsui https://t.co/jRaokRdD4a
Recent public posts from @Bullish, shown as published. Not reviewed or endorsed by CryptoReview.
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