Bullish, the only crypto-native exchange trading on the New York Stock Exchange, ended the second quarter still holding 19,990 Bitcoin valued at approximately $1.28 billion. That number has not moved, and that is precisely the point.
The company’s broader crypto treasury sits at roughly $1.52 billion, with Bitcoin accounting for nearly 98% of that total.
Where the Bitcoin came from
The origin story matters here. Bullish did not accumulate its Bitcoin the way most corporate treasuries do, by converting cash on the balance sheet one purchase at a time. Instead, Block.one seeded the exchange at its 2021 launch with an initial injection that included 164,000 BTC alongside other assets.
Block.one itself generated that capital through the EOS token sale, which ran from 2017 to 2018 and raised roughly $4.1 billion, one of the largest ICO fundraises in history. That means Bullish’s Bitcoin reserve is essentially the downstream product of a years-old token sale that preceded the exchange’s existence by several years.
