Thiel, Novogratz Back $10B Funding for’s New Crypto Exchange Subsidiary

The new arm, Bullish Global, will be focused on the launch of a cryptocurrency exchange later this year.

AccessTimeIconMay 11, 2021 at 1:15 p.m. UTC
Updated Sep 14, 2021 at 12:53 p.m. UTC has launched a subsidiary, Bullish Global, with $10 billion in funding backed by prominent investors including Mike Novogratz and Peter Thiel.

  • Bullish Global will operate as an independent subsidiary under, the developer of the EOSIO blockchain, according to an announcement Tuesday.
  • The new venture will be focused on the launch of a crypto exchange called Bullish later this year.
  • The exchange will aim to offer automated market making, lending and portfolio management to deliver “functionality that has previously been monopolized by incumbent players in traditional finance, while driving deeper liquidity to digital assets,” according to the announcement. 
  • The $10 billion funding includes an initial investment from of $100 million in cash, around $9 billion in bitcoin and just under $200 million in EOS.
  • This is supplemented by a $300 million funding round backed by Peter Thiel’s Thiel Capital, Mike Novogratz’s Galaxy Digital, Brevan Howard's Alan Howard and investment bank Nomura.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.