Thiel, Novogratz Back $10B Funding for Block.one’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 May 9, 2023 at 3:19 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Block.one 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 Block.one, 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 Block.one 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.

Disclosure

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.