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.

By Jamie Crawley

May 11, 2021 at 1:15 p.m. UTC

Updated Sep 14, 2021 at 12:53 p.m. UTC

32362629297_81e0307636_o — Brenden Blumer, co-founder of Block.one

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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.

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