Verify a decision

{"actor":"system:backfill","investigation_id":"55451769-6dd1-4a3c-9f53-c842f31c967d","kind":"publish","page_slug":"bullish","published_at":"2026-11-05T17:56:45.000Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Bullish","sections":[{"content":"Bullish is described in press coverage as a Block.one spinout with early backing from Peter Thiel's Founders Fund and Thiel Capital, as well as Nomura and Mike Novogratz. Tom Farley, a former president of the NYSE Group, is its chief executive. Bullish priced its NYSE IPO at $37 per share, above the previously indicated range, and raised about $1.11 billion from 30 million shares. JPMorgan and Jefferies were lead underwriters. Shares began trading in August 2025 under the ticker BLSH and rose sharply on the first day. Reported first-day gains vary by outlet and time of day. Bullish later announced an agreement to acquire the transfer agent Equiniti (reported May 2026). The terms and status of that deal were not verified from a primary source.","heading":"Corporate background and public listing","severity":"low","sources":[{"credibility":2,"name":"The Block: Crypto firm Bullish's shares surge 150% above IPO price in NYSE debut","type":"news_article","url":"https://www.theblock.co/post/366817/crypto-firm-bullishs-shares-surge-150-above-ipo-price-in-nyse-debut"},{"credibility":2,"name":"The Defiant: Peter Thiel-backed exchange Bullish files NYSE IPO","type":"news_article","url":"https://thedefiant.io/news/cefi/peter-thiel-backed-exchange-bullish-files-nyse-ipo-b1c9d6f6"},{"credibility":3,"name":"Wikipedia: Thomas W. Farley","type":"other","url":"https://en.wikipedia.org/wiki/Thomas_W._Farley"}]},{"content":"In September 2025, Bullish US Operations LLC was reported to have been granted a Virtual Currency Business Activity License (BitLicense) and a money transmission license by the New York State Department of Financial Services. The licenses allow spot trading and custody services for institutions and advanced traders in New York. Blockworks notes that license holders remain under ongoing supervisory scrutiny and reporting obligations. This search found no confirmed fine, enforcement action or regulatory investigation against Bullish. The absence of results is not proof that none exists. Bullish's SEC filings and regulator records should be checked directly.","heading":"Licensing and regulatory status","severity":"low","sources":[{"credibility":2,"name":"Blockworks: Bullish secures New York BitLicense from NYDFS","type":"news_article","url":"https://blockworks.co/news/bullish-new-york-bitlicense"},{"credibility":2,"name":"The Block: Bullish granted New York BitLicense","type":"news_article","url":"https://www.theblock.co/amp/post/371059/peter-thiel-backed-crypto-firm-bullish-new-york-bitlicense"}]},{"content":"Searches for a securities class action, hack or outage involving Bullish returned no relevant reports. Stock-price commentary indicates the shares traded well below their post-IPO highs by late 2026. Aggregator pages disagree on prices, so no figure is cited here. The Breakpoint 2026 speaking slot named in the request was not verified from the primary agenda, and it does not bear on the company's record. Not reviewed: Bullish's SEC filings (10-K, 10-Q, 8-K), court dockets, and its non-US licences.","heading":"Litigation, incidents and gaps in this review","severity":"medium","sources":[{"credibility":2,"name":"Benzinga: Bullish trending after IPO","type":"news_article","url":"https://www.benzinga.com/markets/equities/25/09/47490572/peter-thiel-backed-bullish-is-trending-overnight-heres-why"}]}],"sources_used":[{"credibility":2,"name":"The Block: Bullish NYSE debut","type":"news_article","url":"https://www.theblock.co/post/366817/crypto-firm-bullishs-shares-surge-150-above-ipo-price-in-nyse-debut"},{"credibility":2,"name":"The Defiant: Bullish files NYSE IPO","type":"news_article","url":"https://thedefiant.io/news/cefi/peter-thiel-backed-exchange-bullish-files-nyse-ipo-b1c9d6f6"},{"credibility":2,"name":"Blockworks: Bullish BitLicense","type":"news_article","url":"https://blockworks.co/news/bullish-new-york-bitlicense"},{"credibility":2,"name":"The Block: Bullish BitLicense","type":"news_article","url":"https://www.theblock.co/amp/post/371059/peter-thiel-backed-crypto-firm-bullish-new-york-bitlicense"},{"credibility":2,"name":"Benzinga: Bullish trending","type":"news_article","url":"https://www.benzinga.com/markets/equities/25/09/47490572/peter-thiel-backed-bullish-is-trending-overnight-heres-why"},{"credibility":3,"name":"Wikipedia: Thomas W. Farley","type":"other","url":"https://en.wikipedia.org/wiki/Thomas_W._Farley"}],"summary":"Bullish is a digital asset exchange and market-infrastructure company, a spinout of Block.one, that listed on the NYSE under the ticker BLSH in August 2025 after an IPO that raised about $1.1 billion. Its U.S. operating entity received a New York BitLicense and money transmission license in September 2025. This search found no confirmed regulatory enforcement action, hack or securities class action against the company. The search was limited, and SEC filings and court dockets were not checked directly.","timeline":[{"date":"2021-05","event":"Block.one reportedly invested bitcoin into the Bullish exchange venture (reported figure not independently verified).","source":"Search summary of IPO coverage; see The Block","source_url":"https://www.theblock.co/post/365457/peter-thiel-backed-crypto-platform-bullish-files-ipo-aims-to-raise-up-to-629-million"},{"date":"2025-08","event":"Bullish listed on the NYSE as BLSH after pricing its IPO at $37 per share, raising about $1.11 billion.","source":"The Block","source_url":"https://www.theblock.co/post/366817/crypto-firm-bullishs-shares-surge-150-above-ipo-price-in-nyse-debut"},{"date":"2025-09","event":"Bullish US Operations LLC reported to have been granted a New York BitLicense and money transmission license by the NYDFS.","source":"Blockworks","source_url":"https://blockworks.co/news/bullish-new-york-bitlicense"}]},"v":1}