From EOS ICO to NYSE Bell Ring: How Block.one Survived Crypto's Biggest Controversy to Ring Up Market Gold

Bullish Global Inc. opened trading on the New York Stock Exchange at $90 per share on August 13, 2025, rising 143% above its $37 IPO price before trading was repeatedly halted due to volatility. The crypto exchange's shares climbed as high as $118 during the session, valuing the company at approximately $13.2 billion and marking one of the most significant public offerings of 2025.

The remarkable debut represents the culmination of a years-long journey fraught with regulatory battles and controversy for Bullish's parent company, Block.one, which counts billionaire Peter Thiel among its prominent backers. The exchange's public listing signals a potential watershed moment for the cryptocurrency industry's integration with traditional capital markets.

The $4.1 Billion EOS Token Sale Chronicles

Block.one's path to this moment began with what remains the largest Initial Coin Offering in cryptocurrency history, orchestrated by CEO Brendan Blumer. Between June 2017 and June 2018, under Blumer's leadership, the company conducted a year-long token sale for its EOS blockchain project, ultimately raising an unprecedented $4.1 billion from investors worldwide.

When EOS launched its year-long ICO on June 25, 2017, the madness among Chinese retail investors was absolute, with traders throwing caution to the wind despite Beijing's harsh "9.4" crackdown that banned ICO token sales just months later. Across Shenzhen and Beijing, investors were using VPNs and overseas platforms to keep buying what they called the 'Ethereum killer,' with stories circulating of people taking out second mortgages on their Shanghai apartments to purchase more tokens. In coffee shops across major Chinese cities, conversations inevitably turned to EOS's promise of solving blockchain scalability problems, while social media buzzed with speculation that this project would revolutionize everything. Chinese investors believed they had struck gold when prices peaked in April 2018, but by December, when the entire crypto market had collapsed 83% from its highs, the dream that had captivated so many traders turned into a devastating nightmare, with countless investors losing their life savings chasing what they thought would be the future of blockchain technology.

However, Blumer's fundraising triumph was overshadowed by allegations of market manipulation and regulatory violations. The Securities and Exchange Commission launched an investigation into Block.one's token sale practices under his stewardship, ultimately determining that the company had conducted an unregistered securities offering in violation of federal law.

In September 2019, Block.one reached a settlement with the SEC, agreeing to pay a $24 million civil penalty to resolve the charges, with Blumer remaining as CEO throughout the regulatory proceedings. While the fine represented less than 1% of the funds raised during the EOS token sale, it established an important precedent for how regulators would approach ICO violations and highlighted the relatively modest consequences faced by early crypto projects that ran afoul of securities laws.

The regulatory settlement, however, failed to quell broader controversies surrounding Blumer's stewardship of the EOS ecosystem. Legal challenges emerged from multiple fronts, including class-action litigation alleging that the company had misled investors about the nature and utility of EOS tokens. Critics argued that despite Blumer's promises and the billions raised to develop the EOS blockchain, Block.one had failed to deliver on many of its ambitious commitments. In December 2017, Blumer had specifically promised to invest $1 billion from the ICO revenue through an investment arm called EOS VC, yet many questioned whether these investments materialized as promised.

Despite these setbacks, Blumer maintained his position as Block.one's chief executive, continuing to lead the company through its transition from controversial ICO issuer to institutional crypto infrastructure provider.

The Silicon Valley Connection: Block.one Meets Peter Thiel

Brendan Blumer's transformation from controversial ICO founder to Silicon Valley darling began with his pitch for Bullish, a cryptocurrency exchange that would eventually attract some of the most prestigious names in venture capital. Among the elite investors who bought into Blumer's vision was Peter Thiel's Founders Fund, which joined BlackRock and ARK in backing the ambitious crypto venture.

For Thiel, known for his contrarian investment philosophy and early backing of Facebook and PayPal, Bullish represented an opportunity to capitalize on the maturation of cryptocurrency markets. Blumer, meanwhile, saw an opportunity to rehabilitate Block.one's reputation by building institutional-grade infrastructure that could withstand regulatory scrutiny.

The collaboration proved prescient when Bullish went public on the NYSE in August 2025, with shares soaring over 160% on debut day. Blumer retained substantial influence in the company, holding approximately 30.1% of shares following the IPO, while benefiting from Thiel's network and credibility in traditional finance circles.

What made this alliance particularly significant was how it demonstrated the crypto industry's evolution. Here was one of Silicon Valley's most discerning investors betting on a company founded by the same entrepreneurs who had raised $4.1 billion in what regulators later deemed an unregistered securities offering. With a potential $4.3 billion valuation, Bullish proved that crypto companies could transcend their controversial origins to build legitimate, institutional-grade businesses.

A Powerhouse Coalition of Investor

Bullish Exchange has assembled an impressive consortium of investors that reads like a who's who of global finance and technology. This diverse group brings together traditional Wall Street expertise, crypto-native knowledge, and international market access—creating a formidable foundation for the exchange's growth.

Traditional Finance Meets Digital Assets

Leading the charge is Alan Howard, co-founder of the legendary hedge fund Brevan Howard Asset Management. Howard's journey into cryptocurrency represents a broader trend of traditional finance elites embracing digital assets. With an extensive portfolio spanning 43 crypto investments—from major players like the now-collapsed FTX to cutting-edge blockchain startups—Howard brings decades of institutional trading experience to Bullish's strategic vision.

Alongside Howard stands Mike Novogratz, whose transformation from Goldman Sachs partner to crypto champion tells the story of Wall Street's evolution. Through Galaxy Digital, Novogratz has built one of the most comprehensive digital asset platforms in the industry, making him a natural fit for Bullish's ambitious goals.

Global Reach and Innovation

The investor lineup extends well beyond traditional finance circles. Richard Li, son of Hong Kong business magnate Li Ka-shing, provides crucial connections to Asian markets—a region that remains central to cryptocurrency adoption. His involvement signals Bullish's commitment to serving global markets beyond Western financial centers.

German entrepreneur Christian Angermayer adds another dimension, bringing his track record of identifying and backing disruptive technologies across various sectors. Meanwhile, SoftBank's participation carries particular weight, given the Japanese giant's reputation for bold, transformative investments in technology companies worldwide.

The IPO Triumph: A Market Sensation

On August 13, Bullish Exchange made a spectacular debut on the New York Stock Exchange under the ticker symbol "BLSH," delivering one of the most dramatic IPO performances in recent memory. The stock opened at $90, representing an impressive 143% premium to the IPO price, but that was just the beginning of an extraordinary trading day. Shares continued their meteoric ascent, reaching as high as $150—more than quadrupling the initial offering price—before extreme volatility forced multiple trading halts throughout the session. The frenzied trading activity and repeated circuit breaker triggers underscored the intense investor demand for the cryptocurrency exchange's shares.

Bullish's explosive market debut came at an opportune moment when the IPO market was finally emerging from a prolonged dry spell, and several key factors aligned to fuel the remarkable performance. Renewed investor appetite for crypto-related stocks coincided with Bitcoin's strong showing throughout 2025, creating a favorable environment for digital asset companies. The growing institutional acceptance of cryptocurrency as a legitimate asset class had reached a critical mass, with traditional investors increasingly viewing crypto ventures as viable long-term investments rather than speculative plays. Combined with Bullish's own compelling financial metrics and clear growth trajectory, these market dynamics created the perfect storm for what would become one of the year's most talked-about public offerings.

Despite the impressive first-day performance, some analysts noted that Bullish's valuation remained conservative compared to its initial assets. With $3 billion in assets at the time of IPO, the company's market capitalization represented less than 10% of its peak asset value from 2021. This suggested potential upside for investors who believed in the long-term growth of cryptocurrency markets.

Evolutionary Journey to Go

The Bullish IPO story encapsulates the evolution of the cryptocurrency industry from its wild west days to Wall Street acceptance. Block.one's transformation from a company mired in controversy over the EOS token sale to the parent of a publicly-traded exchange demonstrates both the resilience and adaptability of crypto entrepreneurs.

The involvement of billionaire investors like Peter Thiel and Alan Howard highlights how smart money has positioned itself to benefit from the mainstream adoption of digital assets. Their ability to navigate regulatory challenges while building institutional-grade infrastructure has created a template for future crypto companies seeking public market access.

However, the shadow of Block.one's past serves as a reminder that the crypto industry's history is littered with controversies and unfulfilled promises. The $4.1 billion raised through EOS, the SEC settlement, and ongoing disputes with the EOS Foundation all underscore the importance of regulatory compliance and community trust in building sustainable crypto businesses.

As Bullish trades on the NYSE, its success or failure will likely influence how future crypto companies approach public markets. The dramatic first-day surge from $37 to $150 may have created millionaires overnight, but the real test will be whether Bullish can deliver long-term value to shareholders while navigating the volatile cryptocurrency markets and evolving regulatory landscape.

The Bullish story is far from over, but its IPO marks a significant milestone in the maturation of the cryptocurrency industry and the vindication of early believers who saw beyond the controversies to the transformative potential of blockchain technology.