Bitcoin News Today: Bullish Jumps Into Top 5 Bitcoin Holders With 24,000 BTC Reserve

Bullish, a U.S.-listed cryptocurrency exchange headquartered in the Cayman Islands and regulated by the Gibraltar Financial Services Commission, has entered the top five public companies in terms of Bitcoin holdings, with 24,000 BTC in its reserves. This move reflects growing institutional confidence in digital assets and underscores Bullish’s strategic position at the intersection of traditional finance and crypto markets. The exchange’s ownership of a significant Bitcoin reserve is seen as a milestone in the broader adoption of cryptocurrencies by institutional players [1].

The acquisition of 24,000 BTC is believed to be held in custodial wallets, signaling a shift in market perception and increasing institutional participation in the space. Bullish’s institutional backing includes support from major financial firms such as BlackRock and ARK, and its IPO in August 2025 raised $1.1 billion, with a valuation of $5.4 billion at the time. This fundraising success highlights the increasing capital inflow into the crypto sector, particularly as Bitcoin and Ether prices remain elevated amid evolving regulatory environments [3].

Tom Farley, CEO of Bullish, brings extensive experience from his previous role as President of the New York Stock Exchange. His leadership, combined with the company’s regulated framework, reinforces the credibility of Bullish’s market entry. The firm’s strategic move is being compared to similar institutional-scale Bitcoin purchases made by companies like MicroStrategy, which have historically influenced market sentiment and price volatility [1].

The IPO performance was remarkable, with shares surging more than 80% above the initial offering price of $37 per share, closing at $68 on the first day of trading. At one point, the stock reached as high as $118, giving Bullish a market capitalization of nearly $10 billion [2]. This strong market response reflects investor optimism about the long-term potential of crypto assets and the role of institutional players in their adoption.

Bullish reported a 78% year-over-year increase in trading volume in Q1 2025, with an average daily volume of $2.55 billion. The exchange also owns CoinDesk, a leading global crypto news platform. These factors contribute to Bullish’s strong market presence and highlight the convergence of traditional media, finance, and digital assets [1].

The broader market context for Bullish’s entry into the top five Bitcoin holders includes a regulatory shift in the U.S., where President Trump signed an executive order allowing Bitcoin and other cryptocurrencies into 401(k) retirement plans. This development has further fueled interest in the crypto space and encouraged more companies to pursue public listings as a means of capital raising and market expansion [6].

The implications of Bullish’s IPO and Bitcoin holdings extend beyond the company itself. As a publicly traded entity with a significant BTC reserve, Bullish may influence market psychology around Bitcoin, potentially increasing demand and liquidity. While the exact purpose of the Bitcoin holdings—whether for operational use or speculative investment—remains undisclosed, the company’s strategic positioning reinforces the legitimacy of Bitcoin as an institutional asset.

Bullish’s success in the public markets reflects broader investor appetite for crypto-related assets and signals a potential shift in how digital currencies are perceived and integrated into traditional financial systems. The company’s performance will likely be seen as a key indicator of the sector’s overall health and institutional adoption trajectory.

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Source:

[1] title: Bullish Raises $1.1B in IPO, Prices Shares Above Target (https://www.ainvest.com/news/bullish-raises-1-1b-ipo-prices-shares-target-range-2508/)

[2] title: Crypto Exchange Bullish Soars 150% in $13.2 Billion NYSE Debut (https://yellow.com/news/crypto-exchange-bullish-soars-150-in-dollar132-billion-nyse-debut)

[3] title: Peter Thiel-Backed Crypto Exchange Bullish Nearly Doubles in Trading Debut (https://www.investopedia.com/peter-thiel-backed-crypto-exchange-bullish-nearly-doubles-in-trading-debut-update-11790066)

[6] title: Bitcoin's Price Hits $120,000 as President Trump Signs an Executive Order (https://finance.yahoo.com/news/bitcoins-price-hits-120-000-091500975.html)