Market Maker Update: have become highly active market making through Wintermute. Who are they? The platform focuses on institutional-grade trading of digital assets, using a proprietary hybrid order book that combines central limit order book (CLOB) functionality with automated market making (AMM) for liquidity. is the website for Bullish, a global cryptocurrency exchange and blockchain technology company headquartered in George Town, Cayman Islands. It was founded in 2021 as a subsidiary of (the developer of the EOSIO blockchain software) and launched with $10 billion in initial capitalization from a consortium of investors, including billionaire Peter Thiel (via Founders Fund and Thiel Capital), hedge fund manager Alan Howard, Louis Bacon, Richard Li, and Nomura Holdings. The exchange is regulated in jurisdictions including Gibraltar, Germany, Hong Kong, and New York State, and it went public via an IPO on the New York Stock Exchange (ticker: BLSH) in August 2025, raising over $1.1 billion. Key Leadership Chairman: Brendan Blumer, co-founder of CEO: Tom Farley, former president of the New York Stock Exchange (NYSE) from 2014 to 2018 and a veteran of Intercontinental Exchange (ICE).