Bullish

$76B in spot volume. #3 globally. 98% institutional flow. February was Bullish's biggest month on record—and the data behind it tells a larger story. Institutional crypto is here, in the numbers. The world's leading crypto market makers, quantitative trading firms with decades of traditional finance pedigree, and algorithmic funds operating at the highest levels of global markets are trading at scale on Bullish. This is what happens when the world's largest market participants meet the right institutional infrastructure. Read the full breakdown of the data behind our February volume: bullish.com/us/news-insigh…

We are excited to support @MezoNetwork's launch of Mezo Prime with a 250 BTC commitment. Mezo Prime offers a secure framework for institutional Bitcoin yield, with qualified custody from @Anchorage Digital that allows institutions to lock veBTC for yield or use it as collateral. Learn more below.

2/ Read the full announcement here: bullish.com/news-insights/…

1/ Bullish options markets are now live for institutional clients of @Ripple Prime, giving direct access to Bullish's BTC options alongside existing access to spot, perpetuals and dated futures. Trading is available via existing sub-accounts with no additional KYC requirements.

The institutional wave in crypto isn't coming. It's already being built. I sat down with @ThomasFarley to talk about what Bullish is up to in 2026, where the real money is moving, and why tokenization changes everything. As ever, please enjoy!

📣 @vechainofficial's $VET and $VTHO are available to trade on Bullish in eligible regions. Trading pairs include: ◾ VET/USDT ◾ VTHO/USDT More info here: support.exchange.bullish.com/servicedesk/cu…

From 0 to $20B in six months. Since launching options in October 2025, Bullish has crossed $20,000,000,000 in total options volume. Visit bullish.com for important info and risk warnings.

Our Bullish Exchange monthly metrics report for March 2026 is now available. Access the report on the Bullish Investor Relations website at investors.bullish.com/financials/mon…

We asked Fabio Frontini of Abraxas to rapid-fire his 2026 crypto outlook. On options specifically—he's unambiguous: 🐮 Crypto index options adoption 🐮 Tokenized T-bills as collateral for options trading The rest of his takes: 🐮 Hong Kong as Asia's crypto hub 🐮 Bitcoin dominance continuing 🐮 $100K BTC in 2026 🐮 Prediction markets in 2026 🐻 US market structure bill passing in H1 🐻 US banks offering crypto prime brokerage 🐻 AI agents on your trading team 🐻 Equity perps as a core portfolio position 🐻 Successful crypto IPOs in 2026 🐻 $20K BTC in 2026 #Bullish #Crypto #Options #Bitcoin #2026Outlook

Fabio Frontini of Abraxas just put #options at the top of his list for crypto opportunities. His reasoning: the market is small, fragmented, few market makers, and the volatility surface is inefficient across the board. Inefficiency is alpha for sophisticated funds like Abraxas. Since launching on October 8, 2025, Bullish has quickly grown to become the #2 global venue for #BTC options with the scale institutions need: 📈 $5B in open interest (CoinDesk data, March 27, 2026) 🗓️ Daily, weekly, monthly & quarterly expiries. 🔄 Portfolio margin across spot, perps, futures, and options, reducing overall margin obligations. Let’s hear Fabio make the case for crypto options. 👇 #Bullish #Crypto #Derivatives #InstitutionalFinance

Crypto's transparency is its biggest selling point, but it's also the very thing that keeps institutions out. As Fabio Frontini of Abraxas points out with the TradFi swap market: banks still trade through brokers specifically so nobody knows what they're doing. That model exists for a reason. Bullish just built that same dynamic for digital assets. Our Inter-Dealer Broker flow allows brokers to facilitate OTC trades between our Bullish customers without using their own capital or shared API keys by the customers. Brokers only see the trades they book. They have no access to client balances, portfolios, or external trade history. Watch Fabio explain why privacy is the ultimate unlock for institutional crypto. 👇 #Bullish #Crypto #InstitutionalFinance #OTC #MarketStructure #InterDealerBroker

When Fabio Frontini, Founder at Abraxas Capital Management first entered crypto, he was "flabbergasted" by the concentration of risk in a single venue. Exchanges acting as execution venue, broker, and custodian is still a very high barrier to entry for TradFi institutions. The solution Fabio points to: regulated custodians and venues built for the institutional wave. At Bullish, our Trading Engine and Custody are architecturally separated. We hold dedicated custody and trading licenses across multiple jurisdictions, including: 🇪🇺BaFin (EU) 🇭🇰SFC (HK) 🇺🇸NYDFS (US) 🇬🇮GFSC (Gibraltar) and are registered with FinCEN as a money services business. Customer assets are held full reserve: 1:1, strictly segregated from Bullish assets. This is what regulated infrastructure for institutional crypto trading actually looks like. Watch Fabio break it down. 👇 #Bullish #Crypto #Custody #Trading #MarketStructure #RiskManagement

What's the "killer app" for tokenization? 💡Emma Pecenicic explains it's not one thing, but the seamless integration of cash (stablecoins, CBDCs), tokenized deposits, and money market funds—the very foundational layers of new capital markets. Watch Emma’s vision unfold in the clip below! 👇 (Views expressed are those of the speaker and do not represent the views of their organizations. Tokenized securities involve regulatory and technological risk. This is not investment advice.)

Did you catch Luxembourg enabling up to 10% indirect crypto exposure for UCITS funds? Emma Pecenicic (Fidelity International) calls it a "game changer" for the industry. The conversation among asset managers has shifted from "if" to "how much" to allocate to crypto. Watch Emma break down this massive institutional shift in the clip below 👇 #Bullish #crypto #institution #tokenization (Views expressed are those of the speaker and do not represent the views of their organizations. This is not investment advice.)

A new all-time high. Bitcoin options open interest on Bullish has reached $5B. Visit bullish.com for important info and risk warnings.

Following the SEC's recent approval of Nasdaq's plan for tokenized securities trading, the momentum for on-chain finance is building 🌐. Emma Pecenicic, Head of Digital Assets Distribution at Fidelity International, has long believed in the potential of blockchain to streamline fund buying. Watch her journey to crypto below 👇and tune in all week for her vision on tokenized capital markets. 🎙️ As tokenized issuance grows, the demand for deep secondary liquidity on regulated institutional venues may increase. Globally regulated and built for the scale of institutional finance, Bullish seeks to serve this demand, though tokenized markets remain subject to evolving regulation and risk. What traditional financial instruments do you think will be next to go on-chain? Let us know below! 👇 #tokenizedassets #RWA #crypto #Bullish (Views expressed are those of the speaker and do not represent the views of their organizations. Tokenized securities involve regulatory and technological risk. This is not investment advice.)

Earlier this week, Josh Lim (@joshua_j_lim) told us the crypto OGs will dictate the next price catalyst. So naturally, we asked what he thinks about #Bitcoin hitting $100k this quarter. We wanted that sacred alpha. *Cue dramatic music... 🎻* He gave us a perfect, unblinking neutral. Guess we need to watch the OGs a little longer 👀 . But Josh was decisively 🐻 on the Clarity Act passing in 3 months. The SEC/CFTC just gave us regulatory guidance, but with the actual bill bogged down in legislative horse-trading, his call looks spot on. Which of these is he getting wrong? 👇 🐻 Clarity Act in 3 months 🐮 US Bank PB 🐻 Hong Kong Hub 🐮 AI on trading desk 🐮 Tokenized T-bills 🐮 Prediction Markets 🐮 Index Options 🐮 2026 IPOs #Bullish #Bearish #Crypto #Predictions