We are excited to announce that @Bullish is returning to MERGE Madrid 2026 as a Gold Sponsor! Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. They have supported us across multiple previous editions of MERGE as sponsors. Their participation has also been a highlight on our stages, where Peter Fitzpatrick, Jamie Lauder, and Manuel Nordeste have shared their valuable expertise and insights as featured speakers. We are thrilled to welcome them back to Madrid. Make sure to connect with their team from October 27-29!

I don't think I've ever had so many conversations about any topic as much as I have had about tokenization in the last 12 months. This technology promises to change everything about capital markets. @Bullish Exchange President, Chris Tyrer, joined me in Miami to discuss their recent IPO, which was issued natively on-chain - a global first which is bound to not be the last. We also discussed Fidelity's work in the crypto space, and answered another very important question: Are big banks getting into crypto to make money on fees while their customers lose everything? Full interview available exclusively on Roundtable:

"Our mandate from the beginning was to create upside convexity—meaning we have the ability to capture upside but mitigate downside drawdowns." Michael Ashby, CEO/CIO of Algoquant, on the strategy behind Algoquant's institutional crypto book. Convexity is built from optionality, and optionality is capital-intensive. Every dollar locked in margin is a dollar not deployed into the next convex trade. Bullish portfolio margin frees that capital: it recognizes the offset between an option and its delta hedge, cutting initial margin by roughly half on a hedged short position. Listen to the full conversation to hear how Algoquant navigated the 10/10 crypto sell-off 👇 (The speaker's views are their own. Their appearance does not constitute an endorsement of Bullish or its products. Options trading involves significant risk and is not suitable for all investors. Please review Bullish's risk disclosures prior to trading. This is not investment advice.)

Bullish has received Gibraltar Financial Services Commission approval to offer trading in tokenized securities. This approval positions Bullish among the first regulated venues to offer trading in issuer-sponsored tokenized securities. Read more 👇

"In TradFi, options volume often exceeds spot. In crypto, it's 5% of it." Jaewon Yu, CCO at @SignalPlus_Web3 — the platform handling 20–25% of global crypto options volume — on the gap he thinks is about to close fast. Just over six months since launch in October 8, 2025, Bullish options has become #2# globally for BTC options by open interest (The Block) and still growing, with institutional-grade infrastructure and deep liquidity through our global order book. Are your firm positioned for this “tremendous growth”? (Views expressed are those of the speakers and do not represent the views of their organizations. Options trading involves significant risk and is not suitable for all investors. Please review Bullish's risk disclosures prior to trading. This is not investment advice.)

Michael Lie, Global Head of Digital Assets at @Flow_Traders: "Regulatory clarity is what will truly drive institutional adoption." The CLARITY Act cleared Senate Banking on May 14. The largest institutions are making moves. Is your firm positioned for this new era of finance? #Bullish# #InstitutionalCrypto# #MarketStructure# #ClarityAct#

Michael Lie, Global Head of Digital Assets at @FlowTraders, has been trading crypto since 2016. He knows both worlds — TradFi and crypto — and what each should take from the other. Bullish was built at that intersection: crypto-native 24/7 markets and global liquidity on the market infrastructure institutions recognize: fully segregated sub-accounts, scenario-based portfolio margining, graduated margin notifications, and a traditional default waterfall, with multi-jurisdiction regulatory alignment. Listen to Michael on what each world can learn from the other. #Bullish# #InstitutionalCrypto# #MarketStructure#

What are institutions trading on the crypto rails these days? @NikitaAFadeev, Managing Partner at @FasanaraDigital, on the instruments they're already trading and the market-structure questions still in play. #rwa# #perps# #cryptorails# #bullish# (Views expressed are those of the speaker and do not represent the views of their organization. This is not investment advice.)

Bullish joins the crypto-rails oil market as a much-needed regulated entrant amid the Strait of Hormuz disruption, now in its 11th week. CoinDesk Research’s April 21, 2026 "Oil, ETFs, and the TradFi Perp Land Grab" reported $42.5B in crypto-rails oil derivatives volume during the prior three weeks and described the primary use case as "institutional hedging against oil price disruption and macro uncertainty." But regulated institutions typically cannot trade on permissionless DEXs and unregulated USDT-margined contracts – both fall outside standard institutional risk frameworks. Meanwhile, news impacting oil prices keeps breaking around the clock: during the April 17-19 weekend, WTI fell approximately 10% inside the 49-hour CME-closed window (Binance CLUSDT via CoinDesk Data). On May 6, Bullish launched its WTI perpetual — CMWTI-USDC-PERP — to address the market gap: → 24/7 continuous trading — never closes when Hormuz news breaks  → WTI front-month exposure — the benchmark index widely tracked by institutional oil market participants → Capital efficiency with portfolio margin, no haircut on the first $1B of USD and most stablecoins, plus 1.5 bps maker rebates. →  Regulated by GFSC (Gibraltar). The largest sustained oil shock on record doesn't observe after-hours or weekends. CMWTI is built for that reality, where regulatory alignment, 24/7 access, and front-month exposure converge. (Disclaimer: Derivatives products are offered exclusively by Bullish (GI) Limited, regulated by the Gibraltar Financial Services Commission. These products are not available to residents of or persons located in Hong Kong, the European Union, or the United States. Institutional clients onboarded with Bullish GI can access derivatives globally.)

Our first quarter 2026 results are now available on the Bullish Investor Relations website. Key highlights: ◾ Q1’2026 Digital asset sales of $51.8 billion and Net income (loss) of $(604.9) million ◾ Q1’2026 Adjusted revenue of $92.8 million and Adjusted EBITDA of $35.1 million ◾ Signed a definitive agreement to acquire Equiniti for $4.2B: Creating the first fully integrated blockchain-enabled, blue-chip issuer services provider ◾ Bullish options trading volume grew to $11.6B in the Quarter while reaching open Interest high of 14% market share in April 2026 ◾ Filed to receive our futures and options exchange and clearinghouse licenses (i.e., DCM, DCO) to expand our derivatives offerings to the United States Access the full results and earnings conference call at

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.

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: