Bullish

Lightning round with Nikita Fadeev of Fasanara Capital on what's 🐮 and 🐻 in crypto right now. #bullish #crypto

What are institutions trading on the crypto rails these days? Nikita Fadeev, Managing Partner and Head of Fasanara Digital at Fasanara Capital, 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 speakers and do not represent the views of their organizations. 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 https://lnkd.in/eNzctfMt.

Bullish options data is now live on Laevitas and The Block. Both integrations provide real-time, independently verifiable visibility into Bullish options activity alongside every other major venue. Market participants can now evaluate order book depth, execution quality, and other key metrics side-by-side across the digital asset sector. The integrations arrive at a moment of accelerating activity in Bullish's options market. In three weeks, open interest grew by 82% from $3.32 billion on April 2 to a peak of $6.07 billion on April 23 - ranking second globally for BTC options open interest, according to data on The Block. Read more: https://lnkd.in/eC4nz-8D Options trading not currently available to U.S. persons. Important info and risk warnings: bullish.com/legal

We are pleased to announce the appointment of Joaquín Sastre Ibáñez as Vice President, Head of European Business Development. Joaquín will drive Bullish Exchange’s growth across Europe and lead our European Sales team.    Based in Frankfurt, Joaquín joins Bullish from Boerse Stuttgart Digital, where as Head of Institutional Business & Chief Revenue Officer, he built and led their BaFin and MiCAR-regulated brokerage, exchange, and custody services.    Welcome to Bullish, Joaquín! 

Today we announced a definitive agreement to acquire Equiniti in a transaction valued at US$4.2 billion — creating the global transfer agent for tokenized securities and positioning Bullish to lead the shift toward blockchain-native capital markets infrastructure. Equiniti is the system of record for nearly 3,000 blue-chip public companies, processes approximately US$500 billion in annual payments, and supports over 20 million verified shareholders. With Equiniti, Bullish becomes the first fully integrated blockchain-enabled, blue-chip issuer services provider — unifying a regulated transfer agent with end-to-end tokenization infrastructure. The combined platform, built to work alongside existing market infrastructure, supports the complete tokenized asset lifecycle. We're excited to welcome the Equiniti team to Bullish and build the infrastructure for blockchain-native capital markets. Read the announcement here: https://lnkd.in/eAyKza9D

We are excited to support Mezo's launch of Mezo Prime, committing 250 BTC and deploying part of our treasury into the product. 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.

Bullish options markets are now live for institutional clients of Ripple Prime. We are pleased to announce the expansion of Bullish's partnership with Ripple, extending our options markets to users of Ripple Prime, Ripple's global multi-asset prime brokerage platform. Ripple Prime's institutional customers can now access Bullish's BTC options markets - the second-largest by open interest for crypto-settled Bitcoin options - complementing existing coqnnectivity to spot, perpetuals and dated futures. Stablecoins such as Ripple USD (RLUSD) can be used to trade options on Bullish, and users can deploy capital instantly through existing sub-account structures with no additional KYC requirement. Read the full announcement: https://lnkd.in/e-hvzaj8

📣 VeChain's $VET and $VTHO are available to trade on Bullish in eligible regions. Trading pairs include:  ◾ VET/USDT ◾ VTHO/USDT More information here: https://lnkd.in/eEMBwEJt