Peter Thiel-Backed Exchange Bullish Begins Pilot Program
The pilot will use simulated crypto assets and paper money to give invited investors a sample of Bullish's trading interface.
Bullish, the crypto exchange subsidiary of Block.one backed by Peter Thiel, Galaxy Digital and others, is to begin a seven-week pilot program.
- The pilot will use simulated crypto assets and paper money to give invited investors a sample of Bullish's trading interface, an announcement Tuesday said.
- Bullish is offering $525,000 in cash prizes divided up between participants who compete in simulated crypto trading games.
- The program starts today and will last until Sept. 13.
- Bullish was unveiled in May with more than $10 billion backing in cash and digital assets and is set for a public listing by the end of the year with special purpose acquisition company Far Peak Acquisition.
- It received a further $75 million earlier this month from SB Northstar, the investment arm of SoftBank.
Read more: The Bear Case for Bullish Is Spelled E-O-S
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Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
Why it matters:
Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
