500 Billion Won Vanished in a Day… New Crypto Exchange Stock Plummets

At market close on the New York Stock Exchange, Bullish (BLSH) ended trading at $39.12, down 6.44% from the previous day. The company’s market capitalization stood at approximately $5.88 billion (about ₩8.2 trillion), with roughly $356 million (around ₩500 billion) wiped out in a single session. Trading volume reached 1,722,905 shares.

Bullish recently agreed to acquire UK-based stock registrar and clearing house Equiniti in a share-exchange deal valued at about $4.25 billion (approximately ₩5.9 trillion). Led by former NYSE president Tom Farley, this transaction brings tokenized equities and a 24-hour trading infrastructure under Bullish’s umbrella.

Headquartered in the Cayman Islands, Bullish is an institutional digital-asset trading platform that offers spot and derivative trading infrastructure for major cryptocurrencies such as Bitcoin and Ethereum through its Bullish Exchange, which combines a centralized order book with automated market making. With CoinDesk as a subsidiary, the company also operates index, data, and media businesses, positioning itself as a full-service crypto infrastructure firm competing with Coinbase.