Deutsche Bank to provide banking services for NYSE-listed crypto exchange Bullish

Bullish (ticker BLSH), a U.S.-based crypto trading firm that recently listed on the New York Stock Exchange, has tapped Deutsche Bank to provide fiat deposits and withdrawals services for the exchange's Hong Kong SFC and German BaFin-regulated businesses.

The firm, notably backed by billionaire investor Peter Thiel, plans to expand its banking relationship with Deutsche to other locations, including the U.S., "as Bullish expands its regulatory footprint," according to a statement on Wednesday. 

"We actively seek partnerships with organizations that share our commitment to security, transparency, and innovation," Deutsche’s Head of Merchant Solutions Kilian Thalhammer said in a statement on Wednesday. "Our collaboration with Bullish, a globally recognized leader in regulated virtual asset services, reflects our ambition to act as a Global Hausbank for the emerging digital economy."

Deutsche is one of the many traditional banking giants that has been gradually ramping up its exposure to crypto, particularly amid the regulatory renaissance following President Donald Trump’s public embrace of the industry.

For instance, Deutsche Bank is reportedly planning to expand into crypto custody in 2026 with support from Bitpanda. The bank is also a major supporter of Swiss-based digital asset infrastructure provider Taurus.

Bullish, headed by former NYSE President Tom Farley, is an institutionally-focused digital assets exchange that says it's passed $1.5 trillion in cumulative trading volume since launching in 2021.

BLSH is trading relatively flat at $65.17 at press time, according to The Block’s data page. The exchange is one among many crypto-native firms, like stablecoin issuer Circle and rival exchange Gemini, to go public in the U.S. in recent months.