Bullish named David Bonanno chief financial officer on May 28, 2024. The exchange's own release said the change took effect immediately1. Bonanno succeeded Steve Ellis in the role. Crowdfund Insider reported the appointment the next day, May 29, 2024, quoting the same release2. Bonanno had spent the prior two years as Bullish's chief strategy officer. There he led "capital allocation, business strategy and key partnerships," according to the release.
Four leadership moves at Bullish on the record since 2024
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| May 28, 2024 | Bonanno became CFO. David Bonanno was named Chief Financial Officer of Bullish |
| May 28, 2024 | Ellis left as CFO. Steve Ellis left as Chief Financial Officer of Bullish |
| March 13, 2025 | Tyrer became President of Bullish Exchange. Chris Tyrer was named President of Bullish Exchange of Bullish |
| July 13, 2026 | Cowan became Head of Tokenization. Thomas Cowan was named Head of Tokenization of Bullish |
39 executive hires on the record in 2024
Executive hires CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2024: 39
- 2019, 2020, 2021, 2022, 2023, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 11 |
| 2020 | 12 |
| 2021 | 27 |
| 2022 | 37 |
| 2023 | 20 |
| 2024 | 39 |
| 2025 | 59 |
| 2026 | 45 |
The move
Tom Farley, Bullish's chief executive, named both sides of the change in the same statement. “We are fortunate to have David and Steve as visionary leaders at Bullish. I am delighted to see David step into the CFO role. His broad expertise, senior management experience, and tactical insight have been pivotal to Bullish's growth,” Farley said1. Bonanno answered with his own account of the job ahead of him. “I am excited to take on the CFO responsibilities at Bullish. We have an outstanding team, and I am eager to advance our financial strategy and operational excellence as we navigate the growth of the digital asset sector within a regulated framework,” said David Bonanno.
The release said Bonanno had previously served as chief financial officer of two publicly traded companies and had spent more than a decade in the asset management industry before joining Bullish1.
Bullish before and after
Bonanno's appointment arrived alongside one more hire. Chris Tyrer joined as vice president and head of strategy, after nearly five years at Fidelity, where he had served as president of Fidelity Digital Asset Management1. The May 28, 2024 release also said Bullish's exchange had executed more than $1.8 billion in average daily trading volume in 2024. It had surpassed $585 billion in total trading volume since its November 2021 launch.
What came next
Bullish's shares trade on the New York Stock Exchange under the ticker BLSH3. Bonanno still held the chief financial officer title on February 5, 2026, when Bullish published its fourth-quarter 2025 results. That release quoted him on Bullish's finances. “I'm proud of our financial results for the quarter and the Full Year 2025, achieving record adjusted revenue growth and demonstrating our strong and expanding operating leverage; we look forward to building on our momentum in 2026,” said David Bonanno, CFO. Bullish reported adjusted revenue of $92.5 million for the fourth quarter of 2025, against $55.2 million in the fourth quarter of 2024. It reported a net loss of $563.6 million for the quarter, compared with net income of $158.5 million in the fourth quarter of 2024.
Sources
- Bullish Group, "Bullish announces key leadership changes," May 28, 2024, https://www.bullish.com/hk/news-insights/bullish-announces-key-leadership-changes
- Omar Faridi, "Digital Assets Exchange Bullish Announces Key Leadership Changes," Crowdfund Insider, May 29, 2024, https://www.crowdfundinsider.com/2024/05/225693-digital-assets-exchange-bullish-announces-key-leadership-changes/
- Bullish, "Bullish reports fourth quarter 2025 results," February 5, 2026, https://www.bullish.com/hk/news-insights/bullish-reports-fourth-quarter-2025-results