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Bill Papanastasiu

Director of Equity Research at Keefe, Bruyette & Woods (KBW)

Bill Papanastasiou is a Director of Equity Research at Keefe, Bruyette & Woods (KBW), specializing in the crypto, digital assets, and blockchain sectors, with particular coverage of leading bitcoin mining operators and companies exposed to Web 3.0 technologies. He has delivered an impressive track record, ranking in the top 2% of Wall Street analysts according to TipRanks, with a 71% success rate and an average return per rating of 58.9%, including standout calls such as a 621.9% gain on Terawulf Inc. Papanastasiou began his financial services career over a decade ago, including roles in equity research and public accounting, and has covered cryptocurrency companies at KBW and Stifel since 2022. He holds CPA and CA designations and earned a BBA from Wilfrid Laurier University.

Bill Papanastasiu's questions to Bullish (BLSH) leadership

Question · Q2 2025

Bill Papanastasiu inquired about additional read-throughs from the BitLicense grant beyond firming up U.S. market penetration timelines, specifically asking if Bullish plans to expand its custody services.

Answer

CEO Tom Farley clarified that Bullish already offers custody services, allowing customers to use third-party qualified custodians, self-custody, or Bullish's bespoke solution. He stated that the BitLicense approval does not signify any mega changes or extensive business model shifts regarding custody, though some unannounced developments are in the works.

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