DE The information on this website is aimed solely at qualified investors in Hong Kong. It is not intended for use by any other type of investor. By agreeing to access the information contained on this website, you are deemed to be representing and warranting that you are (1) a person falling under paragraphs (a) to (i) of  the definition of “professional investor” in section 1 of Part 1 of Schedule 1 to the  Securities and Futures Ordinance; or (2) a person within the meaning of section 4, 6  (other than a person referred to in section 6(b)(ii)) or 7 of the Securities and Futures  (Professional Investor) Rules. Important note: Only spot trading in select markets is available in Hong Kong for qualified investors. Bullish (GI) Limited (CE BTW125) has not been licensed by the Securities and Futures Commission and may not eventually be granted a licence as the Commission may refuse its licence application or its application may be withdrawn. It is only deemed to be licensed under the Anti-Money Laundering and Counter Terrorist Financing Ordinance.

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An individual investor, also known as a retail client, is a client organisation or individual who cannot be deemed both a Qualified Investor and a Qualified Client, pursuant to the requirements of the Israeli Securities Law 1968 (the ‘Securities Law’) and the Law for the Regulation of Advice, Investment Marketing and Investment Portfolio Management 1995 (the ‘Advice Law’), respectively. A Qualified Investor is defined under the Securities Law as:
<ol>
<li>A fund for joint investments in trust (i.e., mutual fund) as defined in the Joint Investment Trust Law, 1994, or a management company of such a fund;</li>
<li>A provident fund or a management company (of such funds) thereof, both as defined in the Regulation of Financial Services (Provident Funds) Law, 2005;</li>
<li>An insurer defined in the Regulation of Financial Services (Provident Funds) Law, 1981 ;</li>
<li>A Banking Corporation or Auxiliary Corporation , as such terms are defined in the Banking (Licencing) Law 1981, other than a joint services company, acting for their own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;</li>
<li>A licensed portfolio manager under the Advice Law, acting on its own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;</li>
<li>An investment advisor or provider of investment marketing services under the Advice Law, acting for its own account;</li>
<li>A member of the Tel Aviv Stock Exchange, acting on its own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;</li>
<li>An underwriter fulfilling the conditions of Section 56(c) of the Securities Law;</li>
<li>A venture capital fund (defined as an entity primarily involved in investments in entities which are engaged, at the time of investment,: (a) in research and development or production of new technological products or processes, and (b) where the risk of investment is typically above-average risk for such investment);</li>
<li>An entity wholly owned by persons Exempt Investors (as defined in the Securities Law).</li>
</ol>

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An individual investor, also known as a retail client, is a client organisation or individual who cannot be deemed both a Qualified Investor and a Qualified Client, pursuant to the requirements of the Israeli Securities Law 1968 (the ‘Securities Law’) and the Law for the Regulation of Advice, Investment Marketing and Investment Portfolio Management 1995 (the ‘Advice Law’), respectively. A Qualified Investor is defined under the Securities Law as.

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The information on this website is aimed solely at qualified investors in Hong Kong. It is not intended for use by any other type of investor. By agreeing to access the information contained on this website, you are deemed to be representing and warranting that you are (1) a person falling under paragraphs (a) to (i) of  the definition of “professional investor” in section 1 of Part 1 of Schedule 1 to the  Securities and Futures Ordinance; or (2) a person within the meaning of section 4, 6  (other than a person referred to in section 6(b)(ii)) or 7 of the Securities and Futures  (Professional Investor) Rules. Important note: Only spot trading in select markets is available in Hong Kong for qualified investors.

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Services are available in the United Kingdom only to investment professionals or high net worth entities, as defined in sections 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended).

Bullish does not offer services to persons located in Canada, China, Japan, Israel, The Russian Federation or any jurisdiction subject to sanctions. Users from these locations are advised that their access to this website falls outside our Site Terms of Use. In the United States, services are available only to eligible users in the States listed in our U.S.Terms of Service [link to the U.S. Terms of Service.].

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Offering strategic capital, industry expertise and an extensive network of resources, Bullish Capital operates within the Bullish group ecosystem.

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ether.fi is the leading liquid restaking protocol.

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Wingbits is the first flight tracking network to directly compensate contributors, incentivizing better hardware placement, data quality and coverage in global blind-spots.

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Secure, compliant AI for mission-critical operations. EXO delivers enterprise-grade AI that runs entirely on your infrastructure.

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Securitize is the leader in tokenizing real-world assets.

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Alasdair serves as CEO of Bullish Capital where he leads the group’s venture capital investments.
Alasdair initially practiced as a barrister in the UK before working for JPMorgan in London. He moved to the Cayman Islands in 2008 and worked with both the Walkers and Maples groups. He most recently managed the active investment portfolio of the Dart group where he continues to serve as a director. There he had responsibility for a diverse global investment portfolio covering fintech, biotech, hospitality and retail. 
Originally from Scotland, Alasdair holds an MA Jurisprudence from Oxford University and an MBA from Cambridge University.

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Bullish Capital President Alasadair Foster

Alasdair Foster

Sylvia To is a Director at Bullish Capital Management, the venture-capital arm of Bullish Group, where she originates and evaluates Web3 investments.
She began her career in institutional equities—first in Hong Kong as an Investment Specialist for Asia-ex-Japan strategies at Mirae Asset Global Investments (AUM US$245 billion), then in Sydney as a Research Associate covering Australian equities at Allan Gray Australia.
Fluent in four languages, Sylvia combines cross-border market insight with public-to-private investing expertise to help founders scale globally.

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Sylvia To

Patrick is an Analyst at Bullish Capital, where he finds and analyses a variety of investment opportunities.
Patrick started his career as an Execution Trader at a cryptocurrency brokerage firm called Caleb &amp; Brown. He then moved across to their liquid fund where he worked as an Analyst, primarily covering the DeFi and Web3 sectors.

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Patrick Holyoake

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Venture capital investment

Bullish Capital collaborates with visionary teams to support initiatives that connect conventional finance with the possibilities of the digital economy.

Our portfolio

Meet our team