Crypto platform Bullish gains New York's BitLicense, paving the way for expanded operations in the American cryptocurrency market.
In a significant move for the crypto industry, Bullish, a leading digital asset exchange, has secured the highly coveted BitLicense from the New York State Department of Financial Services. This regulatory milestone, first introduced in 2015, is one of the toughest crypto regulations in the United States, ensuring strict rules about consumer protection, money laundering prevention, and cybersecurity.
At the helm of Bullish is Thomas Farley, a seasoned financial executive who previously led the New York Stock Exchange as its President. Under Farley's leadership, Bullish has quickly become one of the top ten global exchanges for Bitcoin and Ethereum trading.
The BitLicense signifies Bullish's credibility in operating within the financial capital of the world, according to Chris Tyrer, President of Bullish Exchange. This approval opens the door for Bullish to launch U.S. operations in 2026, targeting institutional clients like hedge funds, asset managers, and banks that are seeking regulated crypto services.
Bullish's U.S. launch is anticipated to test whether the company can capture meaningful market share in the world's largest economy. Analysts from Bernstein predict that Bullish could capture 8% of the U.S. institutional crypto trading market by 2027, potentially becoming the second-largest institutional platform after Coinbase.
Bullish's journey to securing the BitLicense was not without its challenges. Companies need to prepare extensive documentation, including two years of audited financial statements, strong security systems, and detailed compliance programs, to obtain this coveted license. The application fee is $5,000, but the process can cost over $100,000.
In addition to its U.S. operations, Bullish currently operates in four major jurisdictions: the United States, Germany, Hong Kong, and Gibraltar. The company recently completed its MiCAR license upgrade with Germany's financial regulator BaFin, allowing it to serve institutional clients across all 27 European Union countries.
Bullish's regulatory successes have not gone unnoticed by investment banks. Several investment banks have started covering Bullish stock after its IPO, with average price targets ranging from $58.13.
Beyond its trading services, Bullish owns CoinDesk, a major crypto media and data provider, providing additional revenue streams beyond just trading fees. Bullish recently went public on the New York Stock Exchange under the ticker BLSH, raising over $1 billion in its August 2025 IPO, making it the first U.S.-listed company to raise that much money entirely in stablecoins.
The BitLicense and Money Transmission License allow Bullish to offer crypto spot trading and custody services to institutions and advanced traders in New York State. As Bullish gears up for its 2026 U.S. launch, it is poised to make a significant impact on the institutional crypto trading landscape.
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