Bullish, the digital asset platform and infrastructure provider that recently made its debut on the New York Stock Exchange, has obtained regulatory approval to broaden its operations in the United States — a significant milestone as exchanges seek more clarity in one of cryptocurrency’s most closely monitored markets.
Bullish announced on Wednesday that its American branch, Bullish US Operations LLC, has been issued both a BitLicense and a Money Transmission License by the New York State Department of Financial Services (NYDFS).
The approvals permit the company to provide cryptocurrency spot trading and custody services to institutional clients in New York.
Bullish, recognized as an institutional-focused digital asset platform, ventured into crypto media in 2023 by acquiring CoinDesk. The company is now enjoying significant momentum following last month’s high-profile public launch, briefly exceeding a $13 billion valuation as its shares surged on opening day.
Bullish set its initial public offering (IPO) price at $37 a share, with the stock reaching a peak of $118, according to Yahoo Finance data. It is currently trading around $54, resulting in a market capitalization of approximately $7.5 billion.
Related: ARK Invest’s Bullish holdings near $130M with latest $8.2M scoop
BitLicense and its discontents
The BitLicense is often regarded as one of the most daunting regulatory challenges for cryptocurrency companies, necessitating a lengthy review process and being awarded to a limited number of firms since its inception in 2015. It has faced criticism from the industry for being excessively costly and hindering New York State’s competitive edge.
Only a small number of enterprises have obtained a BitLicense since the regulatory framework was established. Recent recipients include the payments firm MoonPay and a subsidiary of Anchorage Digital, a crypto bank.
Listening to industry feedback, New York City Mayor Eric Adams has proposed that the state reconsider its BitLicense program.
“Let’s abolish the Bitcoin license and facilitate the free flow of Bitcoin in our city,” Adams stated at the Bitcoin 2025 conference in May.
While the application fee for a BitLicense is $5,000, “the overall expense of obtaining a BitLicense is substantially greater,” wrote Pillsbury Law partner Brian H. Montgomery and associate Johnna Purcell.
“Companies often invest significantly more while preparing a BitLicense application and are also subject to capital requirements set by the NYDFS,” they pointed out.
Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns
