Bullish (BLSH), the parent company of CoinDesk, has obtained a highly sought-after BitLicense from the New York State Department of Financial Services (NYDFS). This important regulatory approval enables the institutional digital asset platform to provide spot trading and custody services to clients in New York, according to a press release issued on Wednesday.
The BitLicense, also referred to as a Virtual Currency Business Activity License, is regarded as one of the most stringent state-level crypto accreditations in the U.S.
With this license, Bullish’s U.S. entity, Bullish US Operations LLC, is now positioned to serve institutional clients and sophisticated traders in the nation’s financial epicenter.
“New York is widely acknowledged as a leader in virtual currency regulation,” said Tom Farley, CEO of Bullish, in the announcement.
“Obtaining our BitLicense and Money Transmission License from the New York Department of Financial Services underscores Bullish’s commitment to adhering to regulatory standards and our focus on developing trusted, institutional-quality digital asset infrastructure in critical global markets,” he added.
This licensing achievement follows the company’s successful initial public offering in August, making it the second crypto exchange—after Coinbase (COIN)—to go public in the U.S.
Bullish joins several crypto-native companies that have gone public recently under the more digital asset-friendly regulatory environment of the Trump administration. Other recent IPOs include stablecoin issuer Circle (CRCL) and exchange Gemini (GEMI).
Chris Tyrer, president of Bullish Exchange, described the approval as “a significant regulatory milestone” that enhances the company’s credibility with institutional investors. “We believe that transparent regulation fosters responsible market development and encourages institutional participation,” Tyrer mentioned in the release.
Key catalyst
This milestone adds to Bullish’s expanding roster of regulatory credentials.
The exchange is now regulated in the U.S., Germany, Hong Kong, and Gibraltar, positioning itself as a platform designed for institutional-grade liquidity by integrating a central limit order book with automated market making.
The BitLicense paves the way for the crypto platform to broaden its reach in the U.S., which Wall Street analysts have identified as a significant catalyst for the stock.
Investment bank Canaccord commented that with Bullish licensed in Europe and Asia, acquiring a BitLicense will facilitate access to U.S. institutional clients.
Additionally, broker Bernstein indicated that Bullish could rival competitors like Coinbase if it successfully launches in the U.S. by 2026. “We anticipate Bullish will capture approximately 8% of market share in U.S. spot institutional crypto volumes by 2027E, while global spot market share is expected to remain around 7%,” analysts at Bernstein noted.
Investment bank KBW also mentioned that near-term U.S. expansion is a growth catalyst for Bullish, highlighting the firm’s unique technology stack, competitive fees, and substantial liquidity as factors positioning it to increase market share.
Read more: Bullish Gets a New $55 Price Target from KBW With U.S. Entry Seen as Key Catalyst
