Bullish (BLSH) shares jumped 5% to $53.12 on Tuesday after the crypto platform obtained a BitLicense from the New York State Department of Financial Services. This key regulatory approval enables it to offer spot trading and custody services to institutional clients in New York.
With this license, Bullish’s U.S. subsidiary — Bullish US Operations LLC — can now legally cater to advanced traders in the financial hub of the U.S., marking a significant milestone in the company’s goal to grow domestically. Previously, Bullish had regulatory approval only in Germany, Hong Kong, and Gibraltar. Bullish’s global parent company is also CoinDesk’s parent.
This license approval follows closely on the heels of Cathie Wood’s ARK Invest dramatically boosting its stake in the company. The ARK Innovation ETF (ARKK) acquired 120,609 shares, while the ARK Next Generation Internet ETF (ARKW) purchased 40,574 shares, together valued at approximately $8.21 million.
Bullish, which operates a trading platform focused on institutional investors, is set to announce its second-quarter earnings after market close on Wednesday.
Earlier this week, investment bank Keefe, Bruyette & Woods (KBW) started coverage on the company with a “market perform” rating and a price target of $55. The firm described Bullish as “a rare public opportunity” in a crypto exchange tailored for institutions, emphasizing that its U.S. entry could spur growth. KBW views domestic expansion as a crucial driver.
Bullish made its debut on the New York Stock Exchange in August through a direct listing. The stock soared to $104 on its opening day but closed at $68. Since then, shares have dropped 22%, with the recent BitLicense news offering a lift.
If Bullish successfully expands in the U.S., it may become a formidable rival to Coinbase, as noted by brokerage firm Bernstein. The firm’s assessment suggests that the platform’s success will hinge on its ability to implement its U.S. launch plans, currently aimed for 2026, according to Bernstein.
