Crypto Platform Bullish Wins New York BitLicense, Clearing Path for U.S. Expansion

Bullish (BLSH), the parent company of CoinDesk, has secured a coveted BitLicense from the New York State Department of Financial Services (NYDFS), a key regulatory approval that will allow the institutional digital asset platform to offer spot trading and custody services to customers in New York, the company said in a press release on Wednesday.

The BitLicense, also known as a Virtual Currency Business Activity License, is considered one of the most rigorous state-level crypto approvals in the U.S.

With it, Bullish’s U.S. entity, Bullish US Operations LLC, can now cater to institutional clients and advanced traders in the country’s financial capital.

“New York is widely recognized as being at the forefront of virtual currency regulation,” said Tom Farley, CEO of Bullish, in the release.

“Receiving our BitLicense and Money Transmission License from the New York Department of Financial Services is a testament to Bullish’s commitment to regulatory compliance and our dedication to building trusted, institutional-grade digital asset infrastructure in key global markets,” he added.

The license win follows the firm's successful initial public offering in August. It marks the second crypto exchange, after Coinbase (COIN), to go public in the U.S.

Bullish is also among several crypto-native companies that have recently gone public under the Trump administration's more digital asset-friendly regulatory approach. Stablecoin issuer Circle (CRCL) and exchange Gemini (GEMI) also recently IPO'd.

Chris Tyrer, president of Bullish Exchange, called the approval “a significant regulatory milestone” and said it strengthens the company’s credibility with institutions. “We believe that clear regulation drives responsible market evolution and institutional engagement,” Tyrer said in the release.

Key catalyst

The milestone adds to Bullish’s growing list of regulatory credentials.

The exchange is now regulated in the U.S., Germany, Hong Kong and Gibraltar, and positions itself as a venue designed for institutional-grade liquidity, combining a central limit order book with automated market making.

The BitLicense clears the path for the crypto platform to expand in the U.S., which Wall Street analysts noted as a key catalyst for the stock.

Investment bank Canaccord said that with Bullish licensed in Europe and Asia, securing a BitLicense would open access to U.S. institutional clients.

Meanwhile, broker Bernstein said that Bullish could compete with rivals such as Coinbase if the platform successfully launches in the U.S. in 2026. "We expect Bullish to capture ~8% market share in U.S. spot institutional crypto volumes by 2027E, while global spot market share remains at ~7%," Bernstein's analysts wrote.

Investment bank KBW also said near-term U.S. expansion was a catalyst for growth for Bullish, and the firm's differentiated tech stack, competitive fees and deep liquidity positioning it to gain market share.

Read more: Bullish Gets a New $55 Price Target from KBW With U.S. Entry Seen as Key Catalyst