Bullish obtained a BitLicense from the New York State Department of Financial Services (NYDFS), a milestone that boosted its shares by 4% and facilitates its operational entry into New York. The authorization allows Bullish US Operations LLC to offer spot trading of digital assets and custody services to institutions and sophisticated traders, opening pathways for greater liquidity and regulated access to the U.S. market. This move impacts institutional investors as well as product and compliance teams.
Context and Impact
The license, granted by the NYDFS, includes a money transmitter license. Tom Farley, CEO of Bullish and former president of the New York Stock Exchange, highlighted New York’s role as a leader in virtual currency regulation. Chris Tyrer, President of Bullish Exchange, emphasized that the milestone supports U.S. growth and stated:
“We believe clear regulation drives responsible market evolution and institutional participation.”
Analysts also revised their outlook: KBW initiated coverage with a “market perform” rating and a $55 price target, citing U.S. expansion as a catalyst. Operationally, the platform averaged $2.5 billion in daily volume in early 2025 and reports $874 million in assets under custody, highlighting the liquidity potential Bullish aims to leverage in its New York deployment. Additionally, the firm is pursuing a U.S. IPO, with an estimated valuation between $4.2 billion and $4.82 billion, in a market where competitors like Coinbase and Gemini continue to secure licenses and expand in regulated markets.
Implications
Institutional access in New York expands by allowing custody and spot trading services to institutional clients and sophisticated traders, representing immediate and regulated geographic reach. For product and liquidity, the $2.5 billion daily volume and $874 million in assets indicate a flow absorption capacity aligned with growth objectives.
In terms of capital markets, the potential IPO, with an estimated valuation of $4.2 to $4.82 billion, is positioned as a vehicle to consolidate resources and accelerate U.S. expansion. Regarding competition and compliance, the BitLicense reduces regulatory barriers relative to already-regulated exchanges but maintains competitive pressure from Coinbase and Gemini.
The BitLicense approval and 4% share increase mark a significant operational milestone for Bullish. The next step is the execution of its U.S. expansion strategy, including a potential IPO and the operational rollout in New York, according to public statements and market coverage.
