The digital asset exchange Bullish officially began its operations for clients in the United States in October 2025. This launch follows approval from the New York Department of Financial Services (NYDFS). According to the company, the expansion strengthens its global strategy and opens the market to institutional investors and high-volume traders in the country.
The authorization from the NYDFS includes two key licenses: the BitLicense and the Money Transmission License. These enable the firm to offer regulated Bullish spot trading in the U.S. The implementation is being carried out in phases, starting in twenty strategic jurisdictions. Among them are Arizona, California, Florida, New York, Wyoming, and the commonwealth of Puerto Rico, with operations being adjusted to each regulatory framework.
A New Era for Institutional Trading in the U.S.?
Entering the New York market is a significant milestone, as it imposes additional supervisory requirements and the use of advanced analytical tools. Bullish’s decision to operate under this strict framework underscores its commitment to regulatory compliance. This approach has been endorsed by industry leaders like Mike Belshe of BitGo, who highlighted the firm’s regulatory commitment. Meanwhile, Jeffrey Howard of Nonco praised the platform’s combination of liquidity, compliance, and quality.
Financially, the expansion is supported by strong performance. During the second quarter of 2025, Bullish reported a net profit of $108.3 million on $58.6 billion in digital asset sales. The company’s stock (BLSH) closed September at $63.61, providing a context of stability for its ambitious deployment in the U.S. economy, where many companies in the sector seek to consolidate.
Innovation and Fee Strategy to Capture the Market
Bullish’s execution model is one of its main differentiators. The platform combines a central limit order book (CLOB) with an automated market maker (AMM). This hybrid architecture ensures superior liquidity depth and fast executions, even during periods of high market volatility. The system allows traders to exchange assets without needing to wait for active counterparties, thus optimizing efficiency.
To attract its target audience, Bullish has implemented a highly competitive fee structure. It offers zero fees for makers and a reduced fee for takers. This strategy not only aims to attract high-volume institutional trades but also puts pressure on the margins of other exchanges competing for the same client segment.
This launch is a fundamental pillar of the company’s global strategy. Bullish plans to continue its expansion by adding more states in the coming quarters. The next objective is to adjust and optimize its execution model during the fourth quarter of 2025, which could further strengthen its offering for regulated clients seeking high-quality execution in volatile markets.
