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On September 17, 2025, Bullish received both a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS). The license allows the company to offer crypto spot trading and custody services to institutions and advanced traders in New York State.
“New York is widely recognized as being at the forefront of virtual currency regulation,” said Tom Farley, CEO of Bullish and former President of the New York Stock Exchange. “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.”
Why the BitLicense Matters
The BitLicense is one of the toughest crypto regulations in the United States. New York created this license in 2015 to make sure crypto companies follow strict rules about consumer protection, money laundering prevention, and cybersecurity.
Getting a BitLicense is expensive and time-consuming. While the application fee is $5,000, companies often spend over $100,000 preparing their applications. They need two years of audited financial statements, strong security systems, and detailed compliance programs.
Only about 40 companies have received this license since 2015. Big names like Coinbase, Gemini, and Robinhood have BitLicenses. Many other crypto exchanges decided not to serve New York customers because the requirements were too strict.
Source: @Bullish
The NYDFS website explains that companies need this license to handle virtual currency business in New York. This includes receiving, storing, buying, selling, or exchanging cryptocurrencies for customers.
Bullish Goes Public and Expands
Bullish recently went public on the New York Stock Exchange under the ticker BLSH. The company raised over $1 billion in its August 2025 IPO, making it the first U.S.-listed company to raise that much money entirely in stablecoins. Billionaire Peter Thiel backed the offering.
The stock started trading at $37 per share but jumped to $118 at its peak. It now trades around $51, giving Bullish a market value of about $7.5 billion.
Tom Farley leads the company as CEO. He previously ran the New York Stock Exchange from 2014 to 2018, giving him deep experience in financial markets. Under his leadership, Bullish has become one of the top ten global exchanges for Bitcoin and Ethereum trading.
The exchange has handled over $1.25 trillion in trading volume since it launched. As of March 2025, the company held $1.933 billion in digital assets.
Global Regulatory Strategy
Bullish now operates in four major jurisdictions: the United States, Germany, Hong Kong, and Gibraltar. This gives the company access to customers around the world while staying compliant with local laws.
In September 2025, Bullish completed its MiCAR license upgrade with Germany’s financial regulator BaFin. This allows the company to serve institutional clients across all 27 European Union countries.
The company positions itself as an institutional-grade platform. It combines a central order book with automated market making to provide steady liquidity for large traders. This focus on institutions sets it apart from retail-focused exchanges.
Wall Street Sees Big Potential
Several investment banks started covering Bullish stock after its IPO. Their analysts see the U.S. launch as a major growth opportunity.
Rosenblatt Securities gave the stock a buy rating with a $60 price target. Canaccord Genuity also rated it a buy with a $68 target. Based on eight analyst recommendations, the average price target is $58.13.
Bernstein analysts think Bullish could capture 8% of the U.S. institutional crypto trading market by 2027. They believe the company has a good chance of becoming the second-largest institutional platform after Coinbase.
“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%,” wrote Bernstein analysts.
The timing looks good for crypto companies. The current administration has taken a more friendly approach to digital assets compared to previous years. This has led to several crypto companies going public, including Circle and Gemini.
What Comes Next
Bullish plans to launch U.S. operations in 2026. The company will target institutional clients like hedge funds, asset managers, and banks that want regulated crypto services.
New York represents a huge opportunity. The state is home to many of the world’s largest financial institutions. Over 40% of global hedge fund assets are managed in New York, according to industry data.
The company also owns CoinDesk, a major crypto media and data provider. This gives Bullish additional revenue streams beyond just trading fees.
Chris Tyrer, President of Bullish Exchange, said the BitLicense “signals our credibility to operate within the financial capital of the world.” He believes clear regulation helps the market grow and encourages institutional participation.
The Bottom Line
Bullish’s BitLicense approval marks a significant step in the company’s U.S. expansion plans. With strong backing, experienced leadership, and regulatory approval in key markets worldwide, the exchange is positioned to compete with established players like Coinbase. The 2026 U.S. launch will test whether Bullish can capture meaningful market share in the world’s largest economy.
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