Crypto market infrastructure and information services firm Bullish announced Wednesday that its U.S. digital asset trading and custody arm has been granted a BitLicense and Money Transmission License by the New York State Department of Financial Services.
The "Virtual Currency Business Activity License," as it is officially known, enables Bullish to offer crypto spot trading and custody services to institutions and advanced traders in New York State. Bullish framed the approval as a milestone in the company's push to expand its global regulatory footprint and said it sets the stage for a broader U.S. launch.
"New York is widely recognized as being at the forefront of virtual currency regulation. 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," Bullish CEO Tom Farley said in a statement. "As a former President of the New York Stock Exchange and a proud New Yorker, I look forward to Bullish's contribution to the city’s thriving financial ecosystem."
The Peter Thiel-backed firm raised $1.1 billion via an initial public offering of 30 million shares at $37 per share ahead of its NYSE listing in August. Bullish's shares popped over 150% during their NYSE debut before correcting.
Last week, analysts at Bernstein initiated coverage on Bullish, setting an initial price target of $60. The analysts said they expect Bullish to become the second-largest institutional crypto exchange after Coinbase, pending the successful launch of its U.S. business in 2026.
BLSH closed up 0.6% on Monday at $51.36, according to The Block's Bullish price page, and is currently up 0.5% in pre-market trading on Wednesday.
BLSH/USD price chart. Image: The Block/TradingView.
