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Crypto trading platform Bullish has officially launched its operations in the U.S. market, commencing activities in 20 states after obtaining a BitLicense and a money transmission license from New York regulators.
Key Takeaways:
- Bullish has initiated crypto trading in 20 U.S. states following the acquisition of a New York BitLicense.
- The platform aims to attract institutional clients by offering zero maker fees and advanced liquidity solutions.
- Despite the launch, Bullish shares fell by 4.4%, although they have increased over 60% since August.
This development signifies a significant achievement for the exchange, which has handled more than $1.5 trillion in global trading volume since its inception in late 2021.
On its inaugural day of U.S. operations, Bullish facilitated spot trading for institutional clients BitGo and Nonco.
Bullish Launches Crypto Trading in New York, California, Florida, and More
Key markets now accessible on the platform include New York, California, Florida, Arizona, and Washington, D.C., among others.
A BitLicense, granted by the New York State Department of Financial Services (NYDFS), represents one of the most stringent regulatory approvals in the cryptocurrency industry.
With this license, Bullish is authorized to transmit, hold, and issue digital assets in one of the sector’s most closely regulated states.
The timing aligns with a broader regulatory transformation in the U.S., spurred by the Trump administration’s initiative for enhanced institutional adoption.
In response, companies such as Coinbase, Binance, and Stripe are broadening their crypto-as-a-service and stablecoin offerings to satisfy the increasing demand from institutional entities.
Bullish president Chris Tyrer emphasized the platform’s hybrid model, which integrates a central limit order book with an automated market maker to provide substantial liquidity and reliable execution.
“We built Bullish for institutions, and now we’re ready to bring that performance to serious U.S. traders,” Tyrer stated.
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1/4 The wait is over. Bullish is now available in the United States.
We are proud to offer institutions a new standard in digital asset trading.
Read morepic.twitter.com/KfFzoj7k6p
— Bullish (@Bullish) October 1, 2025
pic.twitter.com/KfFzoj7k6pThe platform is providing zero maker fees for institutions and complimentary trading for advanced individual users across all authorized states.
Bullish intends to onboard hedge funds, market makers, proprietary trading firms, fintech platforms, and neobanks.
In addition to New York and California, other states where Bullish is now operational include Arkansas, Colorado, Delaware, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, Utah, Virginia, West Virginia, Wyoming, and Puerto Rico.
Despite the expansion, Bullish shares (BLSH) decreased by 4.4% on Wednesday, closing at $60.80, according to Google Finance.
Nevertheless, the stock has risen more than 60% since its IPO in August, bringing its current valuation to approximately $9 billion.
Bullish Leverages IPO Momentum and European Licenses to Enter U.S. Market
Bullish’s BitLicense and Money Transmission License in New York come as the company’s international presence continues to grow, now encompassing the EU, Hong Kong, Gibraltar, and the U.S.
The exchange recently garnered attention by becoming the first U.S.-listed firm to raise over $1 billion entirely in stablecoins during its NYSE IPO in August, with support from Peter Thiel.
The capital raise was executed across blockchain networks such as Solana, demonstrating Bullish’s dedication to digital-native finance.
In Europe, Bullish secured a MiCAR license uplift through BaFin in Germany, establishing a regulatory framework to serve institutional clients throughout the EU.
Its headquarters in Frankfurt places it under one of the most reputable financial regulators globally.
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