Bullish (BLSH) experienced a notable surge of 10% in its stock price on Thursday, following the announcement of a crucial milestone that positions the crypto exchange for a significant entry into the U.S. market. The company, which is also the parent of the prominent cryptocurrency news outlet CoinDesk, recently shared its initial quarterly results since making a high-profile public debut last month on the New York Stock Exchange.
During the earnings call, Tom Farley, the company’s CEO and former president of the NYSE Group, revealed that Bullish has obtained a vital licensing approval from the New York State Department of Financial Services, specifically the BitLicense. This license is essential for the firm’s expansion plans within the United States.
“While we have already had the ability to operate in many states due to our regulatory approvals, we chose to hold off on launching our exchange in the United States until we secured the New York State Department of Financial Services BitLicense,” Farley stated. He expressed enthusiasm about the recent acquisition of the license, stating, “We received that license yesterday, and we look forward to bringing our exchange and our leading liquidity to the United States imminently. We believe this to be the largest geographic market by far.”
Analyst Gautam Chhugani from Bernstein highlighted Bullish’s potential for a successful U.S. launch, alongside its plans to roll out crypto options in the fourth quarter of 2025, signaling significant growth opportunities in the upcoming quarters. Chhugani noted that Bullish has fortified its standing as a global regulated institutional crypto exchange by acquiring multiple tier 1 regulatory licenses, including those from Germany’s BaFin, Hong Kong’s SFC, and the U.S. BitLicense.
This strategic development underscores Bullish’s commitment to establishing itself within major cryptocurrency markets and responding to growing demand for regulated trading platforms as it gears up for a strategic rollout in the U.S.
