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8h ago

Bullish Wins NYDFS BitLicense, Clearing Path to New York Crypto Services

The NYDFS approval removes a key regulatory overhang for Bullish’s U.S. ambitions.

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Crypto exchange Bullish goes public on the New York Stock Exchange. (Aoyon Ashraf/Modified by CoinDesk))
New york greenlights bullish with bitlicense and money transmitter nod
Bullish secures New York BitLicense from NYDFS for U.S. operations expansion

Overview

  • Bullish US Operations LLC secured a BitLicense and Money Transmission License from New York’s Department of Financial Services, authorizing spot trading and custody for institutions and advanced traders in the state.
  • Shares of Bullish (BLSH) jumped following the news, with reports showing gains of roughly 5% on Wednesday and over 20% by Thursday’s close.
  • Analysts cited the license as a catalyst, with Citi lifting its price target to $70, Canaccord reiterating a buy at $68, and KBW maintaining Market Perform with a $55 target.
  • In its first post-IPO quarter, Bullish reported Q2 EPS of $0.93 and net income of $108.3 million, with trading volume up to $179.6 billion and Q3 adjusted EBITDA guided to $25–$28 million.
  • Coverage indicates a phased U.S. rollout, with several outlets pointing to a 2026 launch timeline as Bullish prepares to compete with established platforms under New York’s stringent oversight.