Bullish, the cryptocurrency platform backed by famed venture capitalist Peter Thiel, saw its stock price climb over five percent. This surge came after the company secured a crucial license in New York. This approval marks a big step for their planned expansion into the United States market next year. It shows Bullish is getting ready to make a significant splash.
Bullish announced in a statement on Wednesday that it received a BitLicense from the New York State Department of Financial Services (NYDFS). This green light lets them offer spot trading and crypto custody services. These services are for institutions and advanced traders right in New York. The BitLicense is officially called the “Virtual Currency Business Activity License.” It is known as one of the toughest approvals for crypto firms across the U.S.
Tom Farley, Bullish’s CEO, expressed pride in the achievement. “New York is a leader in regulating virtual currencies,” Farley said. “Getting our BitLicense and a money transmission license from the NYDFS proves Bullish’s dedication to following rules. It also shows our commitment to building trustworthy digital asset systems for big global markets.” Farley also served as the former president of the New York Stock Exchange. He added, “As a proud New Yorker, I look forward to Bullish helping the city’s strong financial scene.”
Ready for U.S. Market Entry
New York introduced the BitLicense in 2015. It was the first statewide framework for digital asset companies in the U.S. The license aims to keep consumers safe, stop money laundering, and encourage new financial ideas. Companies doing crypto business in New York, like exchanges and digital wallets, usually need this license. But it’s not easy to get. Applicants must meet strict requirements for money, audits, and following rules.
With this license in hand, Bullish is set to grow in the American market. They plan to launch in the U.S. by 2026. This move highlights their focus on regulatory compliance. Bullish already operates under regulations in Germany, Hong Kong, and Gibraltar. This wider reach makes them a more credible player on the world stage.
This big step follows the company’s recent public debut. Bullish went public on the New York Stock Exchange in August. They raised $1.1 billion by offering 30 million shares. Each share was priced at $37 during this initial public offering.
Bullish shares soared more than 150% right after their debut. They later settled down. As of Wednesday’s close, the stock traded around $51.36, marking a gain of just over five percent for that day. Experts at Bernstein said this month they expect Bullish to become the second-largest institutional crypto exchange, behind only Coinbase. This prediction comes ahead of its U.S. operations starting next year, as reported by The Block. Bullish is also scheduled to release its financial results for the second quarter of 2025 later on Wednesday.