Crypto platform Bullish has secured the BitLicense, paving the way for its entry into the American digital currency market in New York.
Bullish, a leading digital asset exchange, has made significant strides in its journey to establish a strong presence in the U.S. market. The company, which owns CoinDesk, a major crypto media and data provider, has additional revenue streams beyond just trading fees.
The U.S., home to many of the world's largest financial institutions, presents a huge opportunity for Bullish. Over 40% of global hedge fund assets are managed in New York, making it an attractive destination for the exchange.
To operate in the U.S., companies must navigate the BitLicense, one of the toughest crypto regulations in the country. Established in 2015, the BitLicense ensures strict consumer protection, money laundering prevention, and cybersecurity rules. Bullish has successfully secured both a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS) on September 17, 2025.
The application fee for a BitLicense is $5,000, but companies often spend over $100,000 in preparation. Companies need to prepare extensive documentation, including two years of audited financial statements, strong security systems, and detailed compliance programs. As of March 2025, Bullish held $1.933 billion in digital assets.
Bullish has registered major financial institutions such as Citadel Securities, Standard Chartered, and Galaxy Digital as customers for its U.S. launch in 2026. The exchange's focus on institutions sets it apart from retail-focused exchanges. It combines a central order book with automated market making to provide steady liquidity for large traders.
The BitLicense allows Bullish to offer crypto spot trading and custody services to institutions and advanced traders in New York State. The company's 2026 U.S. launch will test whether it can capture meaningful market share in the world's largest economy.
Bullish's success is under the leadership of Tom Farley, the former President of the New York Stock Exchange. The exchange has become one of the top ten global exchanges for Bitcoin and Ethereum trading under Farley's leadership.
In August 2025, Bullish went public on the New York Stock Exchange under the ticker BLSH, raising over $1 billion in its IPO, making it the first U.S.-listed company to raise that much money entirely in stablecoins. The current administration's more friendly approach to digital assets has also contributed to Bullish's growth, leading to several crypto companies going public, including Circle and Gemini.
Bullish now operates in four major jurisdictions: the United States, Germany, Hong Kong, and Gibraltar. The exchange recently completed its MiCAR license upgrade with Germany's financial regulator BaFin in September 2025, allowing the company to serve institutional clients across all 27 European Union countries.
Analysts at Bernstein believe Bullish could capture 8% of the U.S. institutional crypto trading market by 2027. Chris Tyrer, President of Bullish Exchange, stated that the BitLicense "signals our credibility to operate within the financial capital of the world." The future looks promising for Bullish as it prepares for its U.S. launch in 2026.
