Bullish, a leading digital asset platform that recently debuted on the New York Stock Exchange, has received crucial regulatory approvals to grow its presence in the US market. This marks a significant step forward amid increasing oversight in one of the most regulated cryptocurrency markets.
The company’s US division, Bullish US Operations LLC, announced that it has been granted both a BitLicense and a Money Transmission License by the New York State Department of Financial Services (NYDFS). These licenses authorize Bullish to provide institutional clients with crypto spot trading and custody services within New York State.
Bullish is well-recognized as an institutional-focused digital asset platform and expanded into crypto media by acquiring CoinDesk in 2023. Its recent public listing generated substantial market attention, briefly valuing the company at over $13 billion on its opening day as shares surged.
The initial public offering (IPO) for Bullish was priced at $37 per share. The stock reached a peak of $118 before stabilizing around $54, reflecting a current market capitalization near $7.5 billion, according to Yahoo Finance.
Bullish, trading under the ticker BLSH, experienced notable stock volatility following its IPO. Source: Yahoo Finance
Understanding BitLicense and its Impact
The BitLicense is considered one of the toughest regulatory requirements for crypto businesses, involving an extensive application process and limited issuances since 2015. It has faced criticism for imposing high costs and curbing New York’s competitiveness in the crypto sector.
Only a select number of companies have received a BitLicense, including MoonPay—a payment services provider—and Anchorage Digital, a subsidiary of a crypto bank. The regulatory framework requires ongoing compliance and capital reserves as dictated by NYDFS.
New York City Mayor Eric Adams has publicly questioned the merits of the BitLicense program, suggesting a review and potential overhaul to enable freer Bitcoin flows within the city. At the Bitcoin 2025 conference, Adams advocated for eliminating the license to support innovation and growth.
The official application fee for a BitLicense is $5,000, but the actual expenses for applicants can be significantly higher due to the complex preparation process and capital requirements. Legal experts from Pillsbury Law underline the considerable resources necessary to comply fully with NYDFS rules, making the BitLicense a notable barrier to entry.
This regulatory accomplishment positions Bullish to offer comprehensive cryptographic financial services tailored to institutional investors in a heavily regulated environment, marking another milestone in the evolving US crypto market.
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