Bullish NYDFS BitLicense Enables U.S. Spot Trading

Published: 2025-09-18 08:02:49 |

Bullish US Operations LLC secured a BitLicense and Money Transmission License from the New York Department of Financial Services (NYDFS) on September 17, 2025. The license allows the platform to offer spot trading and custodial services to institutional and high-net-worth clients in New York, positioning Bullish for growth in one of the world’s toughest crypto markets. CEO Tom Farley noted New York’s leadership in virtual-currency regulation, while President Chris Tyrer said clear compliance standards are essential for sustainable growth. Earlier this year, Bullish raised $16 million through a non-dilutive IPO and filed to list on the NYSE under BLSH. In August, it completed a blockbuster IPO, raising $1.1 billion and valuing the company at $5.4 billion. Shares jumped 6% on the news and gained a further 2% in after-hours trading. Backed by Thiel Capital, Nomura, Founders Fund and Galaxy Digital, and owner of CoinDesk, Bullish aims to drive greater institutional adoption of spot trading in U.S. markets.

Bullish

Securing the NYDFS BitLicense is a bullish signal for Bullish’s business outlook. In the short term, the news triggered a share rally (6% intraday, 2% after-hours), reflecting immediate market confidence. Over the long term, regulatory approval in New York’s strict compliance environment paves the way for increased institutional participation and higher trading volumes. This enhanced market access and credibility can support sustained demand and price appreciation, underpinning a bullish outlook for Bullish’s spot trading services.