Bullish is a digital asset platform and infrastructure provider that went public on the New York Stock Exchange last month and has now received regulatory approval to expand its business in the United States—this is a key milestone for the exchange seeking a clearer foothold in one of the most scrutinized markets for cryptocurrency.
Bullish announced on Wednesday that its U.S. branch, Bullish US Operations LLC, has been granted a BitLicense and a money transmission license by the New York State Department of Financial Services (NYDFS).
These approvals allow the company to offer cryptocurrency spot trading and custody services to institutional clients in New York.
Bullish is known for its institutional-focused digital asset platform and expanded into the crypto media space in 2023 through the acquisition of CoinDesk. The company is riding the momentum following its highly publicized public listing last month, with its stock price soaring on the opening day, reaching a valuation of over $13 billion at one point.
Bullish's initial public offering (IPO) was priced at $37 per share, and according to Yahoo Finance data, the stock peaked at $118. It is currently trading at around $54, giving the company a market capitalization of approximately $7.5 billion.
The BitLicense is often seen as one of the most challenging regulatory hurdles faced by crypto companies, requiring a lengthy review process and has only been granted to a limited number of companies since its introduction in 2015. The license has been criticized by the industry for being too costly and limiting New York's competitiveness.
Since the introduction of the regime, only a handful of companies have obtained a BitLicense. Recent recipients include payment company MoonPay and a subsidiary of crypto bank Anchorage Digital.
After hearing industry voices, New York City Mayor Eric Adams suggested that the state should reconsider its BitLicense program.
"Let's get rid of the Bitcoin license and let Bitcoin flow freely in our city," Adams said at the Bitcoin 2025 conference in May.
While the application fee for a BitLicense is $5,000, "the actual cost of obtaining a BitLicense is much higher," wrote Pillsbury law firm partner Brian H. Montgomery and attorney assistant Johnna Purcell.
"Companies often spend several times that amount preparing their BitLicense applications and must also meet the capital requirements set by the NYDFS," they noted.
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Original article: “Bullish Obtains New York BitLicense, Paving the Way for U.S. Crypto Business Launch”
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