The company announced that its U.S. trading arm has been awarded both a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS).

The approval allows Bullish to operate spot trading and custody services for institutional clients and advanced traders in New York.

Chief executive Tom Farley described the decision as a “milestone” for the firm’s global regulatory strategy, noting New York’s reputation as a leader in virtual asset oversight. Farley, who once served as president of the New York Stock Exchange, said Bullish is committed to building “institutional-grade infrastructure” for digital markets.

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The licenses come just weeks after Bullish’s high-profile listing on the NYSE. The company raised $1.1 billion in its IPO, selling 30 million shares at $37 apiece. Its debut saw shares soar more than 150% before settling back, with BLSH recently closing at $51.36 and edging higher in pre-market trading.

Analysts have also started taking notice. Bernstein initiated coverage last week with a $60 price target, forecasting that Bullish could become the second-largest institutional crypto exchange after Coinbase once its U.S. operations expand further in 2026.

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