The Bullish, the digital asset platform and provider of infrastructure that dedicated to the New York Stock Exchange last month, gained regulatory approval to expand its operations in the United States -a major milestone as exchanges looking for a clearer walk in one of the most current crypto markets.
Bullish announced Wednesday is the US’s arm, the Bullish US operations LLC, has been granted both Bitlicense and a New York State Department of Financial Services (NYDFS) currency license.
Approvals allow the company to offer institutional clients of cryptocurrency spot trading and Careful Services in New York.
Bullish, known as a digital -focused digital platform, expanded to crypto media in 2023 by taking CoinDesk. The company is now riding a wave of momentum after the high-profile public debut of last month, which briefly exceeds a $ 13 billion appreciation like this Shares will move forward on the day of the opening.
Bullish sold the initial public (IPO) offering of $ 37 a part, including stock climbing for $ 118 at its climax, according to Yahoo financial data. It is now trading around $ 54, giving the company a market capitalization of nearly $ 7.5 billion.
Related: Ark Invest’s bullish holdings close to $ 130m with the latest $ 8.2M scoop
Bitlicense and its discontents
Bitlicense is often seen as one of the most challenging regulatory barriers for crypto companies, which requires a long evaluation process and is provided with a limited number of The industry criticized for being too expensive and limiting the competitiveness of the New York State.
Only a few dozen companies have gained a bitlicense since the regime was introduced. Recent recipients include the payment firm Moonpay and a Crypto Bank subsidiary Digital anchorage.
Listening to the voices of the industry, New York City Mayor Eric Adams suggested that the state should consider its bitlicense program.
“Let’s remove the Bitcoin license and allow us to have a free flow of Bitcoin in our city,” Adams said at the Bitcoin 2025 conference in May.
While the Bitlicense application fee is $ 5,000, “the actual cost of getting a bitlicense is significantly higher,” write Pillsbury Law Partner Brian H. Montgomery and Associate Johnna Purcell.
“Companies often spend several times at that amount while preparing a bitlicense application and are also subject to capital requirements referred to by NYDFS,” they said.
Related: Crypto Biz: Ipo fever, ether wars and stablecoin showdowns
