Bullish Wins BitLicense, Expands Crypto Services in New York
Bullish, the digital asset platform and infrastructure provider that debuted on the New York Stock Exchange last month, has secured regulatory approval to expand its operations in the United States — a key milestone as exchanges seek a clearer footing in one of crypto’s most scrutinized markets.
Bullish announced Wednesday that its US arm, Bullish US Operations LLC, has been granted both a BitLicense and a Money Transmission License by the New York State Department of Financial Services (NYDFS).
The approvals allow the company to offer institutional clients cryptocurrency spot trading and custody services in New York.
Bullish, best known as an institutional-focused digital asset platform, expanded into crypto media in 2023 by acquiring CoinDesk. The company is now riding a wave of momentum after last month’s high-profile public debut, briefly surpassing a $13 billion valuation as its shares surged on opening day.
Bullish priced its initial public offering (IPO) at $37 a share, with the stock climbing to $118 at its peak, according to Yahoo Finance data. It now trades around $54, giving the company a market capitalization of about $7.5 billion.
Related: ARK Invest’s Bullish holdings near $130M with latest $8.2M scoop
BitLicense and its discontents
BitLicense is often seen as one of the most challenging regulatory hurdles for crypto companies, requiring a lengthy review process and being granted to only a limited number of companies since its introduction in 2015. It has been criticized by the industry for being too costly and limiting New York State’s competitiveness.
Only a few dozen companies have secured a BitLicense since the regime was introduced. Recent recipients include payments firm MoonPay and a subsidiary of crypto bank Anchorage Digital.
Listening to industry voices, New York City Mayor Eric Adams has suggested that the state should reconsider its BitLicense program.
“Let’s get rid of the Bitcoin license and allow us to have the 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 obtaining a BitLicense is significantly higher,” wrote Pillsbury Law partner Brian H. Montgomery and associate Johnna Purcell.
“Companies frequently spend many times that amount while preparing a BitLicense application and are also subject to capital requirements that are determined by NYDFS,” they noted.
Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns
