Digital asset platform and infrastructure provider Bullish, which recently debuted on the New York Stock Exchange, has received regulatory approval to expand its operations across the United States. This milestone signals a significant step forward as crypto exchanges and service providers seek clearer regulatory footing in one of the world’s most scrutinized markets.
On Wednesday, Bullish announced that its US division, Bullish US Operations LLC, was granted both a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS). These approvals enable the company to offer institutional clients cryptocurrency spot trading and custody services within New York State.
The company, renowned for its focus on institutional digital asset services, made its mark in crypto media earlier this year through its acquisition of CoinDesk. Following its high-profile NYSE debut last month, Bullish experienced a surge in valuation, briefly exceeding $13 billion. The company set its IPO price at $37 per share, with shares peaking at $118 during initial trading, according to Yahoo Finance. Currently, the stock trades around $54, representing a market cap of roughly $7.5 billion.
In the evolving landscape of crypto regulation, the granting of a BitLicense is a notable achievement. Since its implementation in 2015, obtaining a BitLicense has been a rigorous process, with only a few dozen companies, such as MoonPay and Anchorage Digital, successfully securing approval. Industry critics have argued that the license process is costly and hampers New York’s competitiveness in the crypto sector.
City officials, including Mayor Eric Adams, have called for reforms, with Adams notably suggesting that New York reconsider its approach to crypto regulation. During the Bitcoin 2025 conference in May, he commented, “Let’s get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city.”
While the application fee for a BitLicense is $5,000, legal experts point out that the actual costs—including compliance and capital requirements—can be significantly higher. Companies often spend many times the fee preparing their applications and meeting NYDFS standards, highlighting the regulatory burden placed on crypto businesses operating in New York.
This development signals a cautious but progressive shift in crypto regulation, opening doors for more institutions to participate in U.S. markets while inviting ongoing debate over regulatory costs and industry competitiveness.