Bullish, the crypto exchange that owns CoinDesk, has begun offering spot trading services in the United States after receiving a BitLicense and a money transmission license from the New York State Department of Financial Services. The launch gives institutional clients in 20 states and territories — including New York, California and Washington, D.C. — direct access to the platform. The company said it expects to extend coverage as more approvals are granted.
Bullish has operated internationally since late 2021 and reports more than $1.5 trillion in cumulative trading volume. In August, it listed on the New York Stock Exchange under the ticker BLSH. Its shares trade around $63.36, about 70% above the IPO price.
Investor Takeaway
Hybrid Market Model Targets Institutions
The exchange’s U.S. service is designed exclusively for institutional traders. It combines a central limit order book with automated market making, a hybrid system that the firm says improves liquidity and execution, particularly during periods of volatility. That contrasts with rivals such as Coinbase and Kraken, which serve both retail and professional clients.
“U.S. institutions deserve better execution, deeper liquidity, and platforms built for their strategies,” said Chris Tyrer, president of Bullish Exchange. He described the rollout as extending “institutional‑grade performance” to advanced U.S. traders.
Compliance Pitch After Industry Turmoil
Bullish’s U.S. push comes as regulators in Washington and Albany adopt a firmer stance on digital assets. New York’s BitLicense, introduced in 2015, is still viewed as one of the toughest crypto licenses in the country, with fewer than 35 firms holding one. The approval adds weight to Bullish’s effort to present itself as a compliance‑first venue at a time when institutional investors remain wary of counterparty risk following high‑profile collapses in 2023 and 2024.
The exchange is promoting a full‑reserve custody model and strict controls as its key safeguards. Executives believe this approach will appeal to asset managers and hedge funds that want digital‑asset exposure but prefer platforms that meet established regulatory standards.
Investor Takeaway
Competition and Outlook
Bullish now faces the challenge of building share in a market already led by Coinbase, which controls more than half of U.S. spot trading volume, and Kraken, which has expanded aggressively into derivatives. Analysts say Bullish’s mix of liquidity pools, institutional tools and regulatory approval could help it differentiate, but success will depend on attracting consistent institutional flow.
The exchange’s international track record and public listing give it advantages in visibility and funding. Whether that translates into U.S. market traction will be closely watched as institutions weigh new platforms against incumbents.