Bullish shares have secured the highly sought-after BitLicense from New York authorities and can now legally offer its services in one of the most stringent crypto markets.

As per the official announcement, Bullish, specifically its US arm, Bullish US Operations LLC, was given both the BitLicense and a Money Transmission License by the New York State Department of Financial Services; as such, it will be able to offer spot crypto trading and custodial services to institutions based in New York.

For Bullish, this marks another major development this year, as the approval comes just a month after it was listed on the NYSE following a blockbuster IPO that raised $1.1 billion and valued the company at $5.4 billion.

Shares for the company were trading nearly 6% higher on the day, according to Google Finance data, and added another 2% after hours, as investors reacted positively to the regulatory milestone.

BitLicense is a regulatory milestone

New York houses one of the most rigorous regulatory environments in the United States when it comes to cryptocurrency. To be able to secure the license to operate means a crypto firm has to go through an extensive review process that mandates detailed financial disclosures, strict compliance obligations, and robust cybersecurity standards.

Compliance cost is another burden as BitLicense applicants are subject not only to upfront application fees but also to capital requirements and supervisory expectations that can add significantly to operational costs.

“Securing the New York BitLicense is a significant regulatory milestone for our growth in the U.S. and also signals our credibility to operate within the financial capital of the world,” Chris Tyrer, President of Bullish Exchange, said in an accompanying statement.

Many companies in the past have either withdrawn from New York or delayed plans to enter the market altogether due to the demanding nature of the regime. With only a few dozen firms ever approved to date, Bullish is now part of a short list of crypto entities that have managed to clear the bar.

Among some of the recent entrants are Moonpay, a crypto payments firm that got its license in June this year, and Anchorage Digital, a federally chartered digital asset bank, which was approved late last year.

Lately, there have been calls to tone down the NYDFS’s strict licensing regime, and New York City Mayor Eric Adams has been one of the more vocal proponents of regulatory reform.

During his appearance at the Bitcoin 2025 conference, Adams said New York should drop the BitLicense program completely “to have the free flow of Bitcoin” in the city. 

He has also floated the idea of establishing a digital advisory council to guide policy decisions.