Bullish launched institutional crypto trading in 20 US states after winning a New York BitLicense and money transmission license from the New York Department of Financial Services (New York DFS) last month.
The Bullish US launch began with spot trades by BitGo and Nonco.
Licenses and coverage
Bullish secured a BitLicense, which New York requires for virtual-currency businesses, and a money transmission license.
With New York DFS approval, the exchange can operate in New York and 19 other jurisdictions.
Access now spans California, Florida, Arizona, Washington DC, and New York, along with Arkansas, Colorado, Delaware, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, Utah, Virginia, West Virginia, Wyoming, and Puerto Rico.
The company framed this as the foundation for its Bullish 20 states rollout.
Product, model, and early clients
On day one of the Bullish US launch, BitGo and Nonco executed spot trades. Bullish combines a central limit order book with a deterministic automated market maker to target deep liquidity and consistent execution.
The firm offers 0% maker fees for institutional accounts and 0% trading fees for advanced traders in the approved states, positioning the venue for institutional crypto trading and high-volume activity.
Client targets and positioning
Bullish aims to onboard hedge funds, proprietary trading firms, market makers, fintechs, and neobanks.
The company says it ranks among the ten largest exchanges by Bitcoin and Ether spot volume and reports roughly $1.5 trillion in cumulative international trading since late 2021.
The New York authorization enables direct outreach to US institutions under New York DFS approval, with the Bullish BitLicense removing a key barrier to entry for regulated clients.
BLSH shares fell 4.4% to $60.80 on Wednesday despite the Bullish US launch. The stock remains more than 60% above its $37 IPO price from mid-August, with a market capitalization near $9 billion.
The trading debut in Bullish 20 states adds regulated US access while the company maintains fee incentives for advanced traders and institutions.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: October 2, 2025 • 🕓 Last updated: October 2, 2025
