tl;dr
Bullish expands to 20 US states after securing critical licenses, targeting institutional crypto trading with competitive fees and advanced trading tools.
**Bullish Expands to 20 US States, Secures Key Licenses to Boost Institutional Crypto Trading**
Bullish, an institutional-focused cryptocurrency trading platform, has expanded its operations to 20 U.S. states following the acquisition of a BitLicense and a money transmission license from New York’s Department of Financial Services (DFS). The move marks a significant milestone for the company, which debuted spot trading on its platform with two institutional clients—crypto infrastructure firm BitGo and brokerage Nonco—on its first day of operation.
The states now accessible on Bullish include major markets such as California, Florida, Arizona, Washington, D.C., and New York, where the DFS approved its licenses. A BitLicense is a stringent regulatory requirement in New York for entities handling virtual currency, making Bullish’s approval a testament to its compliance framework. The expansion aligns with growing regulatory support for crypto from the Trump administration, which has emphasized institutional adoption in the U.S.
Bullish, which has facilitated approximately $1.5 trillion in global trading volume since its late 2021 launch, positions itself as one of the top 10 crypto exchanges by Bitcoin (BTC) and Ether (ETH) trading volume. The platform combines a central limit order book with a deterministic automated market maker to deliver deep liquidity and efficient trade execution, according to Bullish President Chris Tyrer.
The company is targeting a broad spectrum of institutional clients, including hedge funds, proprietary trading firms, market makers, fintechs, and neobanks. To attract both institutions and advanced traders, Bullish offers 0% maker fees for institutional accounts and 0% trading fees for individual users in the 20 states where it now operates. Additional fee structures are expected to roll out soon.
Bullish’s expansion also includes states such as Arkansas, Colorado, Delaware, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, Utah, Virginia, West Virginia, and Puerto Rico. Despite the positive developments, the company’s shares (BLSH) fell 4.4% to $60.80 during Wednesday’s trading, though they remain over 60% above its $37 IPO price from mid-August, with a market cap of $9 billion.
The launch comes as industry giants like Binance, Coinbase, and Stripe ramp up crypto-as-a-service and stablecoin offerings to meet rising institutional demand. Bullish’s entry into the U.S. market underscores the sector’s evolving landscape, where regulatory compliance and competitive pricing are critical for growth.