Bullish Stock Skyrockets Over 20% After Securing Coveted New York BitLicense

Breaking the regulatory barrier just sent this crypto player soaring.

New York's BitLicense—the golden ticket that separates serious crypto operators from the rest—just landed in Bullish's hands. And the market responded with a thunderous 20%+ surge that's got traders buzzing.

The approval signals more than just compliance—it's a gateway to the world's most demanding financial market. Bullish now joins an elite club of fewer than 30 companies that have cleared New York's rigorous regulatory hurdles.

While traditional finance scrambles to keep up, digital assets keep proving they're not just here to stay—they're rewriting the rulebook. Another day, another reminder that regulatory approval moves markets faster than any earnings report ever could.

Analysts push up price targets after U.S. approval

Bullish is already licensed in Germany and Hong Kong, and its exchange is built for institutional clients, not retail traders. With New York checked off, the company now holds three major regulatory licenses across the biggest crypto jurisdictions. Bullish also owns crypto news site CoinDesk.

Its public market debut came just last month after a long wait. Bullish had originally tried to go public through a SPAC merger in 2021, but the deal was killed after regulators started poking around. This time, it listed through a standard IPO, setting its price at $37 per share on August 14. After Thursday’s jump, shares are trading nearly 75% higher than that IPO level.

The company also reported its second quarter earnings on Wednesday. Revenue hit $57 million, down slightly from $60.7 million in the same period a year ago. But earnings per share came in at $0.93, a full reversal from a $1.03 loss last year.

Analysts didn’t waste time reacting. Ed Engel, analyst at Compass Point, raised his price target from $45 to $56, noting they had only given a 50% chance of New York granting the license. Ed’s rating on the stock remains Neutral.

Over at Bernstein, Gautam Chhugani said Bullish’s expansion into the U.S. will be a “key growth catalyst for the coming quarters.” He also pointed out the company now holds multiple tier 1 licenses, adding that “Bullish now holds multiple tier 1 regulatory licenses (German BaFin, Hong Kong SFC and U.S BitLicense) across major crypto markets, strengthening its positioning as global regulated institutional crypto exchange.” Gautam’s target is $60, with a Market Perform rating.

Bullish is now one of a small group of crypto companies that have gone public in 2025. That group includes Gemini (GEMI), Circle (CRCL), and eToro (ETOR).

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