Bullish Stock Surges Over 20% Following New York BitLicense Approval

Bullish's shares soared more than 20% after securing a BitLicense from New York’s Department of Financial Services, a critical milestone for its U.S. expansion. CEO Tom Farley announced the approval during the company's inaugural earnings call since going public, emphasizing New York as the final regulatory hurdle.

The firm had previously obtained clearance to operate in multiple U.S. states but delayed a national launch pending the New York license. "We refrained from launching our exchange in the United States until we received this license," Farley stated. "With this approval, we’re poised to bring our institutional-grade liquidity to the largest crypto market."

Analysts revised price targets upward following the news. Bullish now holds regulatory licenses in three major jurisdictions—New York, Germany, and Hong Kong—solidifying its position as a compliant platform for institutional clients. The company, which owns CoinDesk, went public last month after a failed 2021 SPAC merger.