Bullish Shares Jump 5% After Securing New York BitLicense Ahead of Q2 Earnings – 17/9/2025

Shares of Bullish (BLSH) rose 5% to $53.12 on Tuesday following news that the crypto platform secured a BitLicense from the New York State Department of Financial Services (NYDFS). The regulatory approval allows Bullish US Operations LLC to offer spot trading and custody services to institutional clients in New York, marking a major milestone in the company’s domestic expansion.

Until now, Bullish was regulated only in Germany, Hong Kong, and Gibraltar. The U.S. license opens the door to serving advanced traders in the nation’s financial capital, a key step in positioning Bullish as a serious competitor in the institutional crypto space. Bullish’s parent company also owns CoinDesk.

The licensing news coincides with increased backing from Cathie Wood’s ARK Invest. The ARK Innovation ETF (ARKK) acquired 120,609 shares, while ARK Next Generation Internet ETF (ARKW) added 40,574 shares, together valued at approximately $8.21 million.

Bullish, which targets institutional investors with its trading platform, will report second-quarter earnings after market close on Wednesday. Earlier this week, investment bank Keefe, Bruyette & Woods (KBW) initiated coverage with a “market perform” rating and a $55 price target, calling Bullish “a rare public play” on a crypto exchange designed for institutions. KBW highlighted U.S. expansion as a key growth catalyst.

The company debuted on the New York Stock Exchange in August via direct listing, surging to $104 at open before closing at $68. Shares have since declined 22%, with Tuesday’s BitLicense announcement providing a timely boost.

Brokerage firm Bernstein noted that if Bullish successfully executes its U.S. launch plans—currently targeted for 2026—it could become a legitimate competitor to Coinbase.