Bullish Secures Regulatory Approval to Expand U.S. Operations

According to Cointelegraph, Bullish, a digital asset platform and infrastructure provider, has achieved a significant milestone by obtaining regulatory approval to expand its operations in the United States. This development comes as exchanges strive for a more stable presence in one of the most closely monitored markets for cryptocurrency. Bullish's U.S. arm, Bullish US Operations LLC, has been granted both a BitLicense and a Money Transmission License by the New York State Department of Financial Services (NYDFS). These approvals enable the company to offer cryptocurrency spot trading and custody services to institutional clients in New York. Bullish, which made its debut on the New York Stock Exchange last month, is recognized for its focus on institutional digital asset services. The company expanded into crypto media in 2023 by acquiring CoinDesk. Following its public debut, Bullish experienced a surge in momentum, briefly surpassing a $13 billion valuation as its shares soared on opening day. The initial public offering (IPO) was priced at $37 per share, with the stock reaching a peak of $118, according to Yahoo Finance data. Currently, it trades around $54, resulting in a market capitalization of approximately $7.5 billion. Trading under the ticker symbol BLSH, Bullish has faced volatility since its public debut. The BitLicense, introduced in 2015, is considered one of the most challenging regulatory hurdles for crypto companies, involving a lengthy review process and limited issuance. It has faced criticism for being costly and limiting New York State's competitiveness. Only a few dozen companies have secured a BitLicense since its inception, with recent recipients including payments firm MoonPay and a subsidiary of crypto bank Anchorage Digital. In response to industry feedback, New York City Mayor Eric Adams has suggested reevaluating the BitLicense program, advocating for the free flow of Bitcoin in the city. Despite the BitLicense application fee being $5,000, the actual cost of obtaining one is significantly higher, as noted by Pillsbury Law partner Brian H. Montgomery and associate Johnna Purcell. Companies often incur substantial expenses during the application process and must meet capital requirements set by the NYDFS.