Bullish, the digital asset trading and custody firm backed by billionaire Peter Thiel, announced on Wednesday that it has secured a BitLicense from the New York State Department of Financial Services (NYDFS) along with a state Money Transmission License. This regulatory approval, widely regarded as one of the toughest state-level digital asset regimes in the U.S., enables Bullish to provide spot trading and institutional custody services in New York. Fewer than 35 firms currently hold this authorization, including major players like Coinbase, PayPal, and Circle.
CEO Tom Farley, former president of the New York Stock Exchange, stated: "New York is widely recognized as being at the forefront of virtual currency regulation. Receiving our BitLicense and Money Transmission License is a testament to our focus on building trusted, institutional-grade digital asset infrastructure."
The approval comes shortly after Bullish's $1.1 billion initial public offering in August 2025, where it sold 30 million shares at $37 apiece. The stock more than doubled on its NYSE debut before settling at $51.36 recently, with pre-market trading showing an additional 0.5% gain following the BitLicense news. The company's valuation exceeded $12 billion on its first trading day.
Analysts from Bernstein initiated coverage with a $60 price target, projecting Bullish could emerge as the second-largest institutional crypto exchange after Coinbase if it executes its U.S. growth plans. The firm reported $80 billion in cumulative trading volume on its non-U.S. platform in 2024, compared to Coinbase's dominance with over $120 billion in assets under custody and roughly 56% of spot trading volume.
Bullish's strategy emphasizes deep liquidity, zero-fee trading incentives, and transparent custody—key differentiators in a post-FTX regulatory environment. Backed by Thiel, hedge fund manager Alan Howard, and Hong Kong billionaire Richard Li, the firm aims to launch U.S. operations in 2026, focusing on institutional clients wary of compliance risks.