Bullish Shares Jump 5% as Crypto Exchange Eyes US Expansion After Receving NY License

By Mat Di Salvo

Shares of Peter Thiel-backed crypto exchange Bullish jumped 5% after the company announced that it had received a license to operate in the U.S. following approval from New York regulators. 

The firm said Wednesday that the New York State Department of Financial Services granted it  a BitLicense and Money Transmission License, allowing it to operate in the U.S. as a digital asset trading and custody business. New York regulators have in the past imposed some of the most stringent rules for crypto businesses. 

"New York is widely recognized as being at the forefront of virtual currency regulation," Bullish CEO Tom Farley said in a statement. "Receiving our BitLicense and Money Transmission License from the New York Department of Financial Services is a testament to Bullish's commitment to regulatory compliance and our dedication to building trusted, institutional-grade digital asset infrastructure in key global markets."

Bullish shares (BLSH) were trading on Wednesday at $53.83, Yahoo Finance data shows. The firm's shares rose as high as $118 during its NYSE debut in August, after being offered at $37 in the IPO.

Analysts at investment bank Compass Point said earlier this month that not having a U.S. license would hinder the firm's performance. 

But they added if Bullish secures a U.S. license, it could become a formidable competitor to Coinbase, which dominates institutional trading in the U.S., noting Bullish's low fees. 

Coinbase, which is America's biggest crypto exchange, started trading publicly in 2021. 

Bullish, too, planned to go public in 2021 via a merger with special purpose acquisition company (SPAC) Far Peak in a dea lthat valued the firm around $9 billion. 

But the plans fell apart a year later due to "time constraints and market conditions" during a brutal bear market and the collapse of several top crypto companies.

Recommended News