Bullish Targets Institutions With Spot, Derivatives, and Zero-Fee Trading in US Launch
Bullish, a cryptocurrency trading platform, has launched operations in 20 US states after gaining a BitLicense and a financial...
Quick overview
- Bullish has launched operations in 20 US states after obtaining a BitLicense and a financial transmission license from New York's Department of Financial Services.
- The platform began spot trading with institutional clients BitGo and Nonco on its first day, targeting major markets like California and New York.
- Bullish aims to attract institutional participants by offering zero-fee trading incentives and plans to expand its services further.
- Despite its expansion, Bullish shares experienced a 4.4% decline during trading on Wednesday.
Bullish, a cryptocurrency trading platform, has launched operations in 20 US states after gaining a BitLicense and a financial transmission license from the New York State Department of Financial Services in September.
According to sources from October 1, Bullish started spot trading with two institutional clients on its first day of business: BitGo, a digital asset trust and security firm, and Nonco, a digital asset brokerage.
Major US markets, such as California, Florida, Arizona, Washington, D.C., and New York, can now access the platform.
A BitLicense is necessary to transmit, custody, or issue “virtual currency” in New York, and it is regarded as one of the most challenging licenses to obtain.
The decision aligns with the Trump administration’s strong regulatory momentum, which has been driving institutional adoption in the United States.
To fulfill demand, several industry leaders, including Binance and Coinbase, as well as online payments provider Stripe, have launched crypto-as-a-service and stablecoin services aimed at institutional US clients.
Bullish has handled about $1.5 trillion in worldwide trade volume since its introduction in late 2021, despite not previously having a presence in the world’s largest market. It is among the top ten cryptocurrency exchanges in terms of trading volume for Bitcoin and Ethereum.
Bullish President Chris Tyrer explained that it combines a central limit order book method with a deterministic automated market maker to offer deep, steady liquidity and efficient trade execution.
Bullish Targets US Institutions With Zero-Fee Trading Incentives
“Bullish is investing extensively in its institutional offering,” stated Bullish Exchange President Chris Tyrer. Our journey started with spot trading, progressed to margin, perpetual and dated futures, and has now reached a new milestone with the addition of options. This is more than just adding a new product; it is about providing a comprehensive derivatives product suite with market-leading capital optimization and risk mitigation, all available via a single, unified trading account, Tyrer added.
Bullish launches crypto trading in 20 US states after securing New York BitLicense and money transmission license. Targets institutions with zero maker fees and hybrid liquidity model. Shares fell 4.4% but up over 60% since IPO. #Bullish #Crypto pic.twitter.com/Yt7vnp8Fd9
— Vincent Bu Lu (@VincentBuLu1) October 2, 2025
Bullish was created for institutions and is now ready to provide that performance to serious US traders, Tyrer stated.
Bullish plans to add market makers, fintech platforms, proprietary trading firms, hedge funds, and neobanks. Bullish has devised a deal to attract these institutional participants, like offering 0% maker costs for institutional accounts and 0% trading fees for skilled individual traders. This is only available in the 20 US states that have legalized it, but Bullish plans to expand soon.
Other states that now provide Bullish include Arkansas, Colorado, Delaware, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, Utah, Virginia, West Virginia, Wyoming, and the US territory of Puerto Rico.
Despite the news, Bullish (BLSH) shares slid 4.4% to $60.80 during trading on Wednesday.
Bullish Secures BitLicense in New York Amid Global Expansion
Bullish’s BitLicense and Money Transmission License in New York comes as the company expands its international presence, which currently includes the EU, Hong Kong, Gibraltar, and the United States.
The exchange recently made news for becoming the first US-listed company to raise more than $1 billion purely in stablecoins during its August NYSE IPO, which was backed by Peter Thiel. The capital raise was completed via blockchain networks such as Solana.
Bullish received a MiCAR license upgrade from BaFin in Germany, giving it a regulatory base to serve institutional clients throughout the EU.
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