Crypto Exchange Secures NY BitLicense, Driving 5% Gain in Shares Ahead of Earnings

Bullish Shares Rise 5% as Crypto Platform Secures New York BitLicense – 17/9/2025

Shares of Bullish (BLSH) climbed 5% to $53.12 on Tuesday after the company secured a BitLicense from the New York State Department of Financial Services (NYDFS). The approval allows Bullish US Operations LLC to offer spot trading and custody services to institutional clients in New York, a key step in the platform’s U.S. expansion.

Until now, Bullish was regulated only in Germany, Hong Kong, and Gibraltar. The U.S. license positions the company to serve advanced traders in the nation’s financial capital and marks an important milestone for its institutional-focused trading platform. Bullish’s parent company also owns CoinDesk.

The licensing news comes shortly after ARK Invest increased its stake in Bullish. The ARK Innovation ETF (ARKK) acquired 120,609 shares, and the ARK Next Generation Internet ETF (ARKW) added 40,574 shares, together valued at about $8.21 million.

Bullish 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 $55 price target, citing U.S. expansion as a key growth driver.

Since debuting on the New York Stock Exchange in August via direct listing, Bullish shares surged to $104 on opening day before closing at $68. Shares have since fallen 22%, with Tuesday’s BitLicense news providing a timely boost. Brokerage firm Bernstein noted that successful U.S. expansion, currently targeted for 2026, could position Bullish as a credible competitor to Coinbase.

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