Bullish, a global digital asset platform valued at $9.3 billion, has officially launched its spot trading services in the United States, now accessible in 20 states. This expansion follows the company's receipt of a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS). The platform has processed over $1.5 trillion in cumulative trading volume since late 2021 and ranks among the top ten exchanges for Bitcoin and Ether trading volume globally.
The states where Bullish is currently available include Arizona, Arkansas, California, Colorado, Delaware, Florida, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, New York, Puerto Rico, Utah, Virginia, Washington, D.C., West Virginia, and Wyoming. Bullish plans to expand into more U.S. states in the near future. Interested parties in other states can join a waitlist to be notified when access becomes available.
Bullish's U.S. platform combines a central limit order book with automated market maker (AMM) technology. This hybrid model aims to deliver stable liquidity and efficient trade execution. Institutional clients benefit from zero maker fees and low taker fees, while individual accounts have access to zero trading fees.
The company's U.S. launch is supported by institutional clients such as Nonco and BitGo. Bullish aims to serve hedge funds, proprietary trading firms, market makers, high-frequency traders, fintechs, and neobanks. In the near future, the platform intends to expand its services to advanced individual traders.
Chris Tyrer, President of Bullish Exchange, stated that U.S. institutions deserve better execution, deeper liquidity, and platforms built for their unique strategies. He believes Bullish's U.S. launch introduces a platform that combines institutional-grade liquidity, cutting-edge technology, and cost efficiency.
Analysts have offered mixed reactions to Bullish's recent developments. Compass Point increased its price target to $56, maintaining a Neutral rating, following Bullish's approval from the NYDFS, which is expected to facilitate faster U.S. expansion. Cantor Fitzgerald also raised its price target to $59 due to strong demand in SS&O and provided higher guidance for revenue and adjusted EBITDA for the third quarter of 2025, despite weak transaction volumes. Canaccord Genuity reiterated its Buy rating and set a $68 price target, highlighting Bullish's solid progress and the strategic value of its BitLicense from the New York Department of Financial Services. Meanwhile, Bernstein SocGen Group maintained a Market Perform rating with a $60 price target, citing a 29% decrease in trading volumes and a 20% compression in blended take rates for the second quarter of 2025.
Bullish's expansion aligns with the Trump administration's push for institutional adoption of digital assets. Competitors like Binance and Coinbase are also enhancing their institutional offerings. Analysts from Canaccord and Bernstein have suggested that the BitLicense could be a catalyst for U.S. market share growth, forecasting Bullish could capture 8% of institutional crypto trading volumes by 2027.
Bullish has regulatory licenses from authorities in New York, Germany, and Gibraltar.
