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Now live in 20 states, Bullish expands into U.S. markets as institutional appetite for crypto strengthens.
Oct 1, 2025, 4:38 p.m.
Crypto platform Bullish (BLSH) has officially launched spot trading in the United States after securing both a BitLicense and a money transmission license from the New York State Department of Financial Services (NYDFS) last month.
Trading is now live in 20 U.S. states and territories, including California, New York, and Washington, D.C.
Though new to U.S. users, Bullish has operated internationally since late 2021 and has already processed over $1.5 trillion in cumulative trading volume, the exchange said. The crypto platform, which owns CoinDesk, went public on the New York Stock Exchange (NYSE) in August. The stock is currently trading at $63.36 a share, 70% higher than its IPO price.
The exchange, which caters solely to institutional clients, features a hybrid model combining a central limit order book with automated market making, aiming to stabilize liquidity and improve trade execution, even in volatile conditions.
Bullish’s entry into the U.S. market comes as institutional confidence in crypto grows, driven by a clearer regulatory framework and a stronger focus on compliance and safety. Even Vanguard, the second-largest asset manager in the world that was known to be reluctant towards letting its customers trade the asset class is now reportedly considering changing its stance.
“U.S. institutions deserve better execution, deeper liquidity, and platforms built for their strategies,” said Chris Tyrer, president of Bullish Exchange, in a statement. He added that the U.S. platform will now bring institutional-grade performance to advanced traders as well.
Bullish is currently accessible to users in states including California, Florida, New York and Michigan, with plans to expand access further. The platform operates under full-reserve custody standards and aims to build a compliant foundation for institutional crypto adoption in the U.S.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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