Bullish (BLSH) shares jumped 5% to $53.21 following the crypto exchange's acquisition of the New York BitLicense from state regulators. This critical regulatory milestone enables Bullish US Operations LLC to offer institutional spot trading and custody services in New York's financial markets.
The license dramatically expands Bullish's regulatory footprint beyond its existing jurisdictions in Germany, Hong Kong and Gibraltar. The development follows ARK Invest's substantial $8.21 million position increase across its innovation ETFs just one day prior.
Keefe, Bruyette & Woods recently initiated coverage with a $55 price target, highlighting Bullish's unique positioning as a public institutional crypto exchange. Analysts identify U.S. expansion as a primary growth catalyst for the company.
Bullish prepares to announce Q2 earnings Wednesday post-market, with Bernstein analysts suggesting successful execution of its 2026 U.S. launch plans could position the exchange as a formidable Coinbase competitor.