Bullish launches digital asset trading platform in 20 US states

NEW YORK - Bullish (NYSE:BLSH), a global digital asset platform currently valued at $9.3 billion, announced Wednesday the launch of its spot trading services in the United States, now available in 20 states following regulatory approvals from New York state authorities. According to InvestingPro analysis, while the company is not yet profitable, analysts expect it to turn profitable this year.

The platform, which has processed over $1.5 trillion in cumulative trading volume since late 2021, received a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS), allowing it to begin operations in select states including New York, California, and Florida. The company maintains a strong liquidity position with a current ratio of 24.59, indicating robust financial stability.

Bullish’s US platform combines a central limit order book with automated market maker technology and offers institutional clients zero maker fees and low taker fees. Individual accounts will have access to zero trading fees, according to the company’s statement.

"U.S. institutions deserve better execution, deeper liquidity, and platforms built for the unique demands of their respective strategies," said Chris Tyrer, President of Bullish Exchange, in the press release.

Day one institutional clients include Nonco and BitGo. Jeffrey Howard, Partner and Head of North America at Nonco, described Bullish’s US launch as "a meaningful step forward for institutional adoption."

The platform is currently accessible in 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 ranks among the top ten exchanges for Bitcoin and Ether trading volume globally, based on information provided in the company announcement. The platform aims to serve hedge funds, proprietary trading firms, market makers, high-frequency traders, and fintechs, with plans to expand services to advanced individual traders.

In other recent news, Bullish has been the focus of several analyst updates following its first quarterly earnings report as a public company. The company reported material revenue growth driven by increased stablecoin activity, which Rosenblatt Securities noted as a significant catalyst for the stock, raising their price target to $62 while maintaining a Buy rating. 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.

Compass Point increased its price target to $56, maintaining a Neutral rating, following Bullish’s approval from the New York Department of Financial Services, which is expected to facilitate faster U.S. expansion. 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. These developments reflect a mix of optimism and caution among analysts as Bullish navigates its early stages as a public company.

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