Bullish launches in the U.S., offering institutions and advanced traders a new standard in digital asset trading

Rhea-AI Summary

Bullish (NYSE: BLSH), a global digital asset platform, has launched spot trading operations in the United States following its acquisition of BitLicense and Money Transmission License from NYDFS. The platform is now live in 20 states, targeting institutions and advanced traders.

The exchange has demonstrated significant market presence with over $1.5 trillion in cumulative trading volume since late 2021 and ranks among the top ten exchanges for Bitcoin and Ether trading. Day one institutional clients include Nonco and BitGo. The platform features 0% maker fees for institutional accounts and combines a central limit order book with Automated Market Maker (AMM) technology for enhanced liquidity and execution.

Positive

• None.

Negative

• Limited initial availability to only 20 states in the U.S.
• Platform primarily focused on institutional and advanced traders, potentially limiting retail accessibility

Insights

Crypto Market Infrastructure Analyst

Bullish's US expansion with regulatory approvals creates new growth opportunities in the institutional crypto trading market.

Bullish's launch of spot trading in the United States represents a significant strategic expansion following key regulatory achievements, notably securing both BitLicense and Money Transmission License from the New York State Department of Financial Services. The company has established trading operations in 20 states with plans for further expansion, positioning itself in the regulated US digital asset infrastructure space.

The platform's market credentials are substantial, with $1.5 trillion in cumulative trading volume since late 2021, placing it among the top ten exchanges for Bitcoin and Ether trading globally. This positions Bullish as a credible contender in the institutional-grade exchange landscape.

The company's hybrid market structure—combining a central limit order book with Automated Market Maker technology—addresses a significant pain point for institutional traders seeking both deep liquidity and efficient execution. The zero-maker fee structure for institutions and zero trading fees for individual accounts represent an aggressive competitive positioning against established players.

Particularly noteworthy is Bullish's day-one institutional adoption, with established firms like Nonco and BitGo already onboard, validating the platform's market fit. This early traction suggests the potential for network effects as more institutional participants join.

The phased state-by-state rollout strategy reflects a measured approach to regulatory compliance, with the company establishing a waitlist mechanism to manage demand in non-authorized states—a pragmatic approach given the complex regulatory landscape for digital assets in the US.

NEW YORK, Oct. 1, 2025 /PRNewswire/ -- Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced the launch of spot trading in the United States. Designed for market innovators, Bullish seeks to provide precision, efficiency, and compliance, offering no maker fees and low taker fees, deep liquidity powered by Automated Market Maker (AMM) technology, and robust APIs for both institutions and advanced traders. The launch follows Bullish's recent regulatory milestone of being granted a BitLicense and Money Transmission License by the New York State Department of Financial Services (NYDFS) and trading is now live in 20 states.

The U.S. launch marks a significant milestone for Bullish, which has established itself globally as a trusted venue for high-performance trading. The Exchange has surpassed over $1.5 trillion in cumulative trading volume since late 2021 and ranks in the top ten exchanges for Bitcoin and Ether trading volume¹. With day one institutional clients, including Nonco and BitGo, Bullish is poised to deliver a seamless, compliant trading experience tailored to the needs of hedge funds, proprietary trading firms, market makers, high-frequency traders, fintechs, neobanks, and in the near future, advanced traders.

"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. "Our U.S. launch introduces a platform that we believe combines institutional-grade liquidity, cutting-edge technology, and cost efficiency to empower institutions and, for the first time, advanced individual traders. Bullish was created for institutions, and now we're proud to offer the same level of performance to serious traders across the U.S."

"Bullish is redefining what institutions should expect from a U.S. exchange. Their focus on liquidity, compliance, and execution quality aligns with Nonco's own mission to deliver trusted, efficient trading solutions for our clients. As an OTC liquidity provider deeply focused on market structure, we see Bullish's U.S. launch as a meaningful step forward for institutional adoption.  We're proud to be a launch partner and excited to help bring this new standard to market," said Jeffrey Howard, Partner - Head of North America, Nonco.

"Bullish's NYDFS approvals mark an important milestone for compliant digital asset innovation in the United States, and BitGo is proud to support their U.S. expansion and commitment to regulatory compliance," said Mike Belshe, CEO and Co-Founder of BitGo. "This milestone reinforces the importance of building a secure and transparent digital asset ecosystem for institutional investors."

A platform built for performance

Bullish combines the benefits of a central limit order book (CLOB) with a deterministic Automated Market Maker (AMM) - providing deep, stable liquidity and efficient trade execution, even during periods of high volatility.

Key features now available to U.S. users:

• 0% maker fees and ultra-low taker fees for institutional accounts
• 0% trading fees for individual accounts
• High-throughput APIs for programmatic strategies
• Transparent compliance and full-reserve custody standards
• Regulated by the New York State Department of Financial Services
• Seamless onboarding for users in 20 states, with more coming soon

Now live in these states

Bullish is currently available to users 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.

Interested parties in other states can join the waitlist at bullish.com/waitlist to be notified when access becomes available.

Institutions interested in exploring access are encouraged to contact sales@bullish.com to discuss tailored solutions.

Media contact:

media@bullish.com

About Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. These include: Bullish Exchange – a regulated and institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Exchange is regulated in the United States, European Union, Hong Kong, and Gibraltar. CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries. CoinDesk Data - a broad suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics. CoinDesk Insights – a digital asset media and events provider and operator of Coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. For more information, please visit bullish.com and follow LinkedIn and X.

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as "believe," "intend," "plan," "may," "expect," "should," "could," "anticipate," "estimate," "predict," "project," or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements and include, without limitation, statements relating to future events or Bullish's future financial or operating performance, business strategy, and potential market opportunity, including in the United States. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Bullish, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited, to our ability to grow our business and operations, including in new geographic locations, the costs or expenditures associated therewith, competition in our industry, and the evolving rules and regulations applicable to digital assets and our industry. You should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made, and Bullish undertakes no duty to update these forward-looking statements.

¹ CoinMetrics' State of the Market: https://coinmetrics.io/insights/state-of-the-market

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SOURCE Bullish

FAQ

What licenses has Bullish (NYSE: BLSH) obtained for its U.S. operations?

Bullish has obtained a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS) for its U.S. operations.

What are the trading fees on Bullish's U.S. platform?

Bullish offers 0% maker fees and ultra-low taker fees for institutional accounts, and 0% trading fees for individual accounts.

In which U.S. states is Bullish currently available?

Bullish is available in 20 states including Arizona, California, New York, Florida, and others, with plans to expand to more states.

What trading volume has Bullish achieved since its inception?

Bullish has surpassed over $1.5 trillion in cumulative trading volume since late 2021 and ranks in the top ten exchanges for Bitcoin and Ether trading volume.

What technology does Bullish use for liquidity management?

Bullish combines a central limit order book (CLOB) with a deterministic Automated Market Maker (AMM) to provide deep, stable liquidity and efficient trade execution.