Shares of Bullish (NYSE: BLSH), an institutionally focused global digital asset platform, surged 5.14% in pre-market trading on Wednesday following the announcement that its U.S. digital asset trading and custody business has been granted a BitLicense by the New York State Department of Financial Services (NYDFS).
The BitLicense, officially defined as a 'Virtual Currency Business Activity License', allows Bullish to provide digital asset spot trading and custody services to institutions and advanced traders in New York State. This regulatory milestone is seen as a crucial step in Bullish's expansion into the U.S. market and strengthens its position as a regulated player in the cryptocurrency industry.
Tom Farley, CEO of Bullish, emphasized the significance of this development, stating, "Receiving our BitLicense and Money Transmission License from the New York Department of Financial Services is a testament to Bullish's commitment to regulatory compliance and our dedication to building trusted, institutional-grade digital asset infrastructure in key global markets." The company's ability to operate within New York, often considered the financial capital of the world, is expected to boost its credibility and attract more institutional clients.
This regulatory approval comes at a time when Bullish has been gaining attention from notable investors. Recently, Cathie Wood's Ark Invest has been aggressively accumulating Bullish shares, with the firm purchasing over 1.6 million shares worth more than $8 million on Tuesday alone. This continued investment by Ark Invest, despite Bullish's post-IPO drawdown, signals strong confidence in the company's long-term prospects.
As Bullish continues to expand its global regulatory footprint, investors appear optimistic about its potential to capture a significant share of the institutional cryptocurrency trading market. The company's regulated status in multiple jurisdictions, including the United States, European Union, Hong Kong, and Gibraltar, positions it well to meet the growing demand for compliant digital asset services among institutional clients.
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