Bullish Shares Rise 5% After Securing New York BitLicense

Bullish (BLSH) shares increased by 5% to $53.12 after obtaining a BitLicense from the New York State Department of Financial Services. This license allows Bullish to offer spot trading and custody services in New York.
Bullish US Operations LLC can now serve advanced traders in the U.S., expanding its operations beyond Germany, Hong Kong, and Gibraltar.
ARK Invest has increased its exposure to Bullish, purchasing 120,609 shares through ARK Innovation ETF and 40,574 shares via ARK Next Generation Internet ETF, valued at approximately $8.21 million.
The company will report its second-quarter earnings after markets close on Wednesday.
Keefe, Bruyette & Woods (KBW) initiated coverage with a "market perform" rating and a $55 price target, noting U.S. entry as a growth catalyst.
Bullish debuted on the NYSE in August through a direct listing, with shares initially surging to $104 before settling at $68. Shares have since declined by 22% until the recent BitLicense announcement.
Brokerage firm Bernstein suggests that successful U.S. expansion could position Bullish as a competitor to Coinbase, contingent on effective execution of its U.S. launch plans aimed for 2026.