On Oct 1 2025, Bullish announced the launch of spot trading in the United States, making its regulated exchange available to institutional investors and advanced traders. The launch follows the company’s recent BitLicense and Money Transmission License from the New York State Department of Financial Services, allowing trading in 20 states. The platform offers no maker fees and low taker fees, with deep liquidity powered by its proprietary automated market maker technology.
The U.S. launch positions Bullish alongside other regulated exchanges, providing a compliant venue for high‑performance trading. Day‑one institutional clients include Nonco and BitGo, signaling early adoption by major market participants. The exchange’s hybrid central limit order book and deterministic AMM architecture delivers predictable liquidity and efficient execution even during periods of high volatility.
By entering the U.S. market, Bullish expands its addressable customer base to the world’s largest institutional asset manager pool. The launch also strengthens the company’s regulatory footprint, as the BitLicense and Money Transmission License satisfy U.S. compliance requirements for spot trading and custody. This expansion is expected to drive incremental revenue streams and support the company’s long‑term growth strategy.
The U.S. launch marks a significant operational milestone for Bullish, reinforcing its position as a leading regulated institutional digital asset exchange. The move is likely to enhance the company’s competitive advantage and accelerate its path to sustainable profitability. Investors should view the launch as a positive catalyst for future revenue growth and market share expansion.
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