Bullish (BLSH) has officially launched spot cryptocurrency trading in the U.S. after securing a BitLicense and a money transmission license from the New York State Department of Financial Services (NYDFS).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Trading on the Bullish platform is now live in 20 U.S. states and territories, including California, New York, and Washington, D.C. This effectively marks Bullish’s entry into the American market. While Bullish has operated internationally since 2021, it has not previously had a license to provide services in America.
Bullish, which has processed more than $1.5 trillion in cumulative trading volume worldwide, went public on the New York Stock Exchange (NYSE) in August of this year. The approval to operate in the U.S. market was a question mark that hung over the company’s initial public offering (IPO).
Institutional Clients
Unlike rival crypto exchanges such as Coinbase Global (COIN), Bullish caters solely to institutional clients and does not offer services to individual retail investors. Now that it has a license to operate in the U.S., Bullish says that it plans to expand to more states. The platform aims to become the leading crypto exchange for institutions, says management.
“U.S. institutions deserve better execution, deeper liquidity, and platforms built for their strategies,” said Chris Tyrer, president of Bullish, in a written statement. He added that the company’s new U.S. platform will bring institutional-grade performance to professional traders. The crypto exchange allows institutions to trade Bitcoin (BTC), Ethereum (ETH), and other digital assets.
Is BLSH Stock a Buy?
The stock of Bullish has a consensus Moderate Buy rating among 12 Wall Street analysts. That rating is based on four Buy and eight Hold recommendations issued in the past three months. The average BLSH price target of $60.09 implies 2.58% downside from current levels.
