New York, NY – October 1, 2025 – Bullish (NYSE:BLSH), a global digital asset platform geared toward institutional clients, specializing in market infrastructure and information services, today announced the commencement of spot trading activities within the United States. Designed with cutting-edge market participants in mind, Bullish aims to deliver precision, streamlined processes, and adherence to regulatory standards, featuring a zero-fee structure for market makers coupled with minimal fees for takers. The platform will leverage significant liquidity powered by Automated Market Maker (AMM) technology, supported by comprehensive APIs catering to both institutional players and seasoned traders. This launch is on the heels of Bullish successfully obtaining a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS). Trading operations are currently active in 20 states.
This U.S. launch marks a pivotal moment for Bullish, solidifying its global reputation as a reliable and high-performing trading hub. Since late 2021, the exchange has facilitated over $1.5 trillion in total trading volume, positioning it among the top ten exchanges in terms of Bitcoin and Ether trading activity. With leading institutional clients such as Nonco and BitGo on board from day one, Bullish is well-positioned to deliver a smooth, compliant trading experience tailored to the requirements of hedge funds, proprietary trading groups, market makers, high-frequency traders, fintech firms, neobanks, and soon, advanced individual traders.
“U.S. institutional investors deserve superior execution, amplified liquidity, and platforms engineered to address the distinctive needs of their strategies,” commented Chris Tyrer, President of Bullish Exchange. “Our U.S. debut introduces a platform that we believe harmonizes institutional-grade liquidity, state-of-the-art technology, and cost-effectiveness, empowering both institutions and, for the first time, sophisticated individual traders. Bullish was architected for institutional use, and we are now pleased to extend the same performance capabilities to discerning traders throughout the U.S.”
“Bullish is changing institutional expectations for a U.S. exchange. Their emphasis on liquidity, compliance, and high-quality execution aligns perfectly with Nonco’s commitment to providing reliable and efficient trading solutions for our clientele. As an OTC liquidity provider with a deep focus on market architecture, we view Bullish’s U.S. launch as a substantial advancement for institutional adoption. We’re honored to be a launch partner and thrilled to contribute to establishing this new industry benchmark,” stated Jeffrey Howard, Partner – Head of North America, Nonco.
“The NYDFS approvals secured by Bullish represent a significant step for compliant digital asset innovation within the United States. BitGo is proud to support their U.S. expansion and their dedication to adhering to regulatory standards,” noted Mike Belshe, CEO and Co-Founder of BitGo. “This accomplishment underscores the importance of establishing a secure and transparent digital asset ecosystem for institutional investors.”
A Platform Engineered for Optimal Performance
Bullish merges the advantages of a central limit order book (CLOB) with a deterministic Automated Market Maker (AMM) system, fostering significant and reliable liquidity alongside efficient trade execution, even amidst periods of substantial market volatility.
Key features now accessible to U.S. users:
- 0% maker fees and very competitive taker fees for institutional clients
- 0% trading fees for individual accounts
- High-speed APIs for automated trading strategies
- Transparent regulatory compliance and full-reserve custody protocols
- Regulation by the New York State Department of Financial Services
- Easy onboarding process for users in 20 states, with expansion plans underway
Now Operating Live In These States
Bullish is currently accessible to traders 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.
Those in other states are encouraged to join the waiting list at bullish.com/waitlist to receive notification upon launch in their area.
Institutions seeking to explore access options are invited to contact sales@bullish.com to discuss customized solutions.
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About Bullish
Bullish is a globally-focused platform for digital assets, catering primarily to institutional investors by providing crucial market infrastructure and information services. Key elements of Bullish’s offerings include: Bullish Exchange – a regulated digital asset exchange focused on both spot and derivatives trading, integrating a fast central limit order book system with automated market making for optimal liquidity. The exchange is regulated in the United States, the European Union, Hong Kong, and Gibraltar. CoinDesk Indices – a suite of proprietary and single-asset benchmarks and indices used to track the performance of digital assets for institutions in both digital asset and traditional finance sectors. CoinDesk Data – a comprehensive set of market data and analytics tools for digital assets, providing real-time insights into prices, market trends, and dynamics. CoinDesk Insights – a digital asset media and events provider and the operator of Coindesk.com, a leading digital media platform providing news and insights on digital assets, the markets they operate in, policy, and blockchain technology. To learn more, please visit bullish.com and follow Bullish on LinkedIn and X.
Dissemination of Significant Company Information Via Websites
We utilize the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to distribute information to investors. This includes material information, along with SEC filings and press releases. We encourage investors to periodically check our website and X feed, in conjunction with our SEC filings and press releases, to stay updated on the most recent developments.
Forward-Looking Statements
This press communication includes “forward-looking statements” as defined within the Private Securities Litigation Reform Act of 1995. Statements containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or similar language that indicates future expectations or outcomes should be considered forward-looking. This includes, but is not limited to, statements related to future events or Bullish’s anticipated financial or operational performance, business strategies, and potential market opportunities, notably within the United States. These statements are based on estimations and assumptions that, while deemed reasonable by Bullish, carry inherent uncertainties and are subject to risks and various factors that could cause actual results to significantly differ from those predicted or suggested. These factors include, but are not limited to, our capacity to expand our business, including geographically, and the expenses associated with this expansion, competition within our industry, and evolving regulatory environments related to digital assets. Readers should not unduly rely on such forward-looking statements, which are relevant only as of the date of this communication, and Bullish is not obligated to revise or update these statements in the future.