Bullish (BLSH) shares rose 5% to $53.12 on Tuesday after Crypto Platform secured Bit Resense from the New York State Department of Financial Services.
The licence allows Bullish US Operations LLC, the US division of Bullish, to legally serve senior traders of US financial capital. Until now, bullishness was only regulated in Germany, Hong Kong and Gibraltar. Bullish’s global parent is also Coindesk’s parent company.
The license comes one day after Cathie Wood’s Ark Invest has significantly increased its exposure to the company. ARK Innovation ETF (ARKK) acquired 120,609 shares, while ARK Next Generation Internet ETF (ARKW) acquired 40,574 shares, together worth approximately $8.21 million.
Bullish, which operates a trading platform aimed at institutional investors, will report second quarter revenues after the market closed on Wednesday.
Earlier this week, Investment Bank Keefe, Bruyette & Woods (KBW) began compensation for the company with a “market performance” rating and a price target of $55. The company noted that its crypto exchange built for institutions called Bullish “A Rare Public Play,” and that entry into the US could drive growth. KBW views domestic expansion as a key catalyst.
Bull made its debut on the New York Stock Exchange in August through a direct listing. The stock surged to $104 on the first day before closing at $68. Since then, stocks have fallen 22%, with today’s Bitlicense announcement offering a boost.
Brokerage company Bernstein says if bulls succeed in expanding its footprint in the US, they could emerge as a legal competitor for Coinbase. The company said it would depend on the platform’s ability to implement the US launch plan, which is currently targeted for 2026, Bernstein said.
