Bullish Expands Crypto Trading to 20 US States After Securing New York License

Highlights:

• Bullish has expanded crypto trading by launching bitcoin options with plans to add index products.
• The company has entered the US market with approval from New York authorities, securing licenses to operate in 20 states.
• Bullish stock dropped 4.4% on launch day but remains up over 60% since its IPO, with a market cap of $9 billion.

Bullish has entered the United States after receiving a BitLicense and a money transmission license from New York authorities. The licenses allow the platform to operate in 20 states, including California, Florida, Arizona, Washington DC, and New York. BitGo and Nonco became the first two institutional clients to trade on the platform’s opening day.

$BLSH
Bullish to launch crypto options trading with top-tier consortium of trading partners

Bullish plans to launch crypto options trading on October 8, 2025, marking a significant expansion of its derivatives product suite. The platform has secured partnerships with 14 leading…

— stock setter (@MarcJacksonLA) October 2, 2025

The BitLicense is one of the most demanding approvals in the US market. Companies must secure it before transmitting, issuing, or providing custody of digital assets in New York. Industry experts believe it is a significant barrier to entry on the side of crypto companies. Bullish can now have direct access to the biggest financial centre in the nation with the approval in hand.

The introduction follows the growing moves by policymakers to enhance institutional involvement in digital assets. A number of international exchanges, including Binance, Coinbase, and Stripe, have added new services to sustain this demand. The company joins this group with a strong international track record and a focus on institutional clients.

Bullish Expands Crypto Trading with Options Debut

Bullish plans to introduce bitcoin options trading on October 8, adding a new product to its growing suite of services. These contracts will be margined and settled in USDC, the dollar-backed stablecoin with one of the largest supplies in circulation. The options will follow a European-style format, with expiries ranging from three weeks to three months. Each contract will represent one full bitcoin.

The exchange also intends to add ether contracts and multi-asset indices such as the CoinDesk 20 and CoinDesk 5. Bullish has worked closely with market makers, brokers, and technology providers to design the new product line. Galaxy Digital, Wintermute, Flow Traders, and B2C2 are confirmed trading partners. They are involved in offering liquidity and increasing the availability of institutional-grade derivatives.

The increasing popularity of crypto options emphasizes the need for risk management tools. The spot bitcoin ETF offered by BlackRock has increased options trading, which poses a threat to well-established exchanges such as Deribit. Bullish aims to set itself apart by providing an integrated margin system where all traders can transact spot, futures, and options under a single account. According to the company, this system provides better capital efficiency and more effective risk offsets.

BlackRock's IBIT flips Deribit as top Bitcoin options venue with nearly $38B in open interest compared to Deribit's $32B. pic.twitter.com/XGChzlsRK9

— Nomy (@NomyFinance) September 30, 2025

Chris Tyrer, president of Bullish, emphasized the firm’s commitment to institutional clients. He said, “Our journey began with spot trading, expanded to include margin, then futures, and now reaches a new milestone with options.” The company views this step as part of building a complete suite of trading products.

Market Reaction and Share Performance

Despite the launch, Bullish stock (BLSH) closed 4.4% lower at $60.80 on Wednesday. However, the stock has climbed more than 60% from its initial public offering price of $37 in August. The company now carries a market capitalization of $9 billion.

Bullish has handled over $1.5 trillion in cumulative trading volume since its launch in 2021. This year, the platform has averaged more than $2 billion in daily volume. It is also approved in Germany, Hong Kong, and Gibraltar, further solidifying its international standing.