Bullish Challenges Coinbase with Zero-Fee, Regulated Crypto Infrastructure

Bullish, a digital asset platform and infrastructure provider, has expanded its operations to 20 U.S. states following regulatory approvals in New York. The company secured a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS), enabling it to offer crypto spot trading and custody services to institutional clients and advanced traders. This milestone marks a significant step in Bullish's U.S. expansion, positioning it to compete in one of the most regulated financial markets in the world Crypto Platform Bullish (BLSH) Wins New York BitLicense^[1].

The licenses allow Bullish to operate in states such as California, Florida, Arizona, Washington, and New York, among others. The platform now offers 0% maker fees for institutional accounts and 0% trading fees for advanced individual accounts in approved jurisdictions. This fee structure aims to attract hedge funds, market makers, and fintech firms seeking cost-effective, institutional-grade services. Bullish reported handling $1.5 trillion in trading volume globally since 2021 and ranks among the top ten exchanges by Bitcoin and Ethereum volume Bullish's BitLicense Could Expand Institutional Bitcoin Trading to 20 US States^[5].

CEO Tom Farley emphasized the importance of regulatory compliance, stating that the BitLicense underscores Bullish's commitment to building "trusted, institutional-grade digital asset infrastructure in key global markets." The approval aligns with the company's broader strategy to expand in regulated environments, including Germany, China Hong Kong, and Gibraltar. The NYDFS license also complements Bullish's recent MiCAR compliance in the European Union, enabling it to serve clients across 27 EU countries Bullish Wins New York BitLicense, Opens Door to U.S. Crypto Market^[4].

Analysts view the U.S. expansion as a catalyst for growth. Bernstein analysts projected that Bullish could capture approximately 8% of U.S. institutional crypto trading volume by 2027, while maintaining a 7% global market share. KBW highlighted the platform's competitive fees, differentiated technology stack, and deep liquidity as key advantages in the institutional space. Meanwhile, Canaccord Genuity set a $68 price target for Bullish's stock, reflecting optimism about its U.S. launch Crypto Platform Bullish (BLSH) Wins New York BitLicense^[1].

Bullish's regulatory progress follows its August 2025 initial public offering (IPO), which raised over $1 billion in stablecoins and briefly valued the company at $13 billion. The stock currently trades at around $54, with a market capitalization of approximately $7.5 billion. The company's ownership of CoinDesk, a major crypto media and data provider, further diversifies its revenue streams beyond trading fees.

The expansion into 20 U.S. states is expected to accelerate in 2026, with a focus on onboarding institutional clients in New York and other financial hubs. With 40% of global hedge fund assets managed in New York, Bullish aims to leverage its regulatory credibility to capture market share in a sector dominated by incumbents like Coinbase. The company's hybrid order book and automated market-making model are designed to deliver liquidity for large orders, addressing a critical need in institutional trading Bullish's BitLicense Could Expand Institutional Bitcoin Trading to 20 US States^[5].