Bullish Secures MiCA License, Boosts EU Crypto Trading

Bullish, a prominent player in the cryptocurrency market, has secured a significant regulatory milestone by obtaining a MiCA license from the German Federal Financial Supervisory Authority (BaFin). This license, issued under the European Union's Markets in Crypto-Assets Regulation (MiCAR), positions Bullish to capitalize on the growing demand for compliant digital asset trading within the EU.

The MiCA license grants Bullish the authority to operate within the regulated environment of the EU, addressing key market concerns about compliance and security. With its headquarters in Frankfurt, the heart of the European Central Bank, Bullish adheres to the highest financial standards set by the EU, underscoring its commitment to regulatory compliance.

The strategic move by Bullish comes at a time when Europe is emerging as the second-largest cryptocurrency economy globally. The demand for regulated and transparent trading platforms is surging among institutional investors. This regulatory approval not only enhances Bullish's operational capabilities within the EU but also strengthens its competitive edge in the global market.

Bullish's diverse strengths include a robust trading volume, a successful IPO, and a substantial holding of cryptocurrencies. The company's IPO was a resounding success, raising 1100 million dollars on its first day, with the stock price surging by 83%. Since its inception in 2021, Bullish has processed over 1.25 trillion dollars in trading volume, solidifying its position as a major player in the cryptocurrency exchange market.

Bullish's business model is multifaceted, encompassing exchange operations, data services through CoinDesk, and subscription-based liquidity products. Unlike many of its competitors, Bullish does not issue its own digital assets or develop public blockchains, thereby avoiding potential conflicts of interest with its institutional clients. This strategic approach has allowed Bullish to stand out in a crowded market.

In terms of operational metrics, Bullish has demonstrated impressive performance. From 2025 to the present, the company has handled 25 billion dollars in spot trading volume and 2.48 billion dollars in daily derivatives trading volume. CoinDesk, a subsidiary of Bullish, serves 10.7 million users monthly, providing benchmark data for over 410 billion dollars in asset management.

Financially, Bullish reported 80 million dollars in net income for 2024. Although the first quarter of 2025 saw a net loss of 349 million dollars, the company's adjusted EBITDA remained positive at 13 million dollars. Bullish holds over 24,000 bitcoins in its reserves, reflecting both a long-term investment in cryptocurrency and a strategic asset that fluctuates with market conditions.

Analysts project that Bullish's revenue will grow from 240 million dollars in 2025 to 361 million dollars by 2027. The company's adjusted earnings per share are expected to rise from 0.11 dollars in 2025 to 0.85 dollars by 2027. These projections highlight Bullish's growth potential and the market's confidence in its future performance.

Six analysts tracking Bullish's stock have given it a "moderate buy" rating, with a 12-month target price of 45 dollars. This target price suggests a potential 16% downside from the current stock price, reflecting a cautious yet optimistic outlook on the company's future prospects.