New York, NY – October 1, 2025 – Bullish (NYSE:BLSH), a globally recognized digital asset platform focused on institutional clients, has officially launched spot trading within the United States. This initiative is aimed at market innovators, offering a platform characterized by precision, efficiency, and regulatory compliance.
With the launch, Bullish has eliminated maker fees and introduced low taker fees, setting the stage for a competitive trading environment. The platform benefits from deep liquidity, powered by its Automated Market Maker (AMM) technology, and robust APIs designed for the needs of institutions and advanced traders alike.
This rollout follows Bullish’s significant regulatory achievement—receiving a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS). Trading is currently operational in 20 states, marking a pivotal moment for Bullish as it extends its trusted global reputation into the U.S. market.
Cumulative trading volume for Bullish has surpassed $1.5 trillion since its inception in late 2021, placing the Exchange among the top ten global platforms for Bitcoin and Ether trading volume.
On the first day of trading, Bullish welcomed its initial institutional clients, including innovative players like Nonco and BitGo. This foundation positions Bullish as a formidable contender, delivering a comprehensive and compliant trading experience tailored specifically for hedge funds, proprietary trading firms, market makers, high-frequency traders, fintechs, and neobanks, with advanced individual traders in its sights for future offerings.
Chris Tyrer, President of Bullish Exchange, expressed enthusiasm about the launch: ‘U.S. institutions deserve better execution, deeper liquidity, and platforms built for the unique demands of their respective strategies.’ Tyrer emphasized that the U.S. launch introduces a platform offering institutional-grade liquidity and cutting-edge technology, designed to empower both institutions and serious individual traders for the first time.
Jeffrey Howard, Partner and Head of North America at Nonco, echoed this sentiment, stating, ‘Bullish is redefining what institutions should expect from a U.S. exchange. Their focus on liquidity, compliance, and execution quality aligns perfectly with our mission to provide trusted trading solutions.’ He noted that Nonco is proud to be a launch partner and looks forward to contributing to the evolution of institutional adoption in the digital asset space.
Mike Belshe, CEO and Co-Founder of BitGo, remarked on the importance of Bullish’s NYDFS approvals: ‘This milestone signifies a vital step for compliant digital asset innovation in the United States. BitGo is proud to support their expansion, reaffirming our shared commitment to a secure and transparent trading ecosystem for institutional investors.’
Bullish utilizes a unique trading architecture that blends a central limit order book (CLOB) with a deterministic Automated Market Maker (AMM). This combination ensures deep and reliable liquidity, coupled with efficient trade execution, even during volatile market conditions.
Key features now offered to U.S. users include:
– 0% maker fees and ultra-low taker fees for institutional accounts.
– 0% trading fees for individual accounts.
– High-throughput APIs designed for programmatic trading strategies.
– Transparent compliance practices along with full-reserve custody standards.
– Regulation by the New York State Department of Financial Services.
– Seamless onboarding processes available in 20 states, with additional states to follow soon.
Currently, Bullish is operational in the following states:
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.
Individuals in states where Bullish is not yet available can join a waitlist at bullish.com/waitlist to be informed when access is permitted.
Institutions that wish to explore access and tailored trading solutions are encouraged to reach out via email at [email protected].
As a comprehensive digital asset platform, Bullish offers a range of services beyond trading, including:
– Bullish Exchange: A regulated exchange focused on digital assets, integrating advanced trading technologies and liquidity solutions.
– CoinDesk Indices: A selection of tradable proprietary and single-asset benchmarks and indices designed for institutional users in the digital asset and traditional finance sectors.
– CoinDesk Data: A comprehensive suite of market data and analytics that provide real-time insights into prices, trends, and market dynamics.
– CoinDesk Insights: A media and events provider focused on digital assets, operating the news platform Coindesk.com, which covers integral topics surrounding digital finance, markets, regulations, and blockchain technology.
For more detailed information about Bullish, interested parties can visit the official website at bullish.com and follow their updates on LinkedIn and X.
Bullish employs its Investor Relations website (investors.bullish.com) and its X account (x.com/bullish) as primary channels to communicate material information relevant to investors. The company encourages stakeholders to regularly review content released on their website and social media in addition to SEC filings and press releases for comprehensive updates.
This announcement may contain forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. Such statements can typically be identified by terms like ‘believe,’ ‘intend,’ ‘plan,’ ‘may,’ ‘expect,’ ‘should,’ and ‘anticipate,’ among others. These declarations reflect management’s current estimates and assumptions but are inherently uncertain, subjecting them to various risks and uncertainties that could lead actual outcomes to vary significantly from anticipated results. Factors potentially impacting these predictions include competition, regulatory dynamics, and the overall growth of the business in new markets.
Overall, Bullish’s entry into the U.S. market represents a significant advancement in the digital asset trading landscape, especially for institutional players seeking innovative and efficient trading solutions.
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