Bullish Bags BitLicense from NYDFS to Expand Presence in the U.S

Bullish secured a BitLicense and Money Transmission License from NYDFS, boosting its U.S. expansion plans. Cathie Wood’s Ark Invest increased its Bullish holdings with 160,000 shares, while BLSH stock gained 2.9% to $52.78 amid mixed analyst outlooks.

Bullish Gains New York Approval

Bullish said its U.S. subsidiary received a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS).

The approvals allow Bullish to provide spot trading and custody services for digital assets in New York. The BitLicense requires strict compliance with consumer protection and anti-money laundering rules.

The Money Transmission License lets the exchange transfer funds, including cryptocurrencies, under state oversight. Together, the licenses strengthen Bullish’s regulatory position in the U.S. and broaden its services for institutions and advanced traders.

CEO Tom Farley said Bullish is committed to supporting New York’s financial ecosystem, which he described as a leader in digital asset regulation. Exchange President Chris Tyrer called the approval a milestone, stressing that clear rules help responsible market growth and institutional adoption.

Ark Invest Stack More Bullish Shares

The BitLense announcement coincided with the latest disclosure of Cathie Wood’s Ark Invest earnings in the stock market.

Ark Invest Tracker shared a notification list of buys and sells across four ARK ETFs, including ARKK, ARKW, ARKF, and ARKG.

Per the details, Ark Invest purchased over 160,000 Bullish shares (BLSH), valued at approximately $8.2 million.

The firm increased its BLSH exposure across two funds, the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). Notably, Ark Invest purchased 120,609 shares from ARKK and 40,574 from ARKW.

With the latest purchase, Ark holds over $129 million of BLSH stock across ARKK, ARKW, and ARKF.

ARK began aggressively accumulating BLSH in late August, demonstrating support for the trading platform. At the time, Ark Invest acquired 2.53 million shares valued at $172 million.

Shortly after, ARK purchased $21 million in Bullish stock on August 20 and an additional $7.5 million earlier this month. This move indicates continued institutional confidence in Bullish.

Bullish Stock Price Overview

The BLSH stock has traded sideways since its Wall Street debut, influenced by mixed financial performance.

Bullish reported a 0.2% year-over-year revenue decline for the quarter ending March. Additionally, the operating income dropped by 270% over the same period.

This suggests challenges in profitability, likely due to increased operational costs or a softening crypto market.

According to Google Finance data, BLSH is hovering around $52.78, up 2.9% over the previous day. The daily range is between $51.59 – $53.36, with a market cap of $7.65 billion.

This daily price stability has drawn investor interest, notably from Cathie Wood’s ARK Invest, which recently purchased additional shares.

Still, analysts have shared mixed ratings for the BLSH stock price. Jefferies initiated a “hold” rating, reflecting a cautious outlook.

On the other hand, JP Morgan and Bernstein assigned “neutral” ratings, indicating no strong bullish or bearish conviction.

However, Cantor Fitzgerald maintained an “overweight” rating, suggesting optimism about Bullish’s potential to outperform.

Overall, the BitLicense milestone and ARK’s buying signal have potential upside, especially if institutional adoption continues to grow.