TLDR
- Bullish obtained BitLicense from New York regulators and launched trading in 20 US states including New York, California, and Florida
- The exchange processed $1.5 trillion in volume since 2021 and offers zero trading fees for institutional and advanced retail traders
- Bitcoin options trading starts October 8 with USDC settlement and 14 confirmed institutional trading partners
- Platform features unified margin system allowing spot, futures, and options trading from single account
- Bullish stock dropped 4.4% to $60.80 despite expansion, but remains 60% above August IPO price
Crypto exchange Bullish has officially launched trading services in 20 US states following regulatory approval from New York’s Department of Financial Services. The platform received both a BitLicense and money transmission license, marking a major milestone for the institutionally-focused exchange.
The approval allows Bullish to operate in major markets including New York, California, Florida, Arizona, and Washington DC. Other approved states include Arkansas, Colorado, Delaware, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, Utah, Virginia, West Virginia, Wyoming, and Puerto Rico.
Bullish began operations with two institutional clients: crypto infrastructure provider BitGo and digital asset brokerage Nonco. The platform has processed approximately $1.5 trillion in cumulative trading volume since its November 2021 launch.
The exchange ranks among the top 10 crypto platforms by Bitcoin and Ethereum trading volume. This year alone, Bullish has averaged over $2 billion in daily trading volume across its international operations.
Zero Fee Trading for US Clients
Bullish is offering competitive fee structures to attract American traders. Institutional accounts receive 0% maker fees while advanced individual traders pay zero trading fees in all 20 approved states.
The platform targets hedge funds, proprietary trading firms, market makers, fintech companies, and neobanks. Bullish president Chris Tyrer stated the exchange combines central limit order book functionality with automated market maker technology for improved liquidity and execution.
Bitcoin Options Product Launches October 8
Bullish will introduce Bitcoin options trading on October 8. The options contracts will be margined and settled in USDC stablecoin, which currently holds a $73.85 billion market capitalization.
The product features European-style options with expiration dates ranging from three weeks to three months. Each contract represents one full Bitcoin with a 1:1 multiplier ratio.
Fourteen institutional partners have committed to supporting the options launch. These include Galaxy Digital, Cumberland, Wintermute, FalconX, Flow Traders, B2C2, BlockTech, Abraxas Capital Management, Ampersan, Fig Markets, Monarq Asset Management, Pulsar, SignalPlus, and Qube Research & Technologies.
The platform plans to expand options offerings to include Ethereum and other digital assets in future releases.
Unified Trading System
Bullish differentiates itself through a unified margin system that consolidates spot, perpetual futures, dated futures, and options trading. Traders can manage all positions from a single account with portfolio-level collateralization and risk offsets.
This contrasts with competitor Deribit’s segregated margin approach, where each position requires separate margin calculations. Deribit currently controls over 80% of the global crypto options market, which exceeds $50 billion in open interest.
Bullish holds licenses from multiple international regulators including the German Federal Financial Supervisory Authority, Hong Kong Securities and Futures Commission, and Gibraltar Financial Services Commission.
Bullish shares traded down 4.4% to $60.80 following the announcement. The stock remains up over 60% from its $37 initial public offering price in mid-August, with a market capitalization of $9 billion.
