Institutional cryptocurrency exchange Bullish has officially launched spot trading operations across 20 U.S. states after receiving a landmark regulatory approval from the New York State Department of Financial Services, marking one of the most significant expansions for crypto platforms in 2025. The Singapore-based exchange, trading under the ticker BLSH on the New York Stock Exchange, officially launched yesterday, offering full trading capabilities across key markets such as California, Florida, New York, and Michigan. The move signifies a pivotal advancement for institutional crypto adoption as regulatory clarity progressively unfolds within American financial markets. Bullish’s entry into the heavily regulated New York market marks a significant turning point in institutional confidence regarding digital assets. The NYDFS approval followed a thorough compliance review process, during which the exchange adopted full-reserve custody standards and implemented institutional-grade security protocols.
“U.S. institutions deserve better execution, deeper liquidity, and platforms built for their strategies,” stated Chris Tyrer. “The U.S. platform is set to deliver institutional-grade performance to advanced traders as well.” The timing is impeccably strategic. Industry data reveals that combined spot and derivatives trading on centralized exchanges experienced a notable increase of 7.58%, reaching $9.72 trillion in August. This marks the highest monthly volume recorded in 2025. Even firms that have historically been skeptical of crypto, such as Vanguard, the world’s second-largest asset manager, are reportedly reevaluating their position on digital asset offerings. Since its launch in November 2021, Bullish has amassed a staggering $1.5 trillion in cumulative trading volume, positioning itself as a leading institutional platform. The latest performance metrics indicate that the exchange is executing over $2 billion in average daily volume in 2025, placing it among the top ten exchanges worldwide for Bitcoin and Ether spot trading. “The institutional appetite for crypto has never been stronger,” stated Michael Rodriguez. “Bullish’s regulatory success in New York highlights that compliance-first strategies are gaining traction in this market cycle.”
In a parallel development, Bullish has revealed plans for the launch of cryptocurrency options trading set for October 8. This initiative is backed by a consortium of 14 prominent trading firms, including Galaxy Digital, Flow Traders, and FalconX. The options contracts are set to be settled in USDC and will be integrated with Bullish’s Portfolio Margining system, enabling traders to utilize their entire portfolio as collateral across various product lines. The options launch marks a pivotal moment in the evolution of crypto derivatives, featuring confirmed day-one trading partners such as Abraxas Capital Management, B2C2, Cumberland, and Wintermute, all contributing to immediate liquidity depth. “Galaxy is excited to support the next chapter of Bullish’s journey,” stated Jason Urban, Global Head of Trading at Galaxy. “The inclusion of options in its product lineup marks a significant advancement – boosting liquidity, enriching price discovery, and fortifying the overall maturity of the crypto derivatives landscape.”
Bullish’s success underscores the advancements in institutional infrastructure throughout the crypto ecosystem. The platform is backed by licenses from various global regulators, such as the German Federal Financial Supervisory Authority, the Hong Kong Securities and Futures Commission, and the Gibraltar Financial Services Commission, instilling regulatory confidence among international institutions. The exchange’s automated market maker technology provides predictable liquidity for key digital assets, and its unified trading account framework minimizes margin requirements, enhancing capital efficiencies for advanced trading strategies. “We’re witnessing a fundamental shift in how institutions approach crypto trading,” explained Sarah Chen. “Platforms such as Bullish, which emphasize compliance and institutional-grade infrastructure, are seizing the bulk of professional trading activity.” Bullish executives have signaled intentions for further U.S. expansion beyond the existing 20-state footprint, although specific timelines are kept under wraps as they await additional regulatory approvals. The platform’s risk-sensitive margin methodology and scenario-based trading systems strategically position it for scaling across various regulatory environments.
The cryptocurrency trading landscape has undergone significant transformation in 2025, marked by an extraordinary surge in institutional participation. Improvements in total market infrastructure, along with clearer regulatory frameworks, have established an environment conducive to ongoing institutional adoption within traditional finance sectors. With crypto trading volumes hitting yearly peaks and institutional confidence strengthening, platforms such as Bullish are establishing themselves as essential infrastructure for the upcoming stage of digital asset market development. The successful New York launch signifies more than just a business achievement; it serves as a testament to the effectiveness of compliance-first strategies in a market landscape that is becoming increasingly sophisticated.