Thiel-Backed Bullish Secures NY BitLicense, U.S. Expansion Ahead

- Bullish earns BitLicense to expand crypto trading in New York. - Thiel-backed firm targets wider U.S. operations after $1.1 billion IPO. On September 17, 2025, The Block reported that the Peter Thiel-backed cryptocurrency firm Bullish received a Virtual Currency Business Activity License from the New York State Department of Financial Services (NYDFS). This license is commonly referred to as a BitLicense. The firm also secured a Money Transmission License. These approvals enable Bullish to offer crypto spot trading and custody services to advanced and institutional traders within New York State. This regulatory milestone marks a major achievement in Bullish’s strategy to expand its presence in the United States. CEO Tom Farley, previously the president of the New York Stock Exchange, shared his enthusiasm for the company’s future role in enhancing New York’s financial ecosystem. This step aligns with Bullish’s broader ambitions to solidify its global regulatory footprint and strengthen its position as a major institutional-grade crypto exchange. This licensing achievement follows Bullish’s successful initial public offering. The firm raised $1.1 billion during the IPO. Analysts at Bernstein have since initiated coverage, offering a positive outlook on Bullish. They forecast that the company is positioned to become the second-largest institutional crypto exchange after Coinbase. This outcome depends on a successful U.S. launch in 2026.