Shares of Bullish (BLSH) Rose 5% to $ 53.12 on Tuesday, after Crypto Platform secured a Bitlicense from the New York State Department of Financial Services, a decisive legislative approval that opens the door to offer mockery and custody to institutional clients in New York.
With the license, Bullish’s US Arm – Bullish Us Operations LLC – can now legally earn advanced dealers in the US’s economic capital, an important step in the company’s push to expand domestic. Until now, Bullish was only regulated in Germany, Hong Kong and Gibraltar. Bullish’s global parent is also Coindesk’s parent company.
The license comes only a day after Cathie Wood’s Ark invests significantly its exposure to the company. ARK INNOVATION ETF (ARKK) Acquired 120,609 shares while sheet NEXT GENERATION INTERNET ETF (Arkw) Retrieved 40,574 shares worth approx. 8.21 million dollars.
Bullish, which runs a trading platform aimed at institutional investors, will report earnings in the 2nd quarter after markets will close on Wednesday.
Earlier this week, Investment Bank Keefe, Bruyette & Woods (Kbw) Initiated coverage of the company with a “market execution” rating and a $ 55 price target. KBW sees domestic expansion as a key catalyst.
Bullish debuted at the New York Stock Exchange in August through a direct list. Its share rose to $ 104 on opening day before they closed at $ 68. Since then, shares have dropped 22%, with today’s bitlicense message giving a boost.
If Bullish succeeds in expanding its footprint in the United States, it could arise as a legitimate competitor to Coinbase, according to the brokerage company Bernstein. The company said success will depend on the platform’s ability to perform on its US launch plans, currently targeting 2026, Bernstein said.
