Bullish Expands to U.S. Market With Spot Trading in 20 States

Last updated on October 23rd, 2025 at 09:47 am

Quick breakdown 

• Bullish launches U.S. spot trading across 20 states after securing regulatory approval.
• The exchange has already processed $1.5 trillion+ in global trading volume since 2021.
• Targeting institutions and advanced traders, Bullish offers zero-fee trading incentives.

Bullish debuts U.S. operations

Digital asset exchange Bullish has officially rolled out spot trading services in the United States, starting with 20 states, including New York, California, Florida, Washington, D.C., and Wyoming according to an October 1 press release.

1/4 The wait is over. Bullish is now available in the United States. 🇺🇸

We are proud to offer institutions a new standard in digital asset trading.

Read more 👇 pic.twitter.com/KfFzoj7k6p

— Bullish (@Bullish) October 1, 2025

The move comes shortly after ARK Invest expanded its position in Bullish, snapping up more than 160,000 shares worth $8.21 million across two of its flagship funds. The ARK Innovation ETF bought 120,609 shares, while the ARK Next Generation Internet ETF added 40,574 shares. Together with its ARK Fintech Innovation ETF, the investment firm now controls over $129 million in Bullish stock.

A New chapter in Bullish’s growth

Founded in 2021, Bullish has already established itself as one of the top 10 global crypto exchanges by trading volume for Bitcoin and Ethereum, with cumulative volumes surpassing $1.5 trillion.

The U.S. debut follows its August public listing on the New York Stock Exchange, marking another significant milestone in the company’s expansion strategy.

Focus on institutions and advanced traders

Bullish emphasized that its U.S. launch is designed to cater to institutional players such as hedge funds, market makers, neobanks, fintech firms, and proprietary trading houses. Backed by clients like BitGo and Nonco, the exchange will also extend services to advanced individual traders in the future.

Chris Tyrer, president of Bullish, highlighted the platform’s unique infrastructure

“U.S. institutions deserve better execution, deeper liquidity, and platforms built for the unique demands of their strategies.”

Bullish employs a hybrid model combining a central limit order book (CLOB) and automated market making (AMM), a setup it claims ensures stability in liquidity and efficiency in trade execution.

Competitive edge in the U.S. market

To attract clients, Bullish is offering zero maker fees for institutional accounts and zero trading fees for individuals. Its entry positions it among top regulated exchanges in the U.S., a market long dominated by Coinbase.

Despite the news, Bullish (BLSH) shares fell 4.4% to $60.80 during Wednesday’s trading hours, Google Finance data shows. 

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