New York State BitLicense Approval
Bullish received the prestigious BitLicense from the New York State Department of Financial Services, allowing them to operate in the U.S., which is expected to become their largest trading market.
Strong Liquidity Services Growth
Liquidity services revenue has grown significantly, with major collaborations, including Solana. Subscription service and other revenue reached record highs, contributing to 45% of total adjusted revenue in the first half of 2025, up from 28% in 2024.
Expansion of CoinDesk Indices
CoinDesk Indices anchor about $41 billion in assets under management, with plans to launch the CoinDesk 5 Index as the largest multi-token ETF. The indices business continues to grow with new product launches.
Diversified Revenue Streams
Bullish's revenue is diversified across liquidity services, CoinDesk data, and insights, with a focus on institutional clients. The company reported significant new logo wins and cross-selling success.
Positive Regulatory Developments
Regulatory clarity is improving globally, with Europe and Hong Kong providing new frameworks. The U.S. GENIUS Act offers stablecoin regulation, supporting potential growth in digital asset adoption.
Options Trading Platform Launch
Bullish is nearing a full launch of its options trading platform, which is already live in a beta phase with select clients. The platform is expected to grow the options market significantly.