Bullish (BLSH) secured a regulatory victory this week as its German subsidiary obtained a license under the European Union’s Markets in Crypto-Assets Regulation (MiCAR) from BaFin, Germany’s financial regulator. This approval allows Bullish to capitalize on Europe’s rapidly growing institutional demand for regulated digital asset trading.
The MiCAR license enables Bullish to operate across the entire European Union under regulatory oversight, addressing concerns about compliance and security. With headquarters in Frankfurt, home to the European Central Bank, Bullish demonstrates commitment to operating under the EU’s strictest financial standards.
“Europe is the second largest cryptoasset economy in the world and institutional demand for regulated, transparent trading venues is growing rapidly,” said Chris Tyrer, president of Bullish Exchange.
Bullish’s stock has shown impressive momentum since its recent IPO, during which it raised $1.1 billion and saw BLSH’s price surge 83% on the first trading day. The company, led by former NYSE President Tom Farley and backed by Peter Thiel, has processed over $1.25 trillion in trading volume since launching in 2021. Today, Bullish is valued at a market cap of $7.3 billion, and BLSH stock is down over 50% from the all-time high.
The crypto exchange joins a wave of digital asset companies going public under the Trump administration’s crypto-friendly policies, following successful debuts by Circle (CRCL) and Galaxy Digital (GLXY).
Bullish offers a sophisticated institutional crypto infrastructure play led by former NYSE President Tom Farley, whose decade-long conviction about blockchain’s transformative potential drives the company’s strategic vision. Farley’s background provides credibility, having invested NYSE’s balance sheet in Coinbase (COIN) back in 2015 when Bitcoin (BTCUSD) traded under $1,000.
His experience managing traditional financial infrastructure across equities, OTC energy trading, and other asset classes at Intercontinental Exchange positions him well to understand institutional requirements, including execution quality, liquidity depth, clearing, and regulatory compliance.
Bullish’s diversified business model spans exchange operations, data services through CoinDesk, and subscription-based liquidity offerings. It avoids competing with institutional clients by not launching proprietary digital assets or building public blockchains. This unconflicted approach differentiates Bullish from competitors who may have conflicting interests with their customers.
The numbers tell a compelling growth story: over $1.25 trillion in cumulative trading volume, $2.5 billion average daily spot volume year-to-date through March 2025, and derivatives growing to $248 million in daily volume. CoinDesk reaches 10.7 million monthly users and provides benchmarks for over $41 billion in assets under management.
After reporting a net income of $80 million in 2024, Bullish posted a $349 million net loss in Q1 of 2025, though adjusted EBITDA remained positive at $13 million. Bullish holds substantial digital assets, including over 24,000 Bitcoin, creating both opportunity and risk exposure.
According to consensus estimates, Bullish is forecast to increase revenue from $240 million in 2025 to $361 million in 2027. The mid-cap crypto company is estimated to grow adjusted earnings per share from $0.11 in 2025 to $0.85 in 2027.
The six analysts tracking BLSH stock give it a consensus “Moderate Buy” rating with a 12-month target price of $45, indicating a potential downside of 16% from current levels.
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com