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Bullish (BLSH) rose 10% on Thursday after the crypto exchange cleared a key milestone necessary for its breakout into the US market.

The company, which also owns the publication CoinDesk, reported its first quarterly results since going public last month on the New York Stock Exchange in a splashy debut.

On the earnings call CEO Tom Farley, former president of the NYSE Group, announced the exchange received a key New York license, critical to its business model expansion.

“While we have already had the ability to operate in many states because of our regulatory approval, we refrained from launching our exchange in the United States until we received the New York State Department of Financial Services BitLicense,” said Farley.

“We received that license yesterday, and we look forward to bringing our exchange and our leading liquidity to the United States imminently, and we believe this to be the largest geographic market by far,” he added.

Bernstein analyst Gautam Chhugani and his team wrote “Bullish remains on track for a successful U.S launch and crypto options rollout (expected Q4’25E) – providing key growth catalysts for the coming quarters.”

“Bullish now holds multiple tier 1 regulatory licenses (German BaFin, Hong Kong SFC and U.S BitLicense) across major crypto markets, strengthening its positioning as global regulated institutional crypto exchange,” he added.