Bullish stock jumps 20% as key approval paves way for crypto exchange US expansion

Core Viewpoint - Bullish (BLSH) stock surged over 20% following the acquisition of a crucial New York license, enabling its entry into the US market, which is seen as vital for its business model [1][2]. Group 1: Company Developments - CEO Tom Farley announced that the company received the New York State Department of Financial Services BitLicense, which was a prerequisite for launching its exchange in the US [2]. - Bullish's crypto exchange is focused on institutional investors and already holds licenses in Hong Kong and Germany, enhancing its regulatory standing [2][3]. - The company reported second-quarter revenue of $57 million, down from $60.7 million year-over-year, and earnings per share of $0.93, compared to a loss of $1.03 per share last year [4]. Group 2: Market Reactions - Analysts from Wall Street responded positively to the news, with Compass Point raising its price target to $56, reflecting a more optimistic outlook on US expansion [3]. - Bernstein maintains a price target of $60 and a Market Perform rating, indicating confidence in the company's growth potential in the US market [4]. Group 3: Historical Context - Bullish initially attempted to go public through a SPAC merger in 2021, but the deal was abandoned due to regulatory scrutiny [5]. - The company is among a select group of crypto-related firms that have gone public this year, including Gemini, Circle, and eToro [5].