Group 1 - Bullish shares traded 8% higher following the release of second-quarter earnings, the acquisition of a U.S. operating license, and positive Wall Street sentiment [1] - The company went public in August with an initial share price of $37, which peaked at $118 on the first trading day, but has since stabilized around $57.50 [2] - In Q2, Bullish reported a net income of approximately $108 million on adjusted revenue of $57 million, with trading volume reaching nearly $180 billion, a 35% year-over-year increase [4] Group 2 - Bullish obtained a BitLicense from the New York Department of Financial Services, allowing it to operate in the U.S., making it one of only three companies to receive both a BitLicense and a New York Money Transmitter License since 2023 [5] - Cantor Fitzgerald raised its price target for Bullish to $59 while maintaining an overweight rating on the stock [5] - The company has a market capitalization of $8.6 billion, indicating high valuation multiples, which raises concerns about dependency on crypto market volatility [6]

Group 1 - Citi raised its price target on Bullish from $66 to $70 following the company's second quarter results, which exceeded expectations [1] - The approval of the NYDFS BitLicense is seen as a significant regulatory milestone that enhances investor confidence for FY 2026 [1] - Bullish's Subscription, Services and Other (SS&O) growth pipeline is accelerating, partly due to momentum from its recent IPO [2] Group 2 - Bullish has made significant progress since going public, including securing the BitLicense and showing strong pricing trends in Q3 [3] - The company is on track to launch options trading in Q4 and has raised its Q3 guidance above Wall Street estimates [3] - Canaccord noted that current forward estimates for Bullish remain conservative, not fully accounting for potential spot market appreciation [4] Group 3 - KBW views the BitLicense and Money Transmission License as positive for Bullish's near-term expansion in the U.S., particularly in New York [5] - Despite early momentum, Bullish faces challenges in building brand recognition in new markets dominated by established players [5] - Bullish shares increased over 8%, trading around $58.18 at the time of publication [6]

Shares of Peter Thiel-backed crypto exchange Bullish jumped 5% after the company announced that it had received a license to operate in the U.S. following approval from New York regulators.  The firm said Wednesday that the New York State Department of Financial Services granted it  a BitLicense and Money Transmission License, allowing it to operate in the U.S. as a digital asset trading and custody business. New York regulators have in the past imposed some of the most stringent rules for crypto businesses ...

Crypto exchange Bullish has just secured a BitLicense from New York’s financial regulator to unlock institutional trading in America’s financial capital. According to a recent announcement, the company received both the Virtual Currency Business Activity License and Money Transmission License from NYDFS, which will allow the exchange to serve institutions and advanced traders across New York State. “New York is widely recognized as being at the forefront of virtual currency regulation,” said Tom Farley, ...

Shares of Bullish (BLSH) rose 5% to $53.12 on Tuesday after the crypto platform secured a BitLicense from the New York State Department of Financial Services, a crucial regulatory approval that opens the door to offering spot trading and custody services to institutional clients in New York. With the license, Bullish’s U.S. arm — Bullish US Operations LLC — can now legally serve advanced traders in the financial capital of the U.S., an important step in the company’s push to expand domestically. Until now ...

Core Insights - India is implementing mandatory cybersecurity audits for all registered crypto exchanges and service providers to enhance oversight amid rising cybercrime incidents [1][7]. Regulatory Changes - The Financial Intelligence Unit (FIU-IND) issued a directive on September 15, mandating that all crypto platforms must undergo regular cybersecurity audits due to the increase in crypto-related crimes, which now account for nearly 25% of all cybercrime cases in India [2][6]. Compliance Requirements - Crypto platforms are required to hire cybersecurity auditors approved by the Indian Computer Emergency Response Team (CERT-In) for periodic audits that meet international standards. Compliance is expected to begin immediately for designated directors and compliance officers [3][4]. Industry Impact - The costs associated with these audits may disproportionately affect smaller crypto players, potentially leading to further consolidation in India's competitive exchange market, which currently has about 55 registered virtual digital asset (VDA) providers [4][5]. Cybersecurity Concerns - Recent high-profile hacks, including a $46 million breach at CoinDCX and a $230 million breach at WazirX, have highlighted systemic weaknesses in the sector's defenses, prompting regulatory action to impose stricter safeguards [5][6].

Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday. The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began. On its first day, GEMI spiked to $45.89 before closing ...

Contrary to claims from the U.S. banking industry, stablecoins do not pose a risk to the financial system, according to the chief policy officer at crypto exchange Coinbase (COIN), Faryar Shirzad. Banks' claims that they do are are myths crafted to defend their revenues, he wrote in a Tueday blog post. "The central claim — that stablecoins will cause a mass outflow of bank deposits — simply doesn’t hold up," Shirzad wrote. "Recent analysis shows no meaningful link between stablecoin adoption and deposit f ...

Core Insights - Wall Street has seen a significant rebound in initial public offerings (IPOs), with seven companies going public in a week, raising over $100 million each, totaling $4.4 billion, the highest since November 2021 [1][2] IPO Activity - The total proceeds from traditional IPOs this year have reached $25 billion, marking the highest level since 2021 [2] - The recent IPOs include a variety of companies such as a Swedish buy now, pay later lender, a blockchain mortgage platform, a coffee chain, and a crypto exchange founded by the Winklevoss twins [3] Recent Listings - Notable recent IPOs include Gemini Space Station, Black Rock Coffee Bar, Via Transportation, and Legence, with Gemini raising $425 million and its stock up 18% [5][6] - Black Rock Coffee Bar, Via, and Legence raised $294 million, $493 million, and $728 million respectively, with their stocks increasing by 45%, 3%, and 8% [6] Market Trends - The IPO market has become very active post-Labor Day, with road shows being the busiest since mid-2021 [7] - Earlier in the week, Klarna and Figure Technology Solutions went public, raising $1.37 billion and $787.5 million respectively, with their stocks showing mixed performance [8] Future Projections - Renaissance Capital projects about three to five IPOs per week for the next two months, although they do not expect another week with as many large deals [4]

Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, made a strong public debut on Sept. 13 with shares trading above $40 on the Nasdaq. The rally briefly pushed the firm’s valuation to around $4.7 billion. The listing, under the ticker GEMI, follows a wave of successful crypto IPOs this year, including blockchain lender Figure Technology Solutions and USDC issuer Circle. Gemini raised about $425 million ahead of trading by selling over 15 million Class A shares at $28 each, beating its ...