The new cryptocurrency giant Bullish has obtained the MiCA license from Germany's BaFin, seizing the initiative for compliant cryptocurrency operations in the European Union

According to Zhitong Finance APP, Bullish (BLSH.US) made key progress in the regulatory field this week—its German subsidiary obtained a license from the Federal Financial Supervisory Authority (BaFin) of Germany under the EU's Markets in Crypto-Assets Regulation (MiCAR), which will help the company seize the growing opportunities for compliant digital asset trading among European institutions.

This license grants Bullish the qualification to operate in a regulated environment across the EU, effectively addressing core market concerns regarding compliance and security. The company is headquartered in Frankfurt (the location of the European Central Bank) and strictly adheres to the highest financial standards in the EU, highlighting its commitment to compliance.

Chris Tyrer, President of Bullish Exchange, pointed out that as the world's second-largest crypto asset economy, Europe is experiencing a rapid increase in institutional demand for regulated and transparent trading venues.

Bullish's Diverse Hard Power: Trillion-Dollar Trading Volume, 83% Increase on IPO Day, 24,000 Coins Held

It is reported that Bullish's IPO performance is enough to catch the market's attention: it raised $1.1 billion in its initial public offering, with the stock price rising 83% on the first day. This crypto exchange, established in 2021, has accumulated a trading volume exceeding $12.5 trillion, and its market capitalization has stabilized at $7.3 billion—even though the stock price has retraced more than 50% from its peak, the topic's popularity remains undiminished.

As another publicly listed digital asset company under the crypto-friendly policies of the Trump administration, Bullish follows in the footsteps of Circle (CRCL.US) and Galaxy Digital (GLXY.US). Its strategy is led by former New York Stock Exchange President Tom Farley and supported by Peter Thiel—Farley invested the NYSE's balance sheet into Coinbase (COIN.US) back in 2015 when Bitcoin's price was below $1,000, and his long-term belief in blockchain's potential lends credibility to Bullish.

Notably, Bullish's business model exhibits diversification: it covers exchange operations, CoinDesk data services, and subscription-based liquidity products, while avoiding the issuance of its own digital assets or the construction of public chains, thus preventing conflicts of interest with institutional clients. This strategy has allowed it to stand out in the competition.

Additionally, the company's specific operational data is impressive: from 2025 to date, the average daily spot trading volume is $2.5 billion, and the daily trading volume of derivatives reaches $248 million; CoinDesk has a monthly user base of 10.7 million, providing benchmark data for over $41 billion in assets under management.

In terms of finance, the company achieved a net income of $80 million in 2024, and although it reported a net loss of $349 million in the first quarter of 2025, the adjusted EBITDA remained positive at $13 million. The company's treasury also holds over 24,000 Bitcoins, which is both a bet on the long cycle of crypto and a double-edged sword that fluctuates with the price of coins In terms of valuation, according to general expectations, the company's revenue is projected to grow from $240 million in 2025 to $361 million in 2027, and its adjusted earnings per share are expected to increase from $0.11 in 2025 to $0.85 in 2027.

Currently, six analysts tracking Bullish stock unanimously give the stock a "Moderate Buy" rating and set a 12-month target price of $45, which implies a potential downside of about 16% compared to the current stock price level.

These forecasts and analyses collectively outline Bullish's growth trajectory in the cryptocurrency market and market expectations, reflecting both its business expansion potential and revealing the gap between current valuations and future targets.