Why Bullish Stock Leaped Almost 12% Higher on Thursday

Key Points

• It's rolling out a new service aimed at its institutional clients.

• They will be able to trade in crypto options starting next week.

• 10 stocks we like better than Bullish ›

One of the newer cryptocurrency stocks on the scene, Bullish (NYSE: BLSH), had a fine Thursday on the market. Its shares rose by nearly 12% in value, thanks to a new trading feature it announced. That increase looked especially powerful, considering that the S&P 500 (SNPINDEX: ^GSPC) tipped up only marginally on the day.

Options abound

Well after market close, Bullish divulged that it will soon launch crypto options on its trading platform. This is scheduled to kick off next Wednesday, Oct. 8, with the help of several finance sector partners that will be active in the system. Among others, this lineup comprises Abraxas Capital Management, Flow Traders, and FalconX. The service is targeted at institutional investors.

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Image source: Getty Images.

At first, users active on the platform will be able to transact in Bitcoin options. Presumably, this will later expand to trading in such derivatives with altcoins.

In the press release trumpeting the new service, the company quoted its president of Bullish Exchange Chris Tyrer as saying, "This is not just about adding a new product; it's about delivering a complete derivatives product suite with market-leading capital efficiency and risk mitigation, all accessible through a single, unified trading account."

Quick emergence

Bullish didn't hesitate to point out that since the debut of its platform in late 2021, its cumulative trading volume has exceeded $1.5 trillion. Also, according to the company, with more than $2 billion in average daily volume of trading, it is one of the top 10 crypto exchanges (in terms of volume) for spot trading in Bitcoin, as well as the No. 2 cryptocurrency, Ethereum.

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Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.