Cryptocurrency exchanges rallied on Thursday as bitcoin angled higher after the Federal Reserve on Wednesday cut interest rates, while the Securities and Exchange Commission approved rule changes allowing for easier listings of crypto ETFs. Newly IPO'd Bullish led gains following its quarterly report on Wednesday, while Coinbase and Gemini both surged.
The SEC on Wednesday approved rule changes that pave the way for standardized listing criteria for crypto and spot commodity exchange traded products, the agency announced. Prior to Wednesday's decision, the regulator handled spot crypto ETF filings on a case-by-case basis, with separate filing requirements for both the exchange and asset manager that needed approval.
Now, if an ETP meets generic listing standards, the exchange must post information on its website regarding the ETP within five days after trading launches.
"The streamlined listing process will benefit investors, issuers, other market participants, and the Commission by reducing the time and resources required to bring new ETPs to market," SEC Commissioner Hester Peirce wrote in the release.
Bullish Leads Exchange Gains
Bullish spiked more than 10% on Thursday to push above its 21-day exponential moving average for the first time
The Peter Thiel-backed crypto exchange later Wednesday reported a Q2 loss of 5 cents per share adjusted, slightly wider than the 2-cent loss expected by analysts.
Revenue declined about 6% to $57 million, but edged past views for $56.1 million.
Total trading volume increased to $179.6 billion from $133 billion, while average daily volume rose to $1.97 billion from $1.46 billion.
Bullish also announced that it obtained a New York DFS BitLicense, which will let it enter the U.S. market in Q4.
BLSH made its New York Stock Exchange debut in mid-August at $37 per share.
Coinbase, Gemini Pop
Coinbase jumped more than 8% Thursday, which marked a strong rebound above its 50-day line. Investors could use that as an early entry in a new consolidation, though the Aug. 1 earnings gap-down mars the chart somewhat. COIN stock has jumped more than 39% in 2025.
Gemini Space Station advanced 2.5% on Thursday after hitting a post-IPO low of 23.51. GEMI stock launched on the Nasdaq last Friday after pricing at $28 a pop. The exchange, founded by the Winklevoss twins, also secured a $50 million investment from Nasdaq as part of a partnership for custody services and collateral management solutions.
Bitcoin Gains, Miners Cash In
Bitcoin on Thursday pushed above $117,600, with a 1.6% gain over the last 24 hours amid the Fed rate cut news. BTC has advanced about 26% so far this year.
CleanSpark led bitcoin miners Thursday with a more than 17% jump. Bitfarms gained nearly 6%, while Mara Holdings popped over 9%.
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