ClearStreet analyst Owen Lau upgraded shares of crypto platform Bullish ( BLSH ) to Buy from Hold on Tuesday, pointing to the company’s growing market share and product expansion, although he trimmed his price target from $60 to $57.
Lau said Bullish’s share of global crypto spot trading rose from 2.1% in the third quarter to 3.7% in November, taking volume from rivals Bitget, Bybit and Gate. The company’s trading volume in October was up 70% over the previous quarter’s monthly average. Lau credited Bullish’s post-IPO credibility and its push into new product lines for the gains.
Bullish recently launched options trading and began operating in the US after receiving a BitLicense, giving it access to one of the world’s largest crypto markets. The exchange mixes a traditional order book with an automated market maker that aims to provide deep liquidity to both retail and institutional traders. Lau said this broader range of services could lift recurring revenue from 28% of total sales in 2024 to 70% in 2027.
Despite a 21% drop in Bullish’s stock since late October, Lau called the selloff “overdone.” He attributed recent weakness across blockchain stocks to macroeconomic concerns and the market’s shifting focus toward AI.
“Blockchain fundamentals remain very strong,” he wrote, citing insights from industry conferences such as Money20/20 and Ripple Swell.
Bullish valuations have also reset sharply. The company’s forward EV/EBITDA multiple fell to 25x from 45x in September, bringing it in line with Coinbase after previously trading at a premium. ClearStreet predicts Bullish’s revenue will grow 25% annually through 2027, outpacing Coinbase’s 14%.
Lau added that the US government’s reopening this week could restore investor sentiment and pave the way for new crypto regulation, including the proposed Clarity Act. Still, he warned that rising interest rates, competitive pressures and volatile token prices remain key risks for the exchange.
Bullish owns CoinDesk.
