Investment Bank KBW initiated cover of bullish (BLSH)Coindesk’s owner, with a market rating and a $ 55 price target, calling the stock a rare public game on a very regulated, institution-first crypto exchange.
The bank sees US expansion in the short term as a catalyst for growth, with Bullish’s differentiated tech stacks, competitive fees and deep liquidity that place it to gain market share.
Bullish’s legislative footprint with licenses in Germany (Micar -Compatible)Hong Kong and Gibraltar have drawn institutional dealers and activated a global order book connecting Asian and European markets, wrote analyst Bill Papanastasiou.
KBW also highlighted Bullish’s work with Gibraltar regulators on a fully crypto-activated clearing house as a sign of its credibility as a market infrastructure provider.
In addition to trade, Bullish has diversified its revenue through the acquisition of Coindesk and CCDATA, which builds recurring streams from data, indexes and liquidity services that KBW expects to pose over 40% of FY27. The Coindesk platform also offers the opportunity to reach retail users carrying higher margins.
The bank sees US market share winnings ahead thanks to Bullish’s lower roof prices (1.6bps vs. ~ 3bps for coinbase) and strong liquidity.
A New York Bitlicense approval is still an important milestone, but KBW expects a national rollout regardless.
While the valuation keeps the assessment neutral for now, the analyst noticed on his head if Bullish performs on his expansion plans and capitalizes on retail engagement.
The shares traded flat at about $ 51.81 at the time of release.
Read more: Wall Street sees us entry as catalyst for Bullish’s next leg up
