Wall Street Bank and Research Compass Point has initiated coverage of crypto platform bullish (BLSH)The parent company in Coindesk, with a neutral rating and a price target of $ 45.
Despite a belief that Bullish’s lower fee structure could help it chip away at Coinbase’s (COIN) The US market share in the future cited analyst Ed Engel concerns about the timing as well as the valuation of the stock.
“We have a hard time seeing Bullish entering US markets until Congress adopts market structure law (ie the law of clarity)“Angle Angel. Clarity Act, a bill aimed at clarifying jurisdiction between CFTC and SEC, may not have been adopted until the first half of 2026.
Even then, New York’s infamous strict Bitlicense could be an obstacle, according to angel. Authorities may be wary of Bullish’s model that allows the company to act as its own market manufacturer through its automated market manufacturer (Amm) “A setup that could increase the concerns of conflict of interest,” he said.
“We think there could be a better purchase option within 1-2 quarters,” Angel wrote, pointing to the stock’s current 110x multiple on 2026 projected EBITDA.
Bullish also has a Krypto state box of $ 2.7 billion, most in Bitcoin There, the share’s performance ties close to BTC price fluctuations. It could be a double -edged sword, Angel said, reminiscent of Bitcoin’s notorious volatility.
Engels target of $ 45 assumes Bitcoin hits $ 160,000 and includes a 50% probability that Bullish will break into the US market. This potential extension alone could add estimated $ 12 per Stock in value, according to angel.
Bullish was announced in August for $ 37 per year. Stock and shot sharply higher before closing at $ 68 on his opening day.
Shares fell 4.6% Wednesday to $ 59.20.
