Institutional adoption of crypto still looks early, but Momentum is building according to a Wednesday report from Wall Street Bank JPMorgan.
Bullish’s (BLSH) The August Booking Listing and the adoption of the Genius Act has sharpened the focus on the sector, with regulatory clarity that removed one of the biggest obstacles for major investors, analysts led by Kenneth Wortington wrote. Bullish is the parent company in Coindesk.
Signs of commitment emerge, the analysts continued. Chicago Mercantile Exchange reported record institutional open interest in cryptoderivatives, institutions now have about a quarter of Bitcoin ETPs, and an EY survey showed that 85% of companies already awarded digital assets or planning that by 2025, with reference to regulation as the most important driver.
Ether (Eth) and Solana Stay the primary ways of playing this theme, JPMorgan said. Ether, which supports the most stableecoin activity, has gathered almost 20% since genius went, while sun has risen by 17%.
In shares, Bullish has become an institutional power of attorney. Shares have risen 45% since its IPO, and the exchange could get more traction if it ensures a bitlicense later in the year, the report added.
JPMorgan has a neutral rating on bullish shares with a $ 50 pricing target. The stock was modestly higher Wednesday to $ 54.50.
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