Crypto Platform Bullish (BLSH)The parent company in Coindesk, received a number of stock assessments from Wall Street analysts on Monday when brokerage companies began covering the stock after its recent stock exchange listing.
Rosenblatt Securities started coverage with a purchase rating and a $ 60 price target, citing US political wind and rising institutional adoption as key catalysts for growth, the broker said in a research report Monday.
The company claims that Bullish, one of the largest regulated institutional exchanges, is well positioned to exploit what it calls a “dramatic improvement” in the US political environment for digital assets.
Despite not yet operating US customers, Bullish has already handled more than $ 500 billion in annual trading volume, a scale Rosenblatt considers evidence of demand.
The upcoming US launch is expected to be an important catalyst, noted the broker while the passage of Genius Act has opened a new option in stableecoins. Rosenblatt believes that stablecoin-related revenue could give recurring income less vulnerable to trade volatility.
StableCOin values are tied to assets like the US dollar or gold. They play an important role in cryptocurrency markets that provide a payment infrastructure and are also used to transfer money internationally. The sector has a market capital of around $ 280 billion, CoingeCKO data, and is dominated by Tether’s USDT and Circle Internet’s USDC.
Bullish’s ownership of media properties and potential expansion to retail adds additional upside, according to the note. On this basis, Rosenblatt appreciates the stock of 31x projected 2027 adjusted EBITDA, supporting its $ 60 target.
‘Bitlicense’ catalyst
The rival broker Canaccord Genuity has also initiated the cover of Bullish with a buying rating and a price target of $ 68, highlighting the growing institutional traction of the exchange and potential lifting of a pending New York Bitlicense.
Founded by 2020, Bullish has quickly become an important player in the field of crypto trading who has recently led global regulated exchanges in spot trading volumes for Bitcoin ether (Eth)And stablecoins, the report says.
The company has been expanded beyond trade in the acquisition of Coindesk in 2023 and CCDATA in 2024 and added media, data and information services to its business lines.
Canaccord -Inalysts also notice Bullish’s role in the new “StableCoin Wars” that support issuers like PayPal (PYPL) And Société Générale (GLE) With lists, liquidity and promotion.
Already licensed in Europe and Asia, Bullish is expected to secure a bitlicense soon and open access to US institutional clients, the analysts wrote.
Despite conservative assumptions in its forecasts, including flat Bitcoin prices through 2027, Canaccord points to Bullish’s early profitability, balanced with $ 2.4 billion in Bitcoin, and long-term growth opportunities as reasons for optimism.
Market Action
Meanwhile, Broker Bernstein has begun covering Bullish with a market preaching rating and a $ 60 price target highlighting Exchange’s experienced management team and its ambition to become the second largest institutional platform after Coinbase.
This result, says the company is related to a successful US launch in 2026, where Coinbase is currently dominating, but the possibilities emerge around stablecoins, market data and indexes. Bullish’s ownership of Coindesk also offers potential option if it moves to retail exchange services.
“We expect Bullish to catch ~ 8% market share in the US Spot Institutional Crypto Volumes in 2027E, while the global spot market share remains at ~ 7%,” analysts led by Gautam Chhugani wrote.
Side lined with valuation
Wall Street Bank JPMorgan (JPM) Has also initiated the cover of bullish and the award of crypto exchange operator a neutral rating and a price target of $ 50.
Like Bernstein, the JPMorgan analyst also pointed to Bullish’s experienced management team and its ability to navigate the rapidly developing digital asset landscape.
The bank’s analyst said that growth is likely to be driven by rising institutional demand for crypto exposure and the increasing role of tokens and stablecoins in trade activity.
Bullish is also well positioned to expand to the US market and build on its existing foothold in Europe and Asia. According to the bank, another growth driver will be its liquidity business, where clearer regulation could expand the selection of supported blockchains and tokens, creating a stronger environment for exchanges like Bullish.
Still, JPMorgan noted that the company’s current scale remains limited in relation to its market opportunity. With the company on what the bank called a “critical maturity,” analysts said that valuation problems justify staying on the sidelines for now.
The shares traded 3.6% lower, about $ 50.53, at the time of announcement.
Read more: Bullish becomes cautious prospects from Compass Point
