Wall Street Sees U.S. Entry as Catalyst for Bullish’s Next Leg Up

Crypto platform Bullish (BLSH), the parent company of CoinDesk, received a number of stock ratings from Wall Street analysts on Monday, as brokerage firms initiated coverage of the stock after its recent IPO.

Rosenblatt Securities started coverage with a buy rating and a $60 price target, citing shifting U.S. political winds and rising institutional adoption as key catalysts for growth, the broker said in a research report Monday.

The firm argues that Bullish, one of the largest regulated institutional exchanges, is well positioned to capitalize on what it calls a “dramatic improvement” in the U.S. political environment for digital assets.

Despite not yet serving U.S. clients, Bullish has already handled more than $500 billion in annual trading volume, a scale Rosenblatt views as evidence of demand.

The upcoming U.S. launch is expected to be a major catalyst, the broker noted, while the passage of the GENIUS Act has opened a new opportunity in stablecoins. Rosenblatt believes stablecoin-related revenue could provide recurring income less exposed to trading volatility.

Stablecoin values are tied to assets like the U.S. dollar or gold. They play a major role in cryptocurrency markets providing, among other things, a payment infrastructure, and are also used to transfer money internationally. The sector has a market cap of about $280 billion, CoinGecko data show, and is dominated by Tether's USDT and Circle Internet's USDC.

Bullish’s ownership of media properties and potential expansion into retail trading add further upside, according to the note. On that basis, Rosenblatt values the stock at 31x projected 2027 adjusted EBITDA, underpinning its $60 target.

The 'BitLicense' catalyst

Rival broker Canaccord Genuity has also initiated coverage of Bullish with a buy rating and a $68 price target, highlighting the exchange’s growing institutional traction and potential boost from a pending New York BitLicense.

Founded in 2020, Bullish has quickly become a major player in crypto trading, recently leading global regulated exchanges in spot trading volumes for bitcoin BTC$89,629.86, ether ETH$3,125.57, and stablecoins, the report said.

The company has expanded beyond trading with the acquisitions of CoinDesk in 2023 and CCData in 2024, adding media, data, and information services to its business lines.

Canaccord analysts also note Bullish’s role in the emerging “stablecoin wars,” supporting issuers like PayPal (PYPL) and Société Générale (GLE) with listings, liquidity, and promotion.

Already licensed in Europe and Asia, Bullish is expected to secure a BitLicense soon, opening access to U.S. institutional clients, the analysts wrote.

Despite conservative assumptions in its forecasts, including flat bitcoin prices through 2027, Canaccord points to Bullish’s early profitability, balance sheet bolstered by $2.4 billion in bitcoin, and long-term growth prospects as reasons for optimism.

Market share capture

Meanwhile, broker Bernstein has initiated coverage of Bullish with a market-perform rating and a $60 price target, highlighting the exchange’s experienced management team and its ambition to become the second-largest institutional platform after Coinbase.

That outcome, the firm says, hinges on a successful U.S. launch in 2026, where Coinbase currently dominates but opportunities are emerging around stablecoins, market data and indices. Bullish’s ownership of CoinDesk also offers potential optionality if it moves into retail exchange services.

"We expect Bullish to capture ~8% market share in U.S spot institutional crypto volumes by 2027E, while global spot market share remains at ~7%," analysts led by Gautam Chhugani wrote.

Side-lined by valuation

Wall Street bank JPMorgan (JPM) has also initiated coverage of Bullish, assigning the 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 fast-evolving digital asset landscape.

The bank's analyst said growth will likely be fueled by rising institutional demand for crypto exposure and the increasing role of tokens and stablecoins in trading activity.

Bullish is also well-positioned to expand into the U.S. market, building on its existing foothold in Europe and Asia. According to the bank, another growth driver will be its Liquidity Services business, where clearer regulation could broaden the range of supported blockchains and tokens, creating a stronger environment for exchanges like Bullish.

Still, JPMorgan noted that the firm’s current scale remains limited relative to its market opportunity. With the company at what the bank called a “critical point of maturity,” analysts said valuation concerns justify staying on the sidelines for now.

The shares were trading 3.6% lower, around $50.53, at publication time.

Read more: Bullish Gets Cautious Outlook from Compass Point