ClearStreet Upgrades Bullish to Buy on Global Expansion and U.S. Entry – 11/11/2025
ClearStreet analyst Owen Lau upgraded Bullish (BLSH) to Buy from Hold, highlighting the platform’s rising market share, new product launches, and improving sentiment, even as he slightly lowered the price target from $60 to $57.
Bullish’s global crypto spot trading share increased from 2.1% in Q3 to 3.7% in November, taking volume from competitors Bitget, Bybit, and Gate, while October trading volume rose 70% from the previous quarter’s monthly average.
The exchange recently launched options trading and entered the U.S. market with a BitLicense. Its hybrid model, combining a traditional order book with an automated market maker, provides liquidity for retail and institutional traders. Lau expects recurring revenue to rise from 28% of total sales in 2024 to 70% by 2027.
Despite a 21% stock decline since late October, Lau said the sell-off was “overdone,” citing strong blockchain fundamentals. Forward EV/EBITDA multiples have reset to 25x, and revenue is projected to grow 25% annually through 2027, surpassing Coinbase.
Lau added that the U.S. government reopening could lift sentiment and pave the way for crypto regulations like the Clarity Act, while noting risks from rising rates, competition, and token volatility.
Bullish is also the owner of CoinDesk.
