Compass Point Initiates Coverage on Bullish with Neutral Rating, $45 Price Target
Wall Street research firm Compass Point has begun coverage of crypto platform Bullish (BLSH), the parent company of CoinDesk, assigning a neutral rating and a $45 price target.
Analyst Ed Engel cited concerns about the stock’s valuation and U.S. market timing, despite noting that Bullish’s low-fee structure could allow it to gradually gain market share from Coinbase (COIN).
“We see limited prospects for Bullish entering the U.S. market until the CLARITY Act passes,” Engel wrote. The legislation, aimed at clarifying regulatory jurisdiction between the CFTC and SEC, may not be enacted until early 2026.
Even with federal legislation, New York’s BitLicense framework could remain a challenge. Bullish’s approach—acting as its own market maker via an automated market maker (AMM)—may raise conflict-of-interest concerns with regulators.
Engel suggested a better buying opportunity may arise within 1–2 quarters, pointing to the stock’s 110x multiple on 2026 projected EBITDA.
Bullish holds a $2.7 billion crypto treasury, mostly in bitcoin (BTC), making the stock’s performance closely tied to bitcoin price volatility.
The $45 price target assumes bitcoin reaches $160,000 and includes a 50% probability that Bullish successfully enters the U.S. market—a move that could add around $12 per share in value.
Bullish went public in August at $37 per share, surging to $68 on its first day of trading. Shares were down 4.6% Wednesday to $59.20.
