Bullish’s Wall Street Debut Draws Split Views From Analysts
Crypto exchange Bullish (BLSH), the parent of CoinDesk, is drawing mixed reactions from Wall Street following its recent public listing, with analysts split on the company’s growth prospects and valuation.
On Monday, several brokerages initiated coverage of Bullish:
- Rosenblatt Securities issued a buy rating with a $60 price target, pointing to a friendlier U.S. regulatory climate, accelerating institutional adoption, and the potential for stablecoin-related revenue streams to provide steadier income. Rosenblatt highlighted Bullish’s $500 billion in annual trading volume despite not yet serving U.S. clients, calling the company well-positioned to benefit from shifting political winds.
- Canaccord Genuity also rated the stock a buy with a $68 target, citing institutional traction, the likely approval of a New York BitLicense, and Bullish’s broader ecosystem expansion, including acquisitions of CoinDesk in 2023 and CCData in 2024. Canaccord said these moves give the exchange a stronger foundation as it prepares to enter the U.S. market.
- Bernstein took a more cautious view, assigning a market perform rating with a $60 target. The firm said Bullish could capture around 8% of U.S. institutional crypto spot trading by 2027, but emphasized that success depends on its ability to challenge Coinbase’s dominance once it enters the U.S. in 2026.
- JPMorgan initiated coverage at neutral with a $50 target, citing the company’s experienced leadership and long-term opportunity in liquidity services. However, the bank noted Bullish’s scale remains limited relative to its ambitions and warned that valuation concerns justify a wait-and-see approach.
Analysts broadly agreed that Bullish’s expansion into the U.S. could serve as a pivotal catalyst. But with shares trading down 3.6% to $50.53, investors appear to be taking a measured stance as they weigh the firm’s potential against execution risks.
