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4w ago

Wall Street Begins Coverage of Bullish, Weighing U.S. Launch as Decisive Catalyst

Analysts frame a potential U.S. debut plus New York licensing as the pivotal test for Bullish's post-IPO ambitions.

Wall street sees u.s. entry as catalyst for bullish’s next leg up
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Overview

  • Rosenblatt and Canaccord initiated with buy ratings and targets of $60 and $68, while Bernstein started at market perform with $60 and JPMorgan at neutral with $50.
  • Bernstein projects Bullish could become the second-largest institutional exchange if it launches in the U.S. by end-2026, modeling about 11% of U.S. volumes and 10% of transaction revenue once active.
  • Citi began at buy with a $66 target as Jefferies set hold at $49 and Oppenheimer started at perform, with several firms citing valuation as the reason for neutral stances.
  • Bullish completed a roughly $1 billion NYSE IPO and holds significant crypto reserves, but it is not serving U.S. customers and is widely expected by analysts to seek a New York BitLicense before entry.
  • Brokers highlight diversification from CoinDesk, indices tracking about $41 billion, and potential growth from derivatives and stablecoin services, with some pointing to the GENIUS Act as a tailwind for recurring revenue.