Key Insights:
- Crypto exchange Bullish was rated as a buy by Rosenblatt and Canaccord.
- Bernstein provided a market-perform rating, while JPMorgan assigned a neutral recommendation.
- The researchers assert that a successful launch in the U.S. will be critical for the company’s future.
Crypto platform Bullish (BLSH), parent company of CoinDesk, has received multiple stock ratings from Wall Street analysts after its recent IPO. Rosenblatt Securities initiated coverage with a buy rating, setting a price target of $60 based on evolving U.S. political dynamics and increasing institutional investment.
Rosenblatt believes Bullish is positioned to benefit from significant improvements in the U.S. political landscape for digital assets. Despite not serving U.S. clients yet, the firm has achieved over $500 billion in annual trading volume, demonstrating strong market demand.
Additionally, Bullish’s potential launch in the U.S. and burgeoning interest in stablecoins provide opportunities for ongoing, more stable revenue sources. Bullish has also expanded its offerings to include media properties, enhancing its market position.
The ‘BitLicense’ Advantage:
- Canaccord Genuity also rated the stock as a buy with a target of $68, noting the potential from a pending New York BitLicense.
- Founded in 2020, Bullish has swiftly become a prominent entity in crypto trading, recently ranking top in global regulated spot trading for major cryptocurrencies.
- They are active in aiding issuers like PayPal and Société Générale in the growing stablecoin sector.
Market Positioning:
- Bernstein comments on the company’s ambition to become the second-largest institutional platform post-Coinbase, contingent on a successful entry into the U.S. market in 2026.
- JPMorgan has assigned a neutral rating with a target price of $50, citing potential instabilities relative to the company’s current market footprint.
Read the full article on CoinDesk for more details.
