Bullish Rated Cautiously by Compass Point

Compass Point Gives Bullish Neutral Rating, $45 Price Target Amid Valuation Concerns

Wall Street research and banking firm Compass Point has initiated coverage of crypto exchange Bullish (BLSH), the parent company of CoinDesk, assigning a neutral rating and a $45 price target.

Analyst Ed Engel cited concerns over Bullish’s valuation and U.S. market timing, even as the platform’s low fee structure could help it gradually capture market share from Coinbase (COIN).

“We see limited prospects for Bullish entering the U.S. market until Congress passes the CLARITY Act,” Engel wrote. The legislation, which would clarify regulatory jurisdiction between the CFTC and SEC, is unlikely to pass until early 2026.

Even after federal approval, New York’s BitLicense regime could remain a challenge. Regulators may scrutinize Bullish’s model, which permits the company to act as its own market maker via an automated market maker (AMM), potentially raising conflict-of-interest concerns.

Engel suggested that investors might find a better entry point within 1–2 quarters, noting the stock currently trades at 110x projected 2026 EBITDA.

Bullish also maintains a $2.7 billion crypto treasury, primarily in bitcoin (BTC), tying the company’s stock performance to bitcoin’s volatility—a factor Engel said could amplify risks and rewards.

The $45 target assumes bitcoin climbs to $160,000 and includes a 50% probability that Bullish successfully enters the U.S. market, which could add approximately $12 per share in value.

Bullish debuted publicly in August at $37 per share, spiking to $68 on its first trading day. Shares were down 4.6% Wednesday to $59.20.

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