Bullish Rises as Analysts from Citi and Canaccord Highlight Strong IPO Debut and BitLicense Win

Wall Street Analysts Cheer Bullish on Strong Q2, BitLicense Approval

Analysts on Wall Street are upbeat on Bullish (BLSH) following its second-quarter performance, highlighting accelerating Subscription, Services & Other (SS&O) growth, regulatory milestones, and the forthcoming launch of options trading.

Citi (C) raised its price target to $70 from $66, noting that Bullish’s Q2 results slightly exceeded expectations. The recent NYDFS BitLicense approval removes a significant regulatory overhang, boosting confidence as the firm heads into fiscal 2026. Citi also praised Bullish’s SS&O growth, attributing momentum partly to its recent IPO, and reiterated its buy rating, citing “highly attractive operating leverage.”

Canaccord called Bullish’s public debut a success, pointing to strong quarter-to-date pricing trends and continued growth in subscription services. The broker also highlighted the upcoming options trading launch in Q4 and said Q3 guidance already surpasses analyst estimates. Forward projections remain conservative, according to Canaccord, which maintained its buy rating and $68 target.

KBW viewed the BitLicense and Money Transmission License wins as positives for U.S. expansion, particularly in New York, but noted challenges in gaining brand recognition against established players. KBW kept its market perform rating with a $55 price target.

At publication, Bullish shares were up over 8%, trading near $58.18.

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