Bullish Receives Buy Rating from ClearStreet as Exchange Captures Market Share and Moves into U.S.

ClearStreet Upgrades Bullish to Buy as Exchange Expands Globally and Enters U.S. – 11/11/2025

ClearStreet analyst Owen Lau upgraded Bullish (BLSH) to Buy from Hold on Tuesday, citing the platform’s rising market share, product expansion, and improving sentiment, even as he lowered his price target slightly from $60 to $57.

Bullish’s global crypto spot trading share jumped from 2.1% in Q3 to 3.7% in November, taking volume from competitors like Bitget, Bybit, and Gate. October trading volume rose 70% from the prior quarter’s monthly average, fueled by post-IPO credibility and new product launches.

The exchange recently launched options trading and entered the U.S. market after obtaining a BitLicense. Combining a traditional order book with an automated market maker, Bullish aims to deliver deep liquidity for both retail and institutional traders. Lau projects recurring revenue could rise from 28% of total sales in 2024 to 70% by 2027.

Despite a 21% decline in stock since late October, Lau described the sell-off as “overdone,” noting strong blockchain fundamentals and growth prospects. Forward EV/EBITDA multiples have reset to 25x, aligning with Coinbase, while revenue is forecast to grow 25% annually through 2027.

Lau added that the U.S. government reopening could improve investor sentiment and support potential regulations like the Clarity Act, though rising interest rates, competition, and token volatility remain risks.

Bullish also owns CoinDesk.

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