Wall Street’s Move Into the U.S. Seen as Trigger for Bullish’s Growth

Bullish Gets Mixed Analyst Ratings Following IPO Debut

Crypto exchange Bullish (BLSH), parent of CoinDesk, has drawn mixed views from Wall Street as analysts issued their first ratings on the stock after its recent IPO.

Rosenblatt Securities started coverage with a buy rating and a $60 target, citing shifting U.S. political sentiment, stronger institutional adoption, and potential stablecoin-related revenue streams as key growth drivers.

Canaccord Genuity also gave a buy rating with a $68 target, highlighting Bullish’s leadership in regulated spot trading volumes, acquisitions of CoinDesk and CCData, and its expected New York BitLicense approval as major catalysts.

Bernstein initiated with a market perform and $60 target, projecting Bullish could secure about 8% of U.S. institutional spot crypto market share by 2027, but noted success hinges on its U.S. expansion in 2026.

JPMorgan began coverage with a neutral and a $50 target, saying the company’s management and liquidity services business provide long-term promise, but current valuation leaves little near-term upside.

Shares of Bullish traded 3.6% lower at $50.53 on Monday.