Wall Street Analysts Bullish on Bullish After Strong Q2, BitLicense Win

Wall Street analysts are optimistic about Bullish (BLSH) following its second-quarter results, citing accelerating Subscription, Services & Other (SS&O) growth, regulatory progress, and the upcoming launch of options trading.

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

Canaccord echoed the optimism, calling Bullish’s post-IPO debut “strong,” with solid quarter-to-date pricing trends and continued scaling of subscription services. The broker noted that the firm is on track to launch options trading in Q4 and has already raised Q3 guidance above Wall Street estimates. Despite early momentum, Canaccord considers forward estimates conservative, citing cautious projections for spot market appreciation and the U.S. business. Canaccord maintained its buy rating and $68 target.

KBW highlighted Bullish’s BitLicense and Money Transmission License wins as positive for near-term platform expansion in the U.S., including New York. However, the bank cautioned that Bullish faces challenges in building brand recognition in new markets dominated by established exchanges, maintaining its market perform rating with a $55 price target.

Bullish shares rose over 8%, trading around $58.18 at the time of publication.