Bullish Draws Mixed Ratings From Wall Street After IPO

Crypto exchange operator Bullish (BLSH) — parent company of CoinDesk — received its first round of analyst coverage on Monday, with Wall Street split on the newly public stock’s prospects. The company, which went public last month, was assigned two buy ratings, one market perform, and one neutral as brokers weighed institutional momentum against valuation concerns.

Rosenblatt Securities initiated coverage with a buy rating and a $60 price target, highlighting a “dramatic improvement” in the U.S. political landscape for digital assets and rising institutional adoption. Despite not yet serving American clients, Bullish has already processed more than $500 billion in annual trading volume. Rosenblatt sees the pending U.S. launch and the GENIUS Act’s framework for stablecoins as major growth catalysts, particularly as stablecoin revenue could provide recurring income less tied to volatile trading.

Canaccord Genuity also came in bullish, setting a $68 price target and pointing to the company’s rapid ascent among regulated exchanges. The broker noted that Bullish now leads global spot trading volumes in bitcoin, ether, and stablecoins, while also diversifying into media and data with acquisitions of CoinDesk (2023) and CCData (2024). Analysts flagged the firm’s pending New York BitLicense as a key milestone, one that would unlock access to U.S. institutional investors.

Bernstein, by contrast, struck a more cautious tone, assigning a market perform rating and a $60 price target. The firm said Bullish could eventually become the second-largest institutional platform behind Coinbase, but emphasized that success depends on a smooth U.S. launch in 2026. Bernstein projects Bullish will capture roughly 8% of U.S. institutional spot crypto volumes by 2027, assuming steady global share near 7%.

JPMorgan rounded out coverage with a neutral call and a $50 target, citing strong leadership and a promising Liquidity Services business, but warning that the company remains small relative to its long-term addressable market. Analysts described Bullish as being at a “critical point of maturity” and argued that current valuation justifies a wait-and-see approach.

Shares of Bullish were trading at $50.53, down 3.6% at the time of publication.