ClearStreet Upgrades Bullish to Buy Amid Global Expansion and U.S. Launch – 11/11/2025

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

Lau noted that Bullish’s share of global crypto spot trading rose from 2.1% in Q3 to 3.7% in November, taking volume from rivals Bitget, Bybit, and Gate. October trading volume surged 70% from the prior quarter’s monthly average, driven by post-IPO credibility and expansion into new products.

The platform recently launched options trading and entered the U.S. market after obtaining a BitLicense, giving it access to one of the world’s largest crypto markets. Bullish combines a traditional order book with an automated market maker to provide deep liquidity for retail and institutional traders. Lau said this expanded suite could lift recurring revenue from 28% of total sales in 2024 to 70% by 2027.

Despite a 21% drop in Bullish’s stock since late October, Lau described the sell-off as “overdone,” attributing weakness across blockchain stocks to macroeconomic concerns and shifting market attention toward AI.

Bullish’s valuation has also reset, with the forward EV/EBITDA multiple falling to 25x from 45x in September, aligning with Coinbase after previously trading at a premium. ClearStreet forecasts Bullish’s revenue growing at 25% annually through 2027, outpacing Coinbase’s 14%.

Lau added that the U.S. government reopening this week could boost investor sentiment and pave the way for new crypto regulations, including the proposed Clarity Act. He cautioned, however, that rising interest rates, competitive pressures, and token volatility remain risks.

Bullish is also the owner of CoinDesk.