Compass Point Initiates Coverage of Bullish with Neutral Rating, $45 Price Target

Wall Street research and banking firm Compass Point has initiated coverage of crypto platform Bullish (BLSH), the parent company of CoinDesk, assigning a neutral rating and a $45 price target.

Analyst Ed Engel highlighted concerns about the stock’s valuation and the timing of potential U.S. market expansion, despite acknowledging Bullish’s lower fee structure, which could allow it to gradually capture U.S. market share from Coinbase (COIN) over time.

“We have a hard time seeing Bullish entering U.S. markets until Congress passes market structure legislation (i.e., the CLARITY Act),” Engel wrote. The CLARITY Act, which aims to define jurisdiction between the CFTC and SEC, may not be enacted until early 2026.

Even after federal legislation, New York’s strict BitLicense regime could pose additional hurdles. Regulators may scrutinize Bullish’s model, which allows the company to operate as its own market maker via an automated market maker (AMM), potentially raising conflict-of-interest concerns.

Engel noted that a better buying opportunity could emerge within 1–2 quarters, pointing to Bullish’s current 110x multiple on 2026 projected EBITDA.

Bullish also holds a $2.7 billion crypto treasury, primarily in bitcoin (BTC), tying its stock performance closely to BTC price swings—a factor Engel said could cut both ways given bitcoin’s volatility.

The $45 price target assumes bitcoin reaches $160,000 and includes a 50% probability that Bullish successfully enters the U.S. market, which could alone add around $12 per share in value, according to Engel.

Bullish went public in August at $37 per share, spiking to close at $68 on its first day. Shares were down 4.6% Wednesday to $59.20.