Wall Street giant Citi has increased its price target for Bullish (BLSH), the parent company of CoinDesk, from $66 to $70 following the crypto exchange’s second-quarter results, which slightly exceeded expectations. The recent approval of the NYDFS BitLicense, a significant regulatory milestone, has lifted investor confidence as the company approaches fiscal year 2026. Citi has pointed out that the most noteworthy development is Bullish’s accelerating growth in its Subscription, Services, and Other (SS&O) segments, a growth trajectory that it credits partly to the momentum generated by the company’s recent initial public offering (IPO). As a result, Citi reiterated its “buy” rating based on the firm’s “highly attractive operating leverage.”
Brokerage firm Canaccord Genuity recognized Bullish’s successful debut as a public entity, noting that the exchange met elevated expectations in its inaugural quarter after the IPO. Within just a month of going public, Bullish has made significant advancements, such as securing the sought-after BitLicense from the New York Department of Financial Services (NYDFS), exhibiting solid pricing trends in the third quarter, and expanding its subscription services business. Additionally, the broker mentioned that Bullish is preparing to launch options trading in the fourth quarter and has raised its Q3 guidance above Wall Street’s projections.
Despite this early success, Canaccord maintains that current forward estimates for Bullish appear conservative, particularly as trading volume assumptions do not yet factor in potential spot market growth. Furthermore, expected contributions from the U.S. market and the options rollout reflect a cautious approach. Canaccord reiterated its “buy” rating while keeping the target price unchanged at $68.
Investment bank KBW has also viewed the recent acquisition of the BitLicense and Money Transmission License as a boon for Bullish, potentially facilitating near-term expansion into the United States, especially in New York. However, they warned that Bullish still faces considerable challenges in establishing brand recognition in new markets, where established competitors offer well-established exchange solutions. KBW maintained a “market perform” rating on Bullish shares, setting a price target of $55.
At publication time, Bullish shares were trading at approximately $58.18, reflecting an increase of over 8% as the market continues to react to these developments and the promising outlook for the cryptocurrency platform.
