Coindesk’s parent company, Crypto Platform Bullish (BLSH), received numerous stock valuations from Wall Street analysts on Monday as the brokerage began covering its stock after a recent IPO.
Rosenblatt Securities has begun compensation with a purchase rating and a price target of $60, changing the US political winds and citing an increase in institutional adoption as a key catalyst for growth, the broker said in a research report Monday.
The company argues that one of the biggest regulated institutional exchanges, bull, is well positioned to capitalize on what is called “dramatic improvements” in the US political environment of digital assets.
Despite not yet serving US clients, Bullish already handles annual trading volumes of over $500 billion. This is what Rosenblatt considers as evidence of demand.
The broker says the passing of the Genius Act has opened up new opportunities for Stablecoins, while the upcoming US launches are expected to be a major catalyst. Rosenblatt believes that Stablecoin-related revenues can provide recurring income that is exposed to transaction volatility.
The value of a Stablecoin is associated with assets such as US dollars and gold. They play a major role in the cryptocurrency market, particularly providing payment infrastructure, and are also used to transfer money internationally. The sector’s market capitalization is around $280 billion, Coingecko data shows, dominated by Tether’s USDT and Circle Internet’s USDC.
The potential expansion of ownership of media properties and potential expansion into retail is further upside down, according to the memo. Based on that, RosenBlatt treasured 31x stocks, which predicted the adjusted EBITDA for 2027, and paid a $60 target.
“Bitlicense” catalyst
Rival broker Canaccord Genuity has begun bullish coverage with a buy rating and a price target of $68.
Founded in 2020, Bullish quickly became a major player in Crypto Trading. BTC$112$146,57Ether (ETH), and stablecoins, the report states.
The company expanded beyond its deal with the acquisition of Coindesk in 2023 and CCDATA in 2024, adding media, data and information services to its business line.
Canaccord analysts also look at Bullish’s role in Stablecoin Wars, which helps list, liquidity and promote publishers such as PayPal (PYPL) and Société Générale (GLE).
Already licensed in Europe and Asia, Bullish is expected to secure Bitlicense soon and begin accessing US institutional customers, analysts write.
Despite conservative assumptions in forecasts that include flat Bitcoin prices through 2027, the Kanack Code points to Brish’s early profitability, Bitcoin with a balance sheet of $2.4 billion, and long-term growth outlook as the reason for optimism.
Capturing market share
Meanwhile, broker Bernstein has begun bullish coverage with a market performance rating and price target of $60, highlighting his ambition to become the second largest institutional platform after the exchange’s experienced management team and Coinbase.
The results have successfully launched the US in 2026, when Coinbase is currently dominated, but opportunities are emerging mainly in stability, market data and indexes, the company says. Coindesk’s Bullish ownership offers potential options when moving to retail exchange services.
“We hope that bulls will gain around 8% market share in the crypto volume of US spot facilities by 2027E, but the global spot market share remains at ~7%,” an analyst led by Gautam Chhugani wrote.
It is lined up according to ratings
Wall Street Bank JPMorgan (JPM) has also launched bullish compensation, assigning crypto exchange operators a neutral rating and a price target of $50.
Like Bernstein, JPMorgan analysts pointed to Bullish’s experienced management team and the ability to navigate the rapidly evolving digital assets landscape.
Bank analysts said growth is likely to be driven by increased institutional demand for crypto exposure and the increased role of tokens and stability in trading activities.
Bullish is also suitable for expansion into the US market, based on existing scaffolding in Europe and Asia. Another growth driver, according to the bank, is the liquidity services business, which may broaden the scope of blockchains and tokens where clearer regulations are supported, and create a stronger environment for bullish exchanges.
Still, JPMorgan noted that the company’s current size remains limited compared to market opportunities. At a company that the bank called “an important point of maturity,” analysts said it justifies valuation concerns to remain on the bystanders for now.
The stock was trading 3.6% lower at about $50.53 at the time of publication.
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