KBW Sets $55 Price Target for Bullish, Highlights U.S. Expansion Potential
- KBW initiated coverage of Bullish (BLSH) with a market perform rating and a $55 price target.
- Bullish’s technology stack, competitive fees, and deep liquidity position it to gain market share in the U.S.
- The platform holds licenses in Germany, Hong Kong, and Gibraltar, attracting institutional traders.
- Acquisitions of CoinDesk and CCData are expected to contribute over 40% of revenue by FY27.
- Bullish’s lower take rates (1.6bps vs ~3bps for Coinbase) may enhance its U.S. market share.
Bullish is positioned as a significant player in the crypto exchange space due to its regulatory compliance and innovative technology offerings. The anticipated approval of a New York BitLicense is seen as crucial for further expansion into the U.S. market.
Shares of Bullish were trading around $51.81 at publication time, reflecting interest in its growth potential as it aims for increased revenues from diversified services like data and liquidity.(Source)
