Bullish Shares Rise 8% Following Citi’s Price Target Increase

Citi raised Bullish's price target from $66 to $70 after better-than-expected Q2 results.
NYDFS BitLicense approval boosts investor confidence for FY 2026.
Accelerating growth in Subscription, Services and Other (SS&O) driven by recent IPO momentum.
Citi maintains a buy rating due to attractive operating leverage.

Performance and Future Outlook

Canaccord praises Bullish's strong debut as a public company.
Key achievements include securing NYDFS BitLicense, showing positive pricing trends, and scaling subscription services.
Plans to launch options trading in Q4; raised Q3 guidance above estimates.
Current forward estimates considered conservative; future growth potential not fully priced in.
Maintained buy rating and $68 target by Canaccord.

KBW views regulatory wins as positive for U.S. expansion but notes challenges in brand recognition and established competition.
Maintains market perform rating with a $55 target.
Bullish shares increased over 8%, trading at approximately $58.18.