KBW Rates Bullish Market Perform, Sets $55 Price Target

KBW initiated coverage of Bullish (BLSH) with a "market perform" rating and set a $55 price target, highlighting it as a publicly traded, regulated, institution-focused crypto exchange.
Bullish's short-term U.S. expansion is viewed as a growth catalyst due to its advanced tech stack, competitive fees, and deep liquidity.
The company holds licenses in Germany, Hong Kong, and Gibraltar, enabling global market access and attracting institutional traders.
Collaborations with Gibraltar regulators on a fully crypto-enabled clearinghouse enhance Bullish's credibility as a market infrastructure provider.
Diversification through acquisitions, including CoinDesk and CCData, contributes to recurring revenue streams from data, indices, and liquidity services, expected to comprise over 40% of revenue by FY27.
Bullish benefits from lower take rates (1.6bps) compared to competitors like [Coinbase](https://holder.io/coins/cb/) (~3bps), aiding U.S. market share growth.
Approval for a New York BitLicense is crucial, but a national rollout is anticipated regardless.
The stock was trading at approximately $51.81 when reported.