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Investing.com - Bernstein SocGen Group initiated coverage on cryptocurrency exchange Bullish (NYSE:BLSH) with a Market Perform rating and a $60.00 price target on Monday. The stock, currently trading at $52.35 with a market capitalization of $7.65 billion, has shown significant volatility recently, according to InvestingPro data.
The research firm expects Bullish to become the second-largest institutional exchange after Coinbase, contingent on the successful launch of its U.S. business in 2026.
Bernstein noted that Bullish has a "seasoned management team with a strong edge in running an institutional exchange business" and identified opportunities in stablecoins and ancillary services like market data and indices.
The firm also highlighted the potential of Bullish’s consumer-facing Coindesk media business, suggesting it offers "optionality into a subsequent retail exchange launch."
Bernstein expressed caution about Bullish’s current valuation, noting it trades at approximately 28 times EV/2027E EBITDA, which is about 1.4 times its IPO price, and indicated they "may want to see some early execution success for BLSH’s U.S. debut."
In other recent news, Bullish has secured a Markets in Crypto-Assets Regulation (MiCAR) license from Germany’s Federal Financial Supervisory Authority (BaFin). This new license allows Bullish to offer digital asset trading and custody services throughout the European Union. Previously, the company operated under grandfathered crypto brokerage and custody licenses from BaFin. Additionally, Compass Point has initiated coverage on Bullish with a Neutral rating and set a price target of $45. The research firm highlighted Bullish’s position as an international crypto exchange serving institutional traders outside the United States. Compass Point also noted potential opportunities for Bullish to capture market share in the U.S., a space currently dominated by Coinbase. These developments reflect Bullish’s strategic positioning in the rapidly evolving cryptocurrency market.
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