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Investing.com - Clear Street initiated coverage of cryptocurrency exchange Bullish (NYSE:BLSH) with a Hold rating and a $60 price target on Tuesday. According to InvestingPro data, the stock currently trades at $58.76, with analyst targets ranging from $55 to $70.
The research firm’s price target represents a 28x EV/2027 EBITDA multiple for the company, which was founded in 2020 and has since expanded from a crypto exchange into information and liquidity services that generate recurring revenue. While not currently profitable, InvestingPro analysis indicates strong financial health with a current ratio of 24.59 and analysts expect profitability this year.
Clear Street described Bullish as "a rising star in the FinTech industry" with "a strong management team" and noted it is "one of the most regulatory compliant crypto exchanges globally."
The Hold rating comes after Bullish stock has appreciated 54% since its initial public offering in August 2025, approximately two months ago.
Clear Street indicated it would take a more constructive view on Bullish shares if the company’s growth exceeds current estimates.
In other recent news, Bullish has made several notable announcements and developments. The company recently launched its spot trading services in 20 U.S. states, including New York, California, and Florida, after receiving a BitLicense and Money Transmission License from the New York State Department of Financial Services. This regulatory approval is a key milestone for Bullish, facilitating its expansion in the U.S. market. Additionally, Bullish is set to launch crypto options trading on October 8, further expanding its derivatives offerings with support from a consortium of trading partners.
Analysts have responded positively to these developments. Compass Point raised its price target for Bullish to $56, citing the regulatory approval as a significant factor for U.S. expansion. Rosenblatt Securities also increased its price target to $62, highlighting the company’s first quarterly earnings report as a catalyst, with notable growth in stablecoin activity driving revenue growth. These recent developments indicate a period of strategic growth and expansion for Bullish in the cryptocurrency market.
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