Gold prices hover near record peaks as Fed rate cut bets mount
Investing.com - Compass Point initiated coverage on cryptocurrency exchange Bullish (NYSE:BLSH) with a Neutral rating and a $45.00 price target on Wednesday. The company, with a market capitalization of $9.07 billion, has shown significant trading volatility according to InvestingPro data.
The research firm noted that Bullish is an international crypto exchange that primarily serves institutional traders outside the United States, with potential opportunities to gain market share in the U.S. market currently dominated by Coinbase.
Despite these growth prospects, Compass Point expressed concerns about Bullish’s current valuation, noting that the stock trades at 110 times EBITDA and 68% above its IPO price.
The firm does not expect Bullish to enter the U.S. market until crypto market structure legislation passes, which Compass Point anticipates will happen next year.
Compass Point suggested there could be a better buying opportunity within the next one to two quarters if Bullish’s valuation normalizes ahead of crypto legislation, which the firm expects to pass in the first half of 2026.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.