TSX up after index logs fresh record high close
Investing.com - Jefferies initiated coverage on Bullish (NYSE:BLSH) with a Hold rating and a $49.00 price target on Monday. The stock currently trades at $52.35, having declined over 11% in the past week. According to InvestingPro analysis, the company’s current market capitalization stands at $7.65 billion.
The global digital asset platform, which provides market infrastructure and information services, was described by Jefferies as "an attractive growth story levered to rising institutional demand in the crypto market."
Jefferies highlighted Bullish’s scalable business model and growing contribution from subscription revenues, noting that adjusted EBITDA margins are positioned to expand.
Despite the positive growth outlook, Jefferies assigned a Hold rating based on valuation concerns, specifically citing that Bullish trades at approximately 40 times 2026 EV/EBITDA.
The price target of $49.00 represents Jefferies’ 12-month outlook for the stock following its initial coverage of the crypto infrastructure company.
In other recent news, Bullish has announced that its German subsidiary, Bullish Europe GmbH, has obtained a license under the Markets in Crypto-Assets Regulation (MiCAR) from Germany’s Federal Financial Supervisory Authority (BaFin). This license allows the company to offer digital asset trading and custody services across the European Union. On the analyst front, JPMorgan initiated coverage of Bullish with a Neutral rating and a $50 price target, expressing confidence in the company’s management. Similarly, Compass Point has also initiated a Neutral rating with a $45 price target, highlighting Bullish’s focus on institutional traders outside the United States. Meanwhile, Bernstein has given Bullish a Market Perform rating with a $60 price target, noting the company’s potential to become the second-largest institutional exchange after Coinbase, contingent on a successful U.S. launch in 2026. These developments reflect Bullish’s strategic positioning and ongoing efforts to expand its market presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.