Bullish Shares Soar with IPO Success and BitLicense Triumph
A Strong Start for Bullish
In a remarkable debut on the public market, Bullish (BLSH)—the company behind CoinDesk—has quickly caught the attention of major financial institutions. Wall Street giant Citi has raised its price target for Bullish to $70 from $66 following the release of the company’s second-quarter results, which slightly surpassed expectations. This financial upgrade comes on the heels of Bullish’s successful Initial Public Offering (IPO) and the much-anticipated approval of its BitLicense by the New York Department of Financial Services (NYDFS).
Citi’s Optimism and the BitLicense Boost
Citi’s positive outlook on Bullish is fueled by several key factors. The BitLicense approval, which had been a looming regulatory uncertainty, is now behind the company, leaving investors more confident as they look ahead to fiscal year 2026. According to Citi, the biggest surprise was the accelerated growth in Bullish’s Subscription, Services, and Other (SS&O) business, a development partly driven by the momentum from its recent IPO. Citi reiterated its buy rating, emphasizing the company’s “highly attractive operating leverage” as a strong point.
Canaccord’s Affirmation and Future Prospects
Broker Canaccord also expressed confidence in Bullish’s trajectory, citing a robust debut as a public entity. In its first quarter post-IPO, Bullish has demonstrated significant progress, including securing the BitLicense, showing solid pricing trends in Q3, and expanding its subscription services. Canaccord highlighted that Bullish is on track to launch options trading in the fourth quarter and has already raised its Q3 guidance above Wall Street’s estimates. Despite the early success, Canaccord suggests that current forward estimates remain conservative, with trading volume assumptions not yet reflecting potential spot market appreciation. The firm maintained its buy rating with an unchanged $68 target.
KBW’s Cautious Stance
While Citi and Canaccord are bullish on Bullish, investment bank KBW took a slightly more cautious approach. The bank acknowledged the positive impact of the BitLicense and Money Transmission License on Bullish’s short-term platform expansion in the United States, particularly with the inclusion of New York state. However, KBW noted that Bullish still faces significant challenges in establishing brand recognition in new markets where established players already offer comprehensive exchange solutions. Consequently, KBW maintained its market perform rating on Bullish shares and set a $55 price target.
Market Reaction and Future Outlook
The market has responded favorably to these developments, with Bullish shares rising over 8%, trading at approximately $58.18 at the time of writing. This upward trend reflects growing investor confidence in Bullish’s ability to navigate regulatory landscapes and capitalize on new opportunities in the burgeoning cryptocurrency market.
As Bullish continues to expand its offerings and solidify its position in the U.S. market, the company’s ability to meet and exceed expectations will be crucial. The upcoming launch of options trading and further expansion into subscription services are anticipated to contribute significantly to Bullish’s growth. Yet, the company must remain vigilant, addressing challenges in brand establishment and competition in order to maintain its promising trajectory.
Conclusion: A Balanced Perspective
In summary, Bullish’s recent achievements and strategic positioning have garnered praise from influential financial entities, highlighting a promising start for the company in the public arena. However, as it navigates the complexities of market expansion and competition, Bullish must continue to leverage its strengths and address potential hurdles to sustain its momentum and deliver value to its investors. As the cryptocurrency landscape evolves, the company’s ability to adapt and innovate will be key to its long-term success.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
