Analysts at Bernstein, JP Morgan and Jefferies initiated coverage of digital asset exchange Bullish with broadly neutral views, saying its push into the U.S. market could fuel growth but current valuations limit near-term upside.
Bernstein started Bullish with a Market-Perform rating and a $60 price target, saying the company could become the second-largest institutional crypto exchange after Coinbase if it successfully launches its U.S. business in 2026.
“A strong U.S. debut will make us more bullish,” the analysts wrote, while cautioning that early execution will be key.
They expect Bullish to capture about 8% of U.S. institutional spot volumes by 2027 and see expanding revenue opportunities in derivatives and stablecoin-linked services.
JP Morgan assumed coverage with a Neutral rating and a $50 price target.
The brokerge pointed to Bullish’s technology and focus on institutional clients as advantages, and said its Liquidity Services unit positions it to benefit from the growth of stablecoins.
Though JPM described the company as “at a critical point of maturity,” as the business remains subscale relative to its opportunity set.
Jefferies initiated with a Hold rating and a $49 price target, highlighting Bullish’s technology-driven efficiencies and expected margin expansion as trading scales.
It forecast recurring revenue sources such as liquidity services, data and indices to nearly double their share of total revenue by 2027. But with the stock trading at about 46 times 2026 estimated EBITDA, Jefferies said the risk-reward looked “more balanced at current levels.” Regulatory clarity, including recent U.S. legislation on stablecoins, could act as a catalyst for adoption and help Bullish establish itself as a long-term institutional standard in digital assets.
