Bullish (BLSH) Upgraded to Buy by ClearStreet as Exchange Gains Market Share, Expands Into U.S.
ClearStreet upgraded Bullish stock to Buy, citing growing market share and U.S. expansion, despite lowering the price target slightly.Summary
ClearStreet analyst Owen Lau upgraded Bullish (BLSH) shares from Hold to Buy, driven by the crypto platform's increasing global spot trading market share, which rose to 3.7% in November from 2.1% in Q3, taking volume from rivals. The upgrade was supported by Bullish's expansion into new product lines, including options trading, and its recent operational start in the U.S. after obtaining a BitLicense. Lau projects that the exchange's recurring revenue could increase significantly by 2027 due to its hybrid order book/AMM model. Although the price target was trimmed from $60 to $57, Lau views the recent 21% stock sell-off as "overdone" and notes that Bullish's valuation has normalized relative to Coinbase. Key risks remain macroeconomic worries, rising interest rates, and competition.
(Source：CoinDesk)