Could the next big wave in the cryptocurrency market be driven by a surprising political shift? As Bullish (NYSE:BLSH) makes its U.S. debut, analysts weigh in on what this means for institutional adoption and the broader crypto landscape.
- BLSH is having a challenging session. Watch the momentum here.
Bullish raised around $1.1 billion in its US IPO (initial public offering) in mid-August. Here are some analysts who began coverage of the stock.
- Rosenblatt Securities analyst Chris Brendler initiated coverage with a Buy rating and price target of $60.
- JPMorgan analyst Kenneth Worthington began coverage with a Neutral rating and a price target of $50.
Check out other analyst stock ratings.
Rosenblatt Securities: The improvement in the U.S. political environment has become "a huge tailwind" for cryptocurrencies sector, which is driving "increasing institutional adoption," Brendler said in the initiation note. Bullish is "well positioned to capitalize on this trend," as it is among the largest regulated institutional exchanges, he added.
The company has achieved more than $0.5 trillion in annual volume without access to U.S. clients, the analyst stated. The upcoming U.S. launch is likely to be "a significant positive catalyst," he further wrote.
JPMorgan: Bullish's growth is being driven by rising institutional interest in cryptocurrencies, Worthington said. The company's entry into the U.S. cryptocurrency exchange market will expand its existing base in Europe and Asia, he added.
Bullish is likely to continue growing its Liquidity Services business, "where we see more regulatory clarity leading to additional blockchains and cryptocurrency tokens making for a more robust trading environment for exchanges," the analyst wrote. However, the company's current business is still "subscale versus its opportunity," he further stated.
BLSH Price Action: Bullish shares were down 2.71% at $50.93 at the time of publication on Monday, according to Benzinga Pro data.
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