Bullish Shares Soar as Citi and Canaccord Hail IPO Triumph and BitLicense Victory

Wall Street giants throw weight behind crypto newcomer's regulatory milestone.

BREAKING: Institutional Validation Hits Crypto

Citi and Canaccord just stamped Bullish's IPO debut with heavyweight approval—while the BitLicense win signals New York's reluctant embrace of crypto legitimacy. The dual victory sends shares skyrocketing as traditional finance finally acknowledges what crypto natives knew years ago.

Why The Street Can't Look Away

Analysts are tripping over themselves to upgrade projections. The BitLicense—once a regulatory nightmare—now looks like a golden ticket. Meanwhile, the IPO performance shreds skepticism about crypto outfits operating in regulated markets.

Finance's Ironic Embrace

Same institutions that once dismissed digital assets now scramble for exposure. The cynical take? They’re just chasing fees in a market they failed to kill. Bullish isn't just winning—it's forcing old guards to play by new rules.

Meeting high expectations

Broker Canaccord said Bullish had delivered a strong debut as a public company, meeting high expectations in its first reported quarter post-IPO.

In just a month since going public, the exchange has made meaningful strides, including securing the coveted BitLicense from the New York Department of Financial Services (NYDFS), showing solid quarter-to-date pricing trends in Q3, and continuing to scale its subscription services business, the report said.

The broker noted that Bullish is also on track to launch options trading in Q4 and has already raised its Q3 guidance above Wall Street's estimates.

Despite the early momentum, Canaccord believes current forward estimates remain conservative. Trading volume assumptions do not yet price in any spot market appreciation, and projected contributions from the U.S. business and options rollout reflect cautious timelines.

Canaccord reiterated its buy rating and unchanged $68 target.

Investment bank KBW said it viewed the BitLicense and Money Transmission License wins as positive for "near-term platform expansion into the United States with the inclusion of New York state."

That said, Bullish still faces significant challenges in building brand recognition in new markets, where established players have long provided turn-key exchange solutions, KBW said.

The bank maintained its market perform rating on Bullish shares and $55 price target.

Bullish shares were up over 8%, trading around $58.18 at publication time.