Wall Street Bets Big: U.S. Institutional Entry Fuels Bullish’s Next Leg Up
Wall Street's finally waking up—and they're bringing the big guns.
Mainstream money floods crypto
Forget retail FOMO. The real action starts when pension funds and asset managers start reallocating. They're not dipping toes—they're diving headfirst into digital assets.
Regulatory clarity unlocks billions
The SEC's recent guidance gives institutions the green light they've been waiting for. No more regulatory gray areas means no more excuses to stay on sidelines.
Infrastructure matures overnight
Custody solutions? Check. Insurance? Check. Compliance frameworks? Double-check. The plumbing's finally built for whale-sized moves.
Of course Wall Street's timing is perfect—wait for retail to do all the heavy lifting, then swoop in to 'discover' the asset class. Classic finance playbook.
The 'BitLicense' catalyst
Rival broker Canaccord Genuity has also initiated coverage of Bullish with a buy rating and a $68 price target, highlighting the exchange’s growing institutional traction and potential boost from a pending New York BitLicense.
Founded in 2020, Bullish has quickly become a major player in crypto trading, recently leading global regulated exchanges in spot trading volumes for Bitcoin (BTC), ether (ETH), and stablecoins, the report said.
The company has expanded beyond trading with the acquisitions of CoinDesk in 2023 and CCData in 2024, adding media, data, and information services to its business lines.
Canaccord analysts also note Bullish’s role in the emerging “stablecoin wars,” supporting issuers like PayPal (PYPL) and Société Générale (GLE) with listings, liquidity, and promotion.
Already licensed in Europe and Asia, Bullish is expected to secure a BitLicense soon, opening access to U.S. institutional clients, the analysts wrote.
Despite conservative assumptions in its forecasts, including flat bitcoin prices through 2027, Canaccord points to Bullish’s early profitability, balance sheet bolstered by $2.4 billion in bitcoin, and long-term growth prospects as reasons for optimism.
Market share capture
Meanwhile, broker Bernstein has initiated coverage of Bullish with a market-perform rating and a $60 price target, highlighting the exchange’s experienced management team and its ambition to become the second-largest institutional platform after Coinbase.
That outcome, the firm says, hinges on a successful U.S. launch in 2026, where Coinbase currently dominates but opportunities are emerging around stablecoins, market data and indices. Bullish’s ownership of CoinDesk also offers potential optionality if it moves into retail exchange services.
"We expect Bullish to capture ~8% market share in U.S spot institutional crypto volumes by 2027E, while global spot market share remains at ~7%," analysts led by Gautam Chhugani wrote.
Side-lined by valuation
Wall Street bank JPMorgan (JPM) has also initiated coverage of Bullish, assigning the crypto exchange operator a neutral rating and a price target of $50.
Like Bernstein, the JPMorgan analyst also pointed to Bullish’s experienced management team and its ability to navigate the fast-evolving digital asset landscape.
The bank's analyst said growth will likely be fueled by rising institutional demand for crypto exposure and the increasing role of tokens and stablecoins in trading activity.
Bullish is also well-positioned to expand into the U.S. market, building on its existing foothold in Europe and Asia. According to the bank, another growth driver will be its Liquidity Services business, where clearer regulation could broaden the range of supported blockchains and tokens, creating a stronger environment for exchanges like Bullish.
Still, JPMorgan noted that the firm’s current scale remains limited relative to its market opportunity. With the company at what the bank called a “critical point of maturity,” analysts said valuation concerns justify staying on the sidelines for now.
The shares were trading 3.6% lower, around $50.53, at publication time.
