Bullish Shares Skyrocket as Citi and Canaccord Hail Stellar IPO Debut and BitLicense Victory

Bullish just schooled the traditional finance crowd—and Wall Street's taking notes.

IPO Power Play

Citi and Canaccord Genuity are pounding the table after Bullish's public debut. The crypto exchange didn't just meet expectations—it smashed them. Shares surged as institutional heavyweights backed the launch, signaling mainstream's reluctant embrace of digital assets.

Regulatory Breakthrough

That BitLicense win wasn't just paperwork—it was a masterclass in regulatory chess. While legacy banks still navigate compliance quicksand, Bullish just unlocked New York's massive liquidity pool. The approval puts them lightyears ahead of competitors still begging for permission at the regulatory buffet.

Street Cred, Meet Crypto

When Citi—the epitome of traditional finance—throws its weight behind a crypto IPO, you know the paradigm's shifting. Canaccord's endorsement? Icing on the cake. They're not just betting on Bullish—they're betting against the old guard's skepticism. Because nothing terrifies Wall Street more than missing out on the next revolution while counting their 2% management fees.

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.