Bullish Shares Surge as Citi and Canaccord Laud IPO Performance and BitLicense Approval

Bullish (BLSH), the crypto exchange and owner of CoinDesk, saw its shares climb after Citi raised its price target to $70 from $66. The upgrade follows Q2 results that slightly exceeded expectations and the NYDFS BitLicense approval, which Citi says removes a regulatory overhang and bolsters investor confidence ahead of FY 2026.

The bank highlighted Bullish's accelerating Subscription, Services, and Other (SS&O) growth pipeline, attributing the inflection to momentum from its recent IPO. Citi reiterated its buy rating, citing "highly attractive operating leverage."

Canaccord praised Bullish's strong debut as a public company, noting rapid progress post-IPO. The exchange secured a coveted BitLicense, demonstrated solid Q3 pricing trends, and is scaling its subscription services. Options trading is slated for a Q4 launch, with Q3 guidance already raised above Wall Street estimates.

Despite early momentum, Canaccord believes forward estimates remain conservative, suggesting untapped upside in trading volume assumptions.