Bullish Upgraded to Buy by ClearStreet as Exchange Gains Market Share, Expands Into U.S.

Why It Matters

The upgrade signals growing confidence in Bullish’s ability to capture U.S. market share and diversify revenue, potentially reshaping competition among crypto exchanges. Higher recurring revenue and a more attractive valuation could attract institutional investors and accelerate consolidation in the sector.

Summary

ClearStreet analyst Owen Lau upgraded Bullish (BLSH) to Buy, citing its market‑share rise from 2.1% to 3.7% of global crypto spot trading and the launch of a U.S.‑based options platform after securing a BitLicense. The exchange’s October volume jumped 70% quarter‑over‑quarter, and its forward EV/EBITDA multiple fell to 25×, aligning its valuation with peers like Coinbase. Lau trimmed the price target to $57 but expects revenue to grow 25% annually through 2027, driven by an expanding product suite that could lift recurring revenue to 70% of sales. Despite a 21% stock decline since late October, Lau views the sell‑off as overdone amid broader blockchain strength.