Analysts at Compass Point Take a Cautious Stance on Bullish

Compass Point Starts Coverage on Bullish with Neutral Rating, $45 Price Target

Compass Point, the Wall Street research and banking firm, has initiated coverage of Bullish (BLSH), the parent company of CoinDesk, assigning a neutral rating and setting a $45 price target.

Analyst Ed Engel cited concerns over the stock’s valuation and timing for U.S. market entry, despite noting that Bullish’s low-fee structure could allow it to gradually gain market share from Coinbase (COIN).

“We see limited prospects for Bullish entering the U.S. market until the CLARITY Act is passed,” Engel wrote. The legislation, which clarifies regulatory jurisdiction between the CFTC and SEC, is unlikely to be enacted until early 2026.

Even after potential federal approval, New York’s BitLicense regime could present regulatory hurdles. Bullish’s model—allowing it to function as its own market maker via an automated market maker (AMM)—may raise conflict-of-interest concerns.

Engel highlighted that a better entry point for investors may appear within 1–2 quarters, given the stock’s current 110x multiple on projected 2026 EBITDA.

Bullish holds a $2.7 billion crypto treasury, primarily in bitcoin (BTC), tying the stock’s performance to BTC price movements and volatility.

The $45 price target assumes bitcoin reaches $160,000 and incorporates a 50% probability that Bullish successfully enters the U.S. market—an expansion that could contribute approximately $12 per share in value.

Bullish went public in August at $37 per share, spiking to $68 on its first trading day. Shares were down 4.6% Wednesday to $59.20.