Citi and Canaccord Praise Bullish’s IPO Debut and BitLicense, Driving Shares Higher

Bullish Shares Climb as Analysts Praise Q2 Results and BitLicense Approval

Wall Street is upbeat on Bullish (BLSH) after the crypto exchange’s strong second-quarter performance, citing growth in Subscription, Services & Other (SS&O), regulatory progress, and the upcoming launch of options trading.

Citi (C) raised its price target to $70 from $66, noting Q2 results slightly beat expectations. The recent NYDFS BitLicense approval removes a key regulatory concern, boosting confidence heading into fiscal 2026. Citi also highlighted Bullish’s accelerating SS&O growth, attributing some momentum to its recent IPO, and reaffirmed its buy rating.

Canaccord called Bullish’s IPO debut a success, highlighting robust pricing trends and subscription growth. With options trading expected in Q4 and raised Q3 guidance, Canaccord maintained its buy rating and $68 target.

KBW praised the regulatory wins for U.S. expansion but noted the challenge of building brand recognition against established exchanges. It maintained a market perform rating and $55 price target.

Shares rose over 8%, trading around $58.18.