ClearStreet Upgrades Bullish to Buy Amid Global Growth and U.S. Expansion – 11/11/2025
ClearStreet analyst Owen Lau upgraded Bullish (BLSH) to Buy from Hold, citing rising market share, new product offerings, and improving sentiment, even as he lowered the price target slightly from $60 to $57.
Bullish’s global crypto spot trading share jumped from 2.1% in Q3 to 3.7% in November, taking volume from competitors Bitget, Bybit, and Gate, while October trading volume rose 70% from the prior quarter’s monthly average.
The exchange recently launched options trading and entered the U.S. market with a BitLicense. Its hybrid model combining a traditional order book and automated market maker aims to provide deep liquidity for retail and institutional traders. Lau forecasts recurring revenue could climb from 28% of total sales in 2024 to 70% by 2027.
Despite a 21% decline since late October, Lau described the sell-off as “overdone,” noting strong blockchain fundamentals. Forward EV/EBITDA multiples have reset to 25x, with revenue expected to grow 25% annually through 2027, outpacing Coinbase.
He added that the U.S. government reopening could boost sentiment and support crypto regulations like the Clarity Act, while cautioning that rising rates, competition, and token volatility remain risks.
Bullish also owns CoinDesk.
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