Bullish (BLSH) shares climbed after a string of positive analyst notes and a key regulatory approval that together eased investor concerns and highlighted momentum following the exchange’s recent IPO. Wall Street attention intensified after second-quarter results modestly beat expectations and the New York Department of Financial Services (NYDFS) granted a BitLicense, removing a major regulatory overhang and improving confidence heading into fiscal 2026.

Citi raised its price target on Bullish to $70 from $66, citing the BitLicense clearance and what it called an accelerating Subscription, Services and Other (SS&O) growth pipeline—an inflection Citi links in part to IPO-driven momentum. The bank reiterated a buy rating and pointed to the company’s attractive operating leverage as a key upside driver.

Broker Canaccord described Bullish’s first reported quarter as a strong public debut that met high market expectations. In the month since going public, the exchange secured the BitLicense, showed encouraging quarter-to-date pricing trends for Q3, and continued scaling its subscription services business. Canaccord noted Bullish is on track to launch options trading in Q4 and has already raised Q3 guidance above consensus. The broker nevertheless views current forward estimates as conservative: trading-volume models do not assume any spot market appreciation, and contributions from the U.S. business and options rollout are being modeled with cautious timelines. Canaccord kept a buy rating and an unchanged $68 target.

Investment bank KBW flagged the BitLicense and Money Transmission License wins as positive for near-term U.S. platform expansion, including access to New York state. At the same time, KBW cautioned Bullish faces substantive challenges building brand recognition in new markets dominated by long-established exchange operators, and maintained a market-perform stance.

• Citi: price target raised to $70 (from $66); reiterated buy; highlighted SS&O acceleration and operating leverage.
• Canaccord: strong public debut; BitLicense secured; Q3 pricing trends and subscription scaling encouraging; options trading planned for Q4; buy, $68 target.
• KBW: noted regulatory wins (BitLicense, Money Transmission License) support U.S. expansion but warned of branding and competition challenges; market-perform.

“The BitLicense removal of a major regulatory overhang, coupled with modest beat in Q2 and IPO-driven momentum, has shifted the analyst conversation — but scale and sustained market-share gains will take time.”

The mixed analyst landscape underscores both the immediate regulatory and revenue wins for Bullish and the longer path to sustained market share growth as it scales product offerings and builds its U.S. presence.