Wall Street Banking and research firm Compass Point has begun reporting on Crypto Platform Bullish (BLSH), the parent company of Coindsk.
Despite the idea that Bullish’s low fee structure would help reduce Coinbase (Coin)’s US market share in the future, analyst Engel cited concerns about timing and stock valuation.
“Until Congress passes market structure laws (i.e., clear laws), we have a hard time seeing bulls enter the US market,” Engel writes. However, the Clarity Act, a bill aimed at clarifying jurisdiction between the CFTC and the SEC, may not be passed until the first half of 2026.
Still, according to Engel, New York’s strict Bit Responsibility regime could pose a hurdle. Regulators may be wary of Bullish’s model. This allows the company to act as its own market maker through an automated market maker (AMM).
“I think there will be better buying opportunities within a quarter or two,” Engel writes, pointing to a current 110x multiple of EBITDA’s 2026 forecast stock.
Bullish also owns a $2.7 billion cryptocurrency ministry, primarily in Bitcoin BTC$112,115.89closely links stock performance to BTC price fluctuations. It could be a double-edged sword, Engel said, reminding him of Bitcoin’s infamous volatility.
Engel’s $45 target assumes Bitcoin will reach $160,000, including a 50% chance of bullishness entering the US market. According to Engel, that potential expansion alone could add an estimated $12 per share.
Bullish went public at $37 per share in August and was shot sharply high before closing at $68 on the opening day.
Stocks fell 4.6% on Wednesday to $59.20.
