The research and research firm of Wall Street Compass Point has started the Crypto Platform Bullish coverage (BLsh)The matrix company of Coindesk, with a neutral rating and an objective price of $ 45.
Despite the belief that Bullish’s lowest rates structure could help him get away in Coinbase’s (COIN) US market share in the future, analyst Ed Engel cited concerns about the moment and assessment of shares.
“We have difficulty seeing that the reach of US markets enters until Congress approves the market structure legislation (that is, the clarity law)“Engel wrote. The clarity law, a bill with the objective of clarifying the jurisdiction between the CFTC and the SEC, however, it might not be approved until the first half of 2026.
Even then, the notoriously strict Bitlicense regime of New York could raise an obstacle, according to Engel. Regulators can be cautious with the offilish model, which allows the company to act as its own market manufacturer through its automated market manufacturer (AMM) -A configuration that could raise conflict concerns, he said.
“We believe there could be a better purchase opportunity within 1-2 quarters,” Engel wrote, pointing out the current 110x multiple of the action in the projected Ebitda of 2026.
Bullish also has a cryptographic treasure of $ 2.7 billion, mainly in Bitcoin which links the performance of the action closely with the BTC price changes. That can be a double -edged sword, said Engel, remembering Bitcoin’s noticeable volatility.
The objective of $ 45 of Engel assumes that Bitcoin reaches $ 160,000 and includes a 50% probability that Bullish enters the US market. That possible expansion alone could add an estimated $ 12 per share in value, according to Engel.
Bullish became public in August to $ 37 per share and shot much higher before closing at $ 68 in its opening day.
The shares fell 4.6% on Wednesday at $ 59.20.
