As we progress through 2025, Wall Street is increasingly scrutinizing the wave of cryptocurrency companies entering the public markets. One such company, Bullish (BLSH), has recently attracted attention from analysts, though the responses have been somewhat tempered. Analysts from major financial institutions, including Citi, Jefferies, and Oppenheimer, have initiated coverage of Bullish, recognizing the firm’s institutional focus as a key differentiator in a crowded market. However, the initial excitement surrounding its oversubscribed IPO and subsequent trading spike has made some analysts cautious about its valuation.
Bullish’s shares debuted at a staggering $90 in mid-August but have since experienced a decline, trading at just over $50 by the close of Monday, reflecting a drop of more than 4%. Despite this downturn, the stock remains above its IPO price of $37, indicating a level of resilience in a volatile market.
Looking ahead, the cryptocurrency sector is poised for further developments, with notable upcoming debuts. The Gemini Space Station, founded by the Winklevoss twins, is set to commence trading on the Nasdaq exchange this Friday. Additionally, European asset manager CoinShares has announced its plans to go public through a special purpose acquisition company (SPAC), Vine Hill Capital Investment (VCIC), with the merger expected to close by the end of the fourth quarter of 2025.
In terms of Bullish’s market position, Jefferies has rated the company as a “Hold,” while Oppenheimer has given it a “Perform” rating, both reflecting a neutral stance. Analysts from these firms have noted the company’s potential for growth through various avenues, including its digital asset platform and media operation, CoinDesk.
“While the businesses are distinct, they are also complementary,”
stated Oppenheimer analyst Rayna Kumar.
Furthermore, Jefferies’ Daniel Fannon emphasized that Bullish is “actively leveraging cross-sell opportunities” to enhance its service offerings. Institutional trading customers are being provided with premium data and analytics packages, while attendees of its Consensus conference are targeted to utilize Bullish’s trading ecosystem. He added,
“This cross-pollination is expected to drive higher customer lifetime value, reduce churn, and foster higher growth.”
Jefferies has set a price target of $49 for Bullish shares.
In contrast, Citi’s analyst Peter Christiansen has taken a more bullish approach, initiating coverage with a “buy” rating and a price target of $66. Christiansen believes that Bullish is positioned at the forefront of the next crypto wave, ready to capitalize on the anticipated digital asset reform and increased participation from institutional investors and traditional financial firms.
“We see Bullish at the epicenter of this movement,”
said Citi in their analysis.
As the cryptocurrency landscape continues to evolve in 2025, the performance and strategic positioning of companies like Bullish will be critical to watch, especially as they navigate the complexities of public market expectations and investor sentiment.
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