Bernstein: If Bullish starts U.S. business by the end of 2026, it may become the second largest institutional exchange after Coinbase

PANews reported on September 8 that according to DL News, Bernstein's latest research covers Bullish stock for the first time, giving it a "market performance" rating and a target price of $60, implicitly 15% upside from last Friday's closing price. Although the company successfully completed a $1 billion IPO on the New York Stock Exchange in August, its services have not yet been opened to U.S. customers. "If Bullish can successfully launch its U.S. business by the end of 2026, Bullish is expected to become the second largest institutional exchange after Coinbase. Once launched, Bullish will contribute 11% of the total trading volume and 10% of the trading revenue in the U.S. market," analysts said. Bernstein predicts that the size of the institutional cryptocurrency trading market will grow from $5 billion in 2024 to $18 billion in 2030, an increase of more than triple, with the U.S. market share jumping from 7% to 20%. Bernstein valued Bullish at 34 times the EBITDA in 2027 (higher than competitors Coinbase and Robinhood), and expected that by 2027, the company will account for 8% of U.S. spot trading volume and 4% of overall institutional market share.