Bernstein believes Bullish will become the second largest institutional cryptocurrency exchange after Coinbase

Bernstein has followed Bullish for the first time, giving it a $60 price target and a “equal to the market” rating, citing the company’s expertise in institutional exchanges and its potential to be the second largest cryptocurrency exchange after Coinbase. The company expects Bullish to account for 8% of U.S. institutional spot trading volume by 2027, with revenue expected to grow from $213 million in 2024 to $377 million in 2027. Analysts warn that investors are awaiting evidence of successful execution of the U.S. market, given the stock's valuation premium, 28 times the expected EBITDA in 2027.