Rosenblatt Securities reiterated a buy rating on Bullish (NYSE: BLSH) Thursday, while lowering its price target from $55 to $52.
Analyst Chris Brendler attributed the recent stock underperformance to an impending IPO lock-up expiration rather than business fundamentals. He expects the stock to remain under pressure in the near term but “viewed further lock-up related weakness as an opportunity.”
When the IPO lockup ends on February 9, 2026, the event will flood the market with approximately 115 million shares against Bullish’s current float of roughly 40 million.
Brendler noted the stock lost its post-IPO premium and now trades at a slight discount to peers. Shares of the cryptocurrency exchange rose 5% year-to-date in 2026. This performance trails the 11% increase in bitcoin and gains of over 20% observed across most crypto equities.
The analyst stated the institutional-only model shields the exchange from extreme volatility from the cyclical nature of the retail trading business. Trading volumes at Bullish declined only 22% in December month-over-month compared with Coinbase’s 40% month-over-month decrease.
The firm adjusted its 2025 EBITDA to $94.8 million from $106.0 million. The revised $52 price target reflects a 20x multiple on projected 2028 adjusted EBITDA.
The next revenue driver is Bulish’s launch in the US, Rosenblatt wrote. On top of that, the exchange would benefit from expected crypto market structure legislation in the first half of 2026.
Header image by Robb Miller via Unsplash.
