TechFlow, November 21 — According to The Block, JPMorgan analysts maintained a "neutral" rating on cryptocurrency exchange Bullish (BLSH) in a Thursday stock research report, slightly lowering the December 2026 price target from $46 to $45. This adjustment primarily reflects the removal of stablecoin promotion revenue expected from the company's $1.2 billion IPO proceeds.
Bullish delivered strong Q3 results, with revenue reaching $77 million and adjusted EBITDA at $29 million, both exceeding market expectations. Analysts noted that despite declining market capitalization, rising market volatility in Q4 is driving higher trading volumes, creating a "more constructive" trading environment for Bullish. The company also launched options trading earlier than expected and continues attracting U.S. institutional clients following its receipt of the New York BitLicense.
