Bernstein: If Bullish launches US operations by the end of 2026, it may become the second largest institutional exchange after C
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最新报道：According to DL News, Bernstein's latest research, covering Bullish for the first time, includes a "Market Perform" rating and a $60 price target, implying a 15% upside from Friday's closing price. Despite the company's successful $1 billion initial public offering on the New York Stock Exchange in August, its services are not yet available to US clients. Bernstein analysts noted, "If Bullish successfully launches its US operations by the end of 2026, it is expected to become the second-largest institutional exchange after Coinbase. Once launched, Bullish could contribute 11% of total US trading volume and 10% of trading revenue." Bernstein projects that the institutional cryptocurrency trading market will more than triple from $5 billion in 2024 to $18 billion in 2030, with the US market share jumping from 7% to 20%. Bernstein values Bullish at 34 times its projected 2027 EBITDA (higher than competitors Coinbase and Robinhood), and predicts that by 2027, the company will capture 8% of US spot trading volume and 4% of the overall institutional market share.
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