Bullish (BLSH) PT Lowered to $41 at Compass Point

Compass Point analyst Ed Engel lowered the price target on Bullish (NYSE: BLSH) to $41.00 (from $56.00) while maintaining a Neutral rating.

The analyst commented: "BLSH is trading near its 8/13 IPO price despite the Street's 2026E EBITDA increasing 52% since initiating. BLSH currently trades at 28x our 2026E EBITDA vs 36x EPS (our 2026E EBITDA is 5% below Consensus). Near-term, we remain cautious on crypto markets, particularly Altcoins and retail trading; however, BLSH's institutional focus and BTC holdings ($12/share) can provide cleaner exposure to rebounding crypto prices. We reduce our PT to $41 (-$15) while reiterating our Neutral rating alongside concerns of elevated Street forecasts and decelerating Subscription & Services revenue. However, sustained momentum from BLSH's trading business could make us more constructive."

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