Clear Street starts Circle, Bullish with Hold ratings on valuation limits

Investing.com -- Clear Street began coverage of Circle Internet Group and Bullish with Hold ratings, saying both crypto firms are well positioned in their markets but already trade at demanding valuations.

Analysts set a $135 price target on Circle, the issuer of USD Coin, and $60 on Bullish, a crypto exchange expanding into financial services.

On Circle, analysts said the company’s USDC stablecoin, with 25% global market share, benefits from network effects and a neutral position among issuers.

They see stablecoins as a proven use case in digital finance, with potential to expand global access to the dollar and streamline payments.

But with Circle shares up more than 300% since its June IPO and trading at 49 times 2026 enterprise value to EBITDA, Clear Street said it prefers to wait for a better entry point.

Regulatory support, including the Trump administration’s pro-crypto stance and new legislation such as the GENIUS and CLARITY Acts, could drive further adoption, the brokerage said.

For Bullish, Clear Street called the exchange a “rising star” with a strong management team and one of the most compliant platforms in the sector.

It said Bullish’s shift toward subscription and liquidity services should help reduce earnings volatility, but the 54% rise in shares since its August IPO leaves limited upside.

Bullish’s strategy to build a global order book and deepen liquidity, along with U.S. expansion via a BitLicense, could support long-term growth, the note said.

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