Bullish falls as IPO quiet period ends

Bullish

08/09/2025 15:16

** Shares of crypto exchange Bullish BLSH.N down 2.62% at $50.98

** Jefferies initiates coverage with a "hold" rating and a price target of $49

** Brokerage sees Bullish as a "compelling growth story" in institutional crypto trading, but says the stock trades well above peers such as Coinbase COIN.O and ICE ICE.N

** J.P.Morgan starts coverage with a "neutral" rating and $50 PT, citing strong management and growth potential in institutional crypto adoption

** BLSH, led by former NYSE president Tom Farley, runs an exchange offering spot crypto, futures and derivatives trading

** J.P. Morgan, Jefferies, and Citigroup are the lead underwriters for the IPO

** Following brokerages started coverage on BLSH:

Brokerage
Rating
PT
J.P.Morgan
Neutral
$50
Jefferies
Hold
$49
Bernstein
Market Perform
$60
Deutsche Bank
Hold
$51
Rosenblatt Securities
Buy
$60
Oppenheimer
Perform
-

 (Reporting by Rashika Singh and Akriti Shah in Bengaluru)

 ((Rashika.Singh@thomsonreuters.com;))