Wall Street banking and research firm Compass Point has initiated coverage of crypto platform Bullish (BLSH), the parent company of CoinDesk, with a neutral rating and a $45 price target.
Despite a belief that Bullish’s lower fee structure could help it chip away at Coinbase’s (COIN) U.S. market share in the future, the analyst Ed Engel cited concerns about the timing as well as the stock’s valuation.
“We have a hard time seeing Bullish entering U.S. markets until Congress passes market structure legislation (i.e. the CLARITY Act),” Engel wrote. The CLARITY ACT, a bill aiming to clarify jurisdiction between the CFTC and SEC, however, might not be passed until the first half of 2026.
Even then, New York’s notoriously strict BitLicense regime could pose a hurdle, according to Engel. Regulators may be wary of Bullish’s model, which allows the company to act as its own market maker via its automated market maker (AMM) — a setup that could raise conflict-of-interest concerns,
We współpracy z: https://www.coindesk.com/markets/2025/09/03/bullish-s-usd45-target-from-compass-point-hinges-on-btc-hitting-usd160k-u-s-expansion-odds
