ClearStreet Upgrades Bullish to Buy on Global Growth and U.S. Expansion – 11/11/2025
ClearStreet analyst Owen Lau raised Bullish (BLSH) to Buy from Hold, citing the platform’s growing market share, new product launches, and improving sentiment, even as he lowered the price target slightly from $60 to $57.
Bullish’s share of global crypto spot trading increased from 2.1% in Q3 to 3.7% in November, taking volume from competitors Bitget, Bybit, and Gate. October trading volume rose 70% from the prior quarter’s monthly average, supported by post-IPO credibility and product expansion.
The platform recently launched options trading and entered the U.S. market with a BitLicense, combining a traditional order book with an automated market maker to deliver liquidity for retail and institutional traders. Lau expects recurring revenue to rise from 28% of total sales in 2024 to 70% by 2027.
Despite a 21% stock decline since late October, Lau called the sell-off “overdone,” noting blockchain fundamentals remain strong. Forward EV/EBITDA multiples have reset to 25x, and revenue is projected to grow 25% annually through 2027, outpacing Coinbase.
Lau added that the U.S. government reopening could boost sentiment and pave the way for regulations like the Clarity Act, though rising rates, competition, and token volatility remain risks.
Bullish is also the owner of CoinDesk.
