PANews reported on September 8th that, according to DL News, Bernstein's latest research included Bullish stock for the first time, assigning it a "Market Perform" rating and a $60 price target, implying a 15% upside from Friday's closing price. Although the company successfully completed a $1 billion initial public offering on the New York Stock Exchange in August, its services are not yet available to US clients. Bernstein analysts noted, "If Bullish can successfully launch its US operations by the end of 2026, it is expected to become the second-largest institutional exchange after Coinbase. Once launched, Bullish will contribute 11% of the US market's total trading volume and 10% of its trading revenue."

Bernstein predicts that the institutional cryptocurrency trading market will more than triple from $5 billion in 2024 to $18 billion in 2030, with the U.S. market share jumping from 7% to 20%. Bernstein values Bullish at 34 times its projected 2027 EBITDA (higher than competitors Coinbase and Robinhood), predicting that by 2027, the company will capture 8% of U.S. spot trading volume and 4% of the overall institutional market share.