Canaccord Genuity has reaffirmed its Buy recommendation on Bullish (NYSE: BLSH) and maintained a $50.00 price target, noting the crypto exchange's ongoing business expansion and solid margins reported for the fourth quarter. The shares are trading at $24.90, a level that is close to the company's 52-week low of $24.79 and implies roughly 101% upside to the analyst's target.
A key element of Canaccord's positive view is Bullish's options platform, which launched in the third quarter and has quickly become a notable competitor in the global market. The firm says the options product is creating a flywheel effect: customers who begin trading options are increasingly participating in spot and perpetual futures markets on the same platform. That cross-product activity helped support an overall revenue increase of 49.7% over the last twelve months.
Liquidity services have also been a growth vector for Bullish. The company has landed significant clients, including Fidelity, which is contributing to circulation growth in the token identified as $FIDD and generating retail trade flow for the exchange. These client wins have supported Bullish's commercial momentum across multiple product lines.
Bullish's U.S. operations are reportedly accelerating after the company secured a BitLicense from the New York Department of Financial Services (NYDFS). The license is positioned by the company as a foothold that could enable participation in an expanding market tied to tokenization of real-world assets.
Management has highlighted revenue diversification as a strength amid volatile crypto markets. More than half of Bullish's revenue is generated from subscription and service-based offerings, which the company says provides stability while trading volumes recover. Management also reports that trading activity is re-emerging.
Recent operational metrics underscore activity on the platform: Bullish reported total trading volume of $80.8 billion for November 2025, of which spot trading represented $75.3 billion. Bitcoin trading accounted for $38.4 billion of the total volume.
Market analysts have shown differing views on valuation and near-term prospects. Rosenblatt adjusted its price target for Bullish to $39, while maintaining a Buy rating and citing concerns about the cryptocurrency market even as it acknowledged recent strong results. Separately, JPMorgan lowered its price target to $42 and holds a Neutral rating, projecting adjusted diluted earnings per share of $0.15 and adjusted EBITDA of $38 million for Bullish in the fourth quarter of 2025. The reporting also notes that Rosenblatt previously lowered a price target to $52, attributing part of the share underperformance to an impending IPO lock-up expiry.
In corporate developments, Bullish announced the appointment of Jay Yarow as President of CoinDesk Insights. The company indicated that Yarow will draw on his editorial and digital media experience in the new role.
Taken together, the sustained product expansion, client additions, licensing progress in the U.S., and subscription-based revenue mix are central to Canaccord Genuity's decision to keep a Buy rating on Bullish and retain a $50.00 target. At the same time, analysts and investors continue to weigh market volatility, valuation differentials, and near-term trading dynamics when assessing the stock.