Bullish Stock Surge: Citi and Canaccord Boost Price Targets After Strong IPO Performance and BitLicense Approval

Wall Street giant Citi (C) has increased its price target for Bullish (BLSH) to $70 from $66 following the crypto exchange's better-than-expected Q2 results. The long-awaited NYDFS BitLicense approval has eliminated regulatory concerns, boosting investor confidence for FY 2026. Citi highlighted Bullish's accelerating Subscription, Services and Other growth, reaffirming its buy rating due to the company's attractive operating leverage. Canaccord praised Bullish's strong public market debut, noting significant achievements including the coveted BitLicense, solid Q3 pricing trends, and scaling subscription services. The exchange is preparing for Q4 options trading and has raised Q3 guidance above Wall Street estimates. Canaccord maintains its buy rating and $68 target, suggesting current estimates remain conservative. KBW recognized the BitLicense as positive for U.S. expansion but noted challenges in building brand recognition against established competitors. KBW kept its market perform rating and $55 target. Bullish shares surged over 8% to $58.18 at publication time.