Bullish Shares Plummet 12.53% on Surge in $360M Volume Ranks 288th Amid Regulatory Hurdles

On September 3, 2025, Bullish (BLSH) closed with a 12.53% decline, trading at $59.20 per share. The stock recorded a trading volume of $360 million, a 107.65% increase from the previous day, ranking 288th in market activity.

Wall Street firm Compass Point initiated coverage of Bullish with a neutral rating and a $45 price target. Analyst Ed Engel highlighted regulatory uncertainties as a key headwind, noting the company’s U.S. expansion could be delayed until 2026 due to pending legislation like the CLARITY Act. He also raised concerns about New York’s BitLicense regime and potential regulatory scrutiny of Bullish’s automated market maker (AMM) model, which could conflict with market fairness standards.

The analyst emphasized the stock’s high valuation, trading at 110x 2026 projected EBITDA, and suggested a potential entry point may emerge within one to two quarters if valuations normalize. Bullish’s performance remains closely tied to its $2.7 billion crypto treasury, predominantly in Bitcoin, which exposes the stock to cryptocurrency price volatility. Engel’s $45 target assumes Bitcoin reaches $160,000 and a 50% chance of U.S. market entry, which could add an estimated $12 per share in value.

Bullish’s valuation currently exceeds its IPO price by 68%, despite its focus on institutional clients outside the U.S. The firm’s business model integrates a central limit order book with AMM technology to provide liquidity, while its CoinDesk Indices and data services aim to bridge digital and traditional finance markets.

The $45 price target incorporates assumptions about regulatory clarity and Bitcoin price dynamics. Historical trading patterns indicate the stock remains sensitive to macroeconomic and crypto market movements, with its 2026 EBITDA multiple suggesting elevated growth expectations.