Bullish Surges 6.81% on EU License and Thiel Investment, But 499th Volume Rank Highlights Mixed Market Outlook

On September 5, 2025, Bullish (BLSH) closed up 6.81%, with a trading volume of $0.22 billion, ranking 499th in market activity for the day. The stock has seen mixed sentiment, driven by regulatory developments and analyst ratings.

Positive momentum emerged as Bullish Europe secured a Markets in Crypto-Assets Regulation (MiCA) license from Germany’s BaFin, enabling digital asset trading and custody services across the EU. The approval expands the firm’s regulatory footprint and aligns with broader market interest in crypto infrastructure. Additionally, Peter Thiel’s investment in Bullish resurfaced as a catalyst for overnight trading activity, signaling renewed institutional confidence.

However, caution persists. Compass Point initiated coverage with a “neutral” rating and a $45 price target, below the current share price. The firm highlighted regulatory delays in U.S. crypto legislation and Bullish’s 110x multiple on 2026 projected EBITDA as key risks. Meanwhile, the company announced plans to release second-quarter 2025 earnings on September 17, offering investors a near-term performance benchmark.

Bullish, a digital asset exchange catering to institutional clients, differentiates itself through spot trading, margin services, and derivatives. Founded in 2020 and headquartered in the Cayman Islands, the platform integrates market data tools like CoinDesk Indices and operates a media arm covering blockchain policy and technology.

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