Bernstein: If Bullish launches US operations by the end of 2026, it may become the second largest institutional exchange after Coinbase

Bernstein's latest research inaugurates Bullish stock, assigning it a "Market Perform" rating and a $60 price target, implying a 15% upside from Friday's closing price. Despite the company's successful $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 successfully launches its US operations by the end of 2026, it is expected to become the second-largest institutional exchange after Coinbase. Once launched, Bullish could contribute 11% of total US trading volume and 10% of trading revenue."