Wallstreet Profit Search
Buy Recommendation: BLSH
Recent Price Range: US $48–53
Target: Potential Short Term Trade and Mid-to-Long-Term Hold
We are issuing a buy recommendation for Bullish (NYSE: BLSH).
BLSH, the digital asset institutional trading platform and owner of “Coindesk” went public on August 13.
Peter Thiel (PayPal founder) is one of the main backers of the Company. His backing of Bullish aligns with this long-held perspective, demonstrating his belief that the crypto market is maturing and that institutional adoption is a key trend to capitalize on.
On the first day of trading, the Cayman Islands based cryptocurrency institutional trading company hit US $90 per share from an IPO pricing of US $37 a share. Trading has since dropped back to a low of just under US $48, and it has found interim support right around the US $50–52 price level.
Bullish principals Brendan Blumer and Tom Farley celebrate the IPO on Wall Street.
Things have been quiet for one reason — we are in the SEC mandated “quiet period” which is over September 22, 2025 (approximately 8 trading days from now).
With US $1 Billion in offering proceeds, and pre-offering assets including US $3.5 Billion in Bitcoin, Etherium and various stablecoins (stablecoins are backed by assets held in reserve and maintain stable values), BLSH is well positioned to challenge Coinbase for the institutional trading market.
While BLSH is not yet registered to transact business in the US, BLSH is in process of picking up licenses in attractive jurisdictions such as Hong Kong and Germany, and some sources expect New York to follow during 2025.
Brokerage firms, banks and asset managers are all moving into the crypto space and BLSH is uniquely positioned to profit from this evolution of world markets into cryptocurrency assets.
BLSH is targeted by different analysts to acquire 11% of total trading volume and 10% of the US transaction market once the US market is properly launched.
For point of reference, the current institutional trading market is approximately US $5 Billion and is forecast by some sources to hit US $18 Billion by 2030, and the US market share to hit 20% by 2030 (currently at 7%).
For those of you unfamiliar with Grand Cayman and the Cayman Islands, they are one of the most sophisticated Financial Centers in the World, and they have heavily embraced the cryptocurrency industry. I have worked with Financial Firms in Grand Cayman since 1994 and the growth and sophistication of the Cayman Financial Services Industry over the past 30 years is nothing short of incredible.
We see BLSH as a potential short term trade (the end of their quiet period on September 22, and the next Fed Rate announcement to be September 16 with the policy statement following on September 17).
Whether or not the short term aspect is realized we believe that BLSH is a strong mid to long term hold and recommend accumulation at levels of US $50–55.
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Dave Jones
Publisher, Wall Street Profit Search.