The KBW investment bank launched a bull’s coverage (BLSH)Owner of Coindesk, with a market performance note and a price target of $ 55, qualifying a rare public play on an exchange of a highly regulated crypto-premium institution.
The bank considers the expansion of the United States to the short term as a growth catalyst, with the differentiated technological battery of Bullish, the competitive costs and the deep liquidity positioning it to gain market share.
Bullet regulatory imprint, with licenses in Germany (Consinability micar)Hong Kong and Gibraltar, attracted institutional traders and allowed a world command book connecting Asian and European markets, wrote analyst Bill Papanastasiou.
KBW also highlighted Bullish’s work with Gibraltar regulators on a completely compatible crypto exchange center as a credibility as a market infrastructure provider.
Beyond the negotiation, Bulnish has diversified its income through the acquisitions of Coindesk and CCData, creating recurring flows of data, indices and liquidity services, which KBW expects that it represents more than 40% of income from the 2010 financial year. The Coindesk platform also offers optionality to reach detail users, which carry higher margins.
The bank sees the gains of American market share thanks to the lower print rates of Bullish (1.6 SBPS against ~ 3bps for Coinbase) and strong liquidity.
An approval from New York Bitlidense remains a key step, but KBW expects a national deployment anyway.
Although the evaluation maintains the neutral rating for the moment, the analyst has noted the upward potential if the bull’s bull performs his expansion plans and capitalizes on the commitment of retail.
Actions were negotiated at around $ 51.81 at the time of publication.
Find out more: Wall Street considers American entry as a catalyst for the next Street
