Wall Street is Sizing Up Recent Crypto IPO Bullish. Some Analysts Are Lukewarm.

Core Insights - Bullish's shares are currently trading above their IPO price of $37 but below the initial trading price of $90, indicating a cooling off since the IPO [4][9] - Analysts from Citi, Jefferies, and Oppenheimer have initiated coverage on Bullish, with mixed ratings reflecting concerns over valuation despite recognizing the company's institutional focus [3][9] Company Overview - Bullish operates a digital asset platform and owns the crypto news publication CoinDesk, positioning itself uniquely in the market [9] - The company has multiple growth avenues, including its digital asset platform and media operations, which are seen as complementary [5][6] Analyst Ratings - Jefferies has given Bullish a "Hold" rating with a price target of $49, while Oppenheimer has a "Perform" rating, both citing valuation concerns [5][9] - Citi has taken a more optimistic stance with a "Buy" rating and a price target of $66, viewing Bullish as well-positioned to benefit from upcoming digital asset reforms and increased institutional involvement in crypto [8][9] Market Context - The IPO of Bullish comes amid a wave of crypto firms entering public markets, with other notable upcoming debuts including Gemini Space Station and CoinShares [2][4] - Analysts believe that Bullish is at the center of the next wave of crypto growth, driven by institutional interest and market reforms [8][9]