Core Viewpoint - KBW initiated coverage of Bullish (BLSH), CoinDesk's owner, with a market perform rating and a $55 price target, highlighting it as a unique public investment opportunity in a regulated crypto exchange space [1] Group 1: Market Position and Growth Potential - Bullish's differentiated technology, competitive fees, and deep liquidity are expected to enhance its market share, particularly with near-term U.S. expansion as a growth catalyst [1][3] - The company has a regulatory presence in Germany, Hong Kong, and Gibraltar, attracting institutional traders and enabling a global order book that connects Asian and European markets [2] - Bullish's lower take rates (1.6bps compared to approximately 3bps for Coinbase) and strong liquidity position it favorably for U.S. market share gains [3] Group 2: Revenue Diversification and Future Outlook - Bullish has diversified its revenue streams through acquisitions of CoinDesk and CCData, with expectations that these will contribute over 40% of revenue by FY27 [3] - The CoinDesk platform provides opportunities to engage retail users, which typically yield higher margins [3] - A New York BitLicense approval is a significant milestone, but KBW anticipates a national rollout regardless, indicating potential upside if Bullish successfully executes its expansion plans [4]