Wall Street bank Citi (C) has raised its price target on Bullish (BLSH), the owner of CoinDesk, to $70 from $66 after the crypto exchange’s second quarter results came in slightly ahead of expectations.

The long-anticipated NYDFS BitLicense approval removes a key regulatory overhang, strengthening investor confidence heading into FY 2026, Citi said.

But the biggest surprise, according to the bank, was Bullish’s accelerating Subscription, Services and Other (SS&O) growth pipeline, an inflection it attributes in part to momentum from the firm’s recent IPO.

Citi reiterated its buy rating, citing the firm’s «highly attractive operating leverage.»

Meeting high expectations

Broker Canaccord said Bullish had delivered a strong debut as a public company, meeting high expectations in its first reported quarter post-IPO.

In just a month since going public, the exchange has made meaningful strides, including securing the coveted BitLicense from the New York Department of Financial Services (NYDFS), showing solid quarter-to-date pricing trends in Q3, and continuing to scale its subscription services business, the report said.

The broker noted that Bullish is also on track to launch options trading in Q4 and has already raised its Q3 guidance above Wall Street’s estimates.

Despite the early momentum, Canaccord believes current forward estimates remain conservative. Trading volume assumptions do not yet price in any spot market appreciation, and projected contributions from the U.S. business and options rollout reflect cautious timelines.

Canaccord reiterated its buy rating and unchanged $68 target.

Investment bank KBW said it viewed the BitLicense and Money Transmission License wins as positive for «near-term platform expansion into the United States with the inclusion of New York state.»

That said, Bullish still faces significant challenges in building brand recognition in new markets, where established players have long provided turn-key exchange solutions, KBW said.

The bank maintained its market perform rating on Bullish shares and $55 price target.

Bullish shares were up over 8%, trading around $58.18 at publication time.

Read more: Wall Street Sees U.S. Entry as Catalyst for Bullish’s Next Leg Up