Institutional adoption of crypto still looks early, but momentum is building, according to a Wednesday report from Wall Street bank JPMorgan.

Bullish’s (BLSH) August IPO and the passage of the GENIUS Act have sharpened focus on the sector, with regulatory clarity removing one of the biggest hurdles for large investors, wrote analysts led by Kenneth Worthington. Bullish is the parent company of CoinDesk.

Signs of engagement are emerging, the analysts continued. The Chicago Mercantile Exchange reported record institutional open interest in crypto derivatives, institutions now hold roughly a quarter of bitcoin ETPs and an EY survey showed that 85% of firms already allocate to digital assets or plan to in 2025, citing regulation as the key driver.

Ether (ETH) and solana (SOL) remain the primary ways to play this theme, JPMorgan said. Ether, which underpins most stablecoin activity, has rallied nearly 20% since GENIUS passed, while SOL is up 17%.

In equities, Bullish has become an institutional proxy. Shares have climbed 45% since its IPO, and the exchange could gain more traction if it secures a BitLicense later this year, the report added.

JPMorgan has a neutral rating on Bullish shares with a $50 price target. The stock was modestly higher on Wednesday at $54.50.

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