11:16 AM EDT, 09/08/2025 (MT Newswires) -- Bullish's (BLSH) unified global order book strategy, expanding subscriptions and services revenue stream, and globally compliant exchanges collectively differentiate its platform and help mitigate risk, Oppenheimer said in a report Monday.

The brokerage initiated coverage of Bullish with a perform rating and projects mid-teens revenue growth through 2027, driven by blockchain adoption, regulatory clarity and the cryptocurrency exchange's planned US entry, the report said.

Adjusted earnings before interest, taxes, depreciation, and amortization margins are expected to rise from 24% in 2024 to 41% by 2027, with a three-year adjusted EBITDA compound annual growth rate of 39%, reflecting the scalability of Bullish's technology.

Bullish's acquisitions of CoinDesk and CCData have helped subscriptions and services expand from 12% of revenue in 2023 to an estimated 43% in 2025, providing a hedge against volatile trading. The exchange also holds Tier 1 licenses across Europe, the US and Asia, including approvals from Germany's BaFin under the EU's MiCA framework.

However, with shares up 36% since its IPO and trading at 50 times 2026 estimated EBITDA, well above Coinbase's 22 times multiple, analysts at Oppenheimer said they prefer to remain on the sidelines until a more compelling entry point emerges.

Shares of the company were down 2.4% in recent Monday trading.

Price: 50.89, Change: -1.47, Percent Change: -2.80