BitGo Plans IPO: What to Expect and Potential Stock Reactions.

Written by Emily J. Thompson, Senior Investment Analyst

BLSH-1.95%

GLXY-3.32%

FRMI-3.11%

Source: Barron's

Updated: 6d ago

0mins

Source: Barron's

Bitcoin Price Volatility: The price of Bitcoin continues to experience significant fluctuations.
Crypto Companies Going Public: Despite the volatility, crypto-related companies are actively pursuing public offerings this year.

BLSH

$38.25+Infinity%1D

Analyst Views on BLSH

Wall Street analysts forecast BLSH stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BLSH is 54.00 USD with a low forecast of 45.00 USD and a high forecast of 67.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

7 Analyst Rating

5 Buy

2 Hold

0 Sell

Moderate Buy

Current: 39.010

Low

45.00

Averages

54.00

High

67.00

Current: 39.010

Low

45.00

Averages

54.00

High

67.00

Citi

Buy

downgrade

$77 -> $67

Al Analysis

2025-12-21

Reason

Citi

Price Target

$77 -> $67

Al Analysis

2025-12-21

downgrade

Buy

Reason

Citi lowered the firm's price target on Bullish (BLSH) to $67 from $77 and keeps a Buy rating on the shares. The firm updated valuation multiples in the digital assets group but remains positive on the sector into 2026. Citi still believes legislative reform will serve as a catalyst for the stocks. Circle Internet (CRCL) remains its top pick.

Canaccord

Buy

downgrade

$68 -> $50

2025-11-24

Reason

Canaccord

Price Target

$68 -> $50

2025-11-24

downgrade

Buy

Reason

Canaccord lowered the firm's price target on Bullish to $50 from $68 and keeps a Buy rating on the shares. The firm said they remain quite buullish on Bullish as they made stellar progress again in Q3 in terms of business model expansion and innovative strategies around TAM expansion, all while delivering stellar margins. Canaccord continues to believe its forward estimates are conservative, as they have built in very little to transaction volumes coming from the launch of the US business and options trading.

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Clear Street

Buy

maintain

$57

2025-11-20

Reason

Clear Street

Price Target

$57

2025-11-20

maintain

Buy

Reason

Clear Street recommends buying the post-earnings selloff in shares of Bullish. The shares sold off on weaker crypto prices and the Q4 revenue guidance, the analyst tells investors in a research note. However, Clear views the results as "mis-characterized," saying Bullish's fundamentals have improved on market share gains in spot trading and continued blockchain adoption. It keeps a Buy rating on the shares with a $57 price target.

JPMorgan

Neutral

downgrade

$46 -> $45

2025-11-20

Reason

JPMorgan

Price Target

$46 -> $45

2025-11-20

downgrade

Neutral

Reason

JPMorgan lowered the firm's price target on Bullish to $45 from $46 and keeps a Neutral rating on the shares. Q3 results were solid as liquidity services growth was strong and the transaction business is expected to improve in Q4, the analyst tells investors in a research note. The firm added it lowered is price target on the shares to better account for interest income on stablecoins.

About BLSH

Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services. The Company is focused on providing products and services that are designed to help institutions grow their businesses, empower individual investors, and drive the adoption of stablecoins, digital assets, and blockchain technology. It operates two primary business lines: media and events. Its media business delivers news and information on the digital assets industry. Its media business operates through CoinDesk.com. Its events business gathers the global digital asset, blockchain, and Web3 communities at annual events, such as Consensus. It provides trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through its flagship Consensus conference. The Company offers its services under the Bullish and CoinDesk brands.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.