Jim Cramer on Bullish: "The Company is as Frothy as it Gets"

Bullish (NYSE:BLSH) is one of the stocks to watch as Jim Cramer looked at market rationality. Cramer discussed the company’s during the episode, as he commented:

“But how about the froth we never stop hearing about?… Yesterday, an outfit called Bullish came public. I find that name in itself irrational. You don’t name a company bullish when a bear market could always be in the offing, and at some point, there will be a bear market. It’s like putting a target on your back. I know that Bullish is meant to be the institutional version of Coinbase, a cryptocurrency exchange for the big boys.

Of course, this kind of thing should have been done by a national bank; we all know. How about a JPMorgan? But uh-uh, they missed out. They were too worried about a future regulatory crackdown that never came. Call them not visionaries. Bullish had an explosive gain right out of the gate yesterday, and even though it pulled back from its highs, it rallied another 10% today.

Problem is, the documents indicate that Bullish plans to prioritize stablecoins on the Solana network, a cryptocurrency that few people use. Why? To make Solana go up because it wants the currency to be well-known. Who knows? Irrational. Bullish, the company is as frothy as it gets.”

Bullish (NYSE:BLSH) runs a digital asset exchange that combines order book trading with automated market making to provide liquidity. It also offers CoinDesk indices, market data, analytics, and a media platform covering crypto and blockchain.

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Disclosure: None. This article is originally published at Insider Monkey.