Bullish (BLSH) Declines 9.7% on Cautious Outlook

We recently published 10 Major Stocks Collapse. Bullish (NYSE:BLSH) is one of the worst performers on Thursday.

Crypto exchange Bullish dropped its share prices for a second straight day on Thursday, shedding 9.68 percent to end at $49.01 apiece after earning a cautious outlook from an investment firm.

In its market note, Compass Point gave the company a “neutral” rating with a price target of $45. The figure marked a 17-percent downside from its closing price prior to the report.

In its initial coverage of the stock, Compass Point said it does not expect Bullish (NYSE:BLSH) to enter the US market until Congress passes crypto market structure legislation, which could take until next year.

“We think there could be a better buying opportunity within 1-2 quarters,” Compass Point said, underscoring Bullish’s (NYSE:BLSH) current 110x multiple on 2026 projected EBITDA.

Bullish (NYSE:BLSH) debuted on the stock market on August 13, successfully raising $1.1 billion in fresh funds from the sale of 30 million shares or 19.9 percent of its total stock.

Bullish (NYSE:BLSH) joins the roster of publicly listed cryptocurrency exchange platforms, taking advantage of President Donald Trump’s favorable attitude towards the cryptocurrency industry.

Unlike most crypto exchanges, Bullish (NYSE:BLSH) primarily caters to institutional clients, offering spot trading, margin trading, and crypto derivatives, targeting the stable and recurring revenue stream that institutional investors provide.

While we acknowledge the potential of BLSH  as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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