According to Odaily Planet Daily, Bernstein analysts led by Gautam Chhugani believe Bullish will become the second-largest institutional-grade crypto exchange after Coinbase, assuming it successfully launches its US operations in 2026. They set an initial price target of $60 for the company and gave it a "Market Perform" rating, citing its experienced management team and strong advantages in operating institutional exchanges. The analysts believe Bullish's stake in the crypto media platform Coindesk could also serve as a springboard for the subsequent launch of a retail exchange. (The Block)