Bullish, backed by Peter Thiel, is set to challenge Coinbase in the institutional crypto market with $3.5 billion in assets. Bernstein predicts a 15% upside for Bullish stock, contingent on the successful launch of its US business by 2026. The company is aiming to be the second largest institutional exchange in the US.

Bullish recently completed a $1 billion IPO, but its services are not yet available to US customers. Bernstein analysts forecast that Bullish will account for 11% of total volumes and 10% of transaction revenue in the US market once launched. They predict the institutional crypto trading market will triple by 2030.

Valued at 34 times 2027 estimated EBITDA, Bullish is expected to capture 8% of US spot volumes and 4% of overall institutional market share by 2027. The company is following Coinbase’s compliance-first model by acquiring licenses in key jurisdictions. Regulatory tailwinds are attracting traditional financial players to digital assets.

Bullish, owner of CoinDesk and indices with $41 billion in assets, is diversifying beyond trading. Subscription revenue from data, indices, and liquidity services is projected to triple by 2027, constituting 39% of total revenue. Derivatives, particularly crypto futures, are anticipated to drive future growth in the US market.

Read more at Yahoo Finance: Bullish will be the ‘second largest’ institutional exchange after Coinbase if it does one thing, Bernstein says