Deutsche Bank initiated coverage on Bullish (NYSE:BLSH) with a Hold rating and a $51 price target, citing long-term growth potential balanced against near-term trading variability.

The analysts said Bullish was well-positioned to benefit from institutional and retail adoption of cryptocurrencies, with a synergistic business model, a regulatory-first strategy, and a management team experienced in traditional finance. They noted the firm could become a key outsourced provider of crypto trading and information services as digital assets gain mainstream adoption.

However, the bank cautioned that near-term volatility in trading results could create investor uncertainty ahead of the company's U.S. expansion. They projected fee-based liquidity services revenue to nearly double in 2026 versus 2025 and said EBITDA margins could rise from about 20% currently to above 40% by late 2026.