Investment bank KBW initiated coverage of Bullish (BLSH), CoinDesk's owner, with a market perform rating and a $55 price target, calling the stock a rare public play on a highly regulated, institution-first crypto exchange. The bank sees near-term U.S. expansion as a catalyst for growth, with Bullish’s differentiated tech stack, competitive fees and deep liquidity positioning it to gain market share. Bullish’s regulatory footprint, with licenses in Germany (MiCAR compliant), Hong Kong and Gibraltar, has ...