[Bernstein: If Bullish launches U.S. operations by the end of 2026, it could become the second-largest institutional exchange after Coinbase] According to DL News, Bernstein's latest research initiates coverage of Bullish stock with a 'Market Perform' rating and a target price of $60, implying a 15% upside from last Friday's closing price. Although the company successfully completed a $1 billion IPO on the New York Stock Exchange in August, its services are not yet available to U.S. customers. Bernstein analysts stated: 'If Bullish successfully launches its U.S. operations by the end of 2026, it is expected to become the second-largest institutional exchange after Coinbase. Once Bullish is operational, it will contribute 11% of total trading volume and 10% of trading revenue in the U.S. market.' Bernstein projects that the institutional cryptocurrency trading market will grow from $5 billion in 2024 to $18 billion by 2030, more than doubling in size, with the U.S. market share rising from 7% to 20%. Bernstein values Bullish at 34 times its projected 2027 EBITDA (higher than competitors Coinbase and Robinhood) and estimates that by 2027, the company will capture 8% of U.S. spot trading volume and 4% of the overall institutional market share.