Published: Monday, September 8, 2025 · 8:19 PM | Updated: Monday, September 8, 2025 · 8:19 PM
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00:00 Speaker A
All right, let’s talk about bullish Ed because I believe you got a you got a neutral on that one, Ed. So you’re on the sidelines. Is that, you know, in broad strokes says is that because, you know, you just see risk reward balanced here at current valuation?
00:15 Ed
Yeah, absolutely. So we think it’s a phenomenal company. It’s got a phenomenal opportunity, not just um globally, but also the US. Um I think the one thing that keeps us on the sideline is we’re a little bit unsure of how they do get into the US market.
00:30 Ed
So currently they’re operating in regulated jurisdictions outside the US. As you know, the US regulatory environment has been not the most hospitable over the past couple years, but bullish is seeking to have a license.
00:43 Ed
I think the problem though is in the meantime, until we get some broad-based crypto regulation, such as a clarity Act, there’s no direct path for a crypto company to get regulated in the US today.
00:58 Ed
And so, we’re a little bit cautious on them getting into the US without kind of a formal regulatory um framework. and we don’t expect that to happen really until sometime next year. So, I think the very near term, we have a hard time seeing them get into the US in 2025 and then potentially there’s an opportunity next year, but we’d like to see a little bit more clarity on the US regulatory side before getting a bit more confident um in in bullish here.
01:21 Speaker A
Can I also also ask you, Ed, just when you look at the competitive landscape, what makes them different? Um, what is their advantage versus, you know, a Binance or a or a Coinbase?
01:33 Ed
Mhm. Yeah, so these guys compete in international markets and international markets are much more competitive than in the US. Um, the barriers to entry outside the US are much lower, especially for some of these unregulated exchanges that have kind of dominated the industry in recent years.
01:47 Ed
And so, bullish competes with these ginormous international exchanges like Binance, OKX, Bybit. and to do that, they’ve really had to compete on pricing. And so, if they’re able to compete on pricing in these extremely competitive international markets, we think that if they were to get in the US where things are a little bit less competitive, um they could take some market share from Coinbase just by offering a better pricing and and and and and pretty favorable liquidity, um especially versus some of the other US competitors.
02:22 Speaker A
Does it matter to you, Ed as a financial analyst to you or your clients when you know you got a heavy hitter like a Peter Thiel behind a name like Bullish?
02:32 Ed
Um yeah, absolutely. And then Bullish’s CEO, Tom Farley, he’s um been on Wall Street for a while. He was um had number of executive roles at um uh NYSE Group and Ice. And I would say that that definitely makes makes a difference for for investors, especially in crypto where a lot of the actors have a little bit more murky pasts.
02:49 Ed
It’s a little bit harder to kind of background check a lot of these other um major players in crypto industry and just to have someone more kind of buttoned up and and a bit more mainstream. I think does make investors a little bit more comfortable investing in some of these crypto companies.
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