Bullish (NYSE: BLSH) has received approval from the Gibraltar Financial Services Commission (GFSC) to offer trading in tokenized securities, positioning the firm among the first regulated venues to provide issuer-sponsored tokenized securities. The approval marks a milestone in the collaboration between Bullish and Gibraltar to build regulated infrastructure for digital assets. This development allows Bullish to offer trading in tokenized securities within Gibraltar's supervisory framework to eligible non-U.S. investors.

The approval builds on the ongoing collaboration between Bullish and the GFSC, which began in 2025, to explore regulated infrastructure for digital assets. It reflects Gibraltar's status as the first jurisdiction globally to introduce a bespoke legal framework for firms using Distributed Ledger Technology (DLT). Tom Farley, CEO of Bullish Group, stated that the approval allows the firm to bring the benefits of tokenization to securities markets within a robust, supervised framework.

Tokenized securities aim to bring the efficiencies of blockchain infrastructure to traditional capital markets. For traders and investors, tokenization can enable continuous 24/7 trading, near-instant settlement, and the ability to move assets without the multi-day delays of conventional post-trade processing. For issuers, it offers the prospect of a more direct relationship with their shareholders, greater transparency into ownership, and the potential to streamline corporate actions.

The approval advances Bullish's broader strategy to build end-to-end infrastructure for tokenized securities. In May 2026, Bullish agreed to acquire Equiniti (EQ), a leading global transfer agent that serves as the system of record for nearly 3,000 issuer clients and supports more than 20 million shareholders. Once that transaction completes, the combined platform is designed to span the full lifecycle of a tokenized security, inclusive of issuance, registry, and trading.

Trading in tokenized securities is expected to go live in the coming weeks, subject to pre-go live conditions. Bullish will continue to work with the GFSC as it develops its tokenized securities offering, with further details to follow.

JP Morgan analyst Kenneth Worthington has maintained a Neutral rating on Bullish (NYSE: BLSH) while lowering the price target to $26 from $43. The revised target indicates a significant reduction in the expected upside for the stock, reflecting updated valuation metrics.

The rating decision comes as the firm reassesses Bullish's market position and financial prospects. Despite the lower price target, the Neutral stance suggests that the stock is expected to perform in line with the broader market.

Rating and Price Target Details

The price target cut underscores the cautious outlook on Bullish's near-term performance. Investors should note the significant gap between the previous and new targets, which signals a shift in expectations.