StoneX Financial initiated coverage of crypto exchange Bullish with a "Buy" rating and a $42 price target, implying approximately 97% upside. Analyst Mark Palmer cited Bullish's pending $4.2 billion acquisition of Equiniti as the core driver of his bullish thesis, noting the deal would position Bullish as transfer agent for roughly 30% of S&P 500 companies and half of FTSE 100 constituents at the critical juncture where shares transition from database entries to on-chain tokens. Palmer highlighted that tokenized equities currently total about $2.1 billion on-chain versus $151 trillion in global equity market value, projecting the tokenized asset market could reach $9.4 trillion by 2030. Bullish reported second-quarter adjusted revenue up 62% year over year to $92.6 million. StoneX flagged key risks including delays or failure of the Equiniti deal, slower-than-expected tokenization adoption, and competition from Nasdaq, DTCC, NYSE, and Securitize.