Bullish (NYSE:BLSH) Announces Earnings Results

Bullish (NYSE:BLSH) posted its quarterly earnings data on Thursday. The company reported $0.09 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.09, FiscalAI reports. Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. The company had revenue of $92.62 million for the quarter. The company’s quarterly revenue was up 62.5% compared to the same quarter last year.

Here are the key takeaways from Bullish’s conference call:

• Bullish said it began trading issuer-sponsored tokenized shares on its regulated venue, with a broader tokenization showcase planned for October 27. Management expects tokenized securities to become a meaningful trading contributor in 2027, although near-term revenue impact is expected to be limited.
• The proposed $4.2 billion Equiniti acquisition remains on track to close in January 2027, with antitrust clearances secured and other approvals progressing. Bullish expects Equiniti’s relationships with nearly 3,000 issuers and more than 20 million shareholders to support its issuer-sponsored tokenization strategy.
• Bullish expects potentially earlier access to the U.S. market for crypto derivatives, including perpetuals, dated futures and options, through an overseas regulated platform and approved futures commission merchant. Management views U.S. derivatives as a major long-term opportunity.
• Second-quarter trading volumes and market share declined as crypto prices and volatility fell, and management described the current crypto trading environment as weak. The company reduced trading incentives and does not provide transaction-revenue guidance.
• Adjusted revenue was $92.6 million, up 62% year over year, while adjusted EBITDA was $29.5 million at a 32% margin. Bullish narrowed full-year 2026 guidance to $225 million-$245 million for Subscription, Services & Other revenue and $225 million-$230 million for adjusted operating expenses, citing improved visibility and expected cost efficiencies.

Bullish Price Performance

Shares of BLSH traded down $2.47 during mid-day trading on Friday, reaching $25.01. The company had a trading volume of 1,399,197 shares, compared to its average volume of 1,643,188. The company has a debt-to-equity ratio of 0.18, a current ratio of 26.42 and a quick ratio of 25.23. The company has a market capitalization of $3.77 billion and a P/E ratio of -3.81. Bullish has a twelve month low of $20.55 and a twelve month high of $75.49. The company’s 50-day moving average is $24.53 and its 200-day moving average is $31.92.

Key Bullish News

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Q2 revenue and adjusted profitability improved sharply. Bullish reported $92.6 million in second-quarter revenue, up 62.5% year over year, while adjusted EBITDA more than tripled to $29.5 million. Record subscription and services revenue of $62.7 million helped offset lower crypto trading activity. Adjusted net income reached $14.3 million, compared with a loss in the prior-year quarter. Bullish shares jump as Q2 adjusted revenue surges
• Positive Sentiment: Tokenized securities could expand Bullish’s addressable market. The company executed the first tokenized equity trades on a Gibraltar Financial Services Commission-regulated digital-asset exchange. The shares can trade 24/7 and settle against a USD stablecoin, supporting Bullish’s strategy to provide infrastructure for issuance, registry, and trading of tokenized securities. Bullish launches tokenized equity trading
• Neutral Sentiment: Rosenblatt turned more cautious. The firm lowered its price target from $42.50 to $30.00 and assigned a neutral rating. Although the revised target still implies potential upside, the reduction signals that expectations for BLSH’s near-term valuation have moderated. Rosenblatt lowers Bullish price target
• Negative Sentiment: The headline net loss remains a significant overhang. Bullish recorded a roughly $280 million quarterly loss, largely reflecting markdowns on digital-asset holdings. Trading volume also declined year over year, underscoring the company’s sensitivity to crypto-market activity and asset-price volatility. Bullish reports loss on Bitcoin write-down
• Negative Sentiment: Valuation and insider selling may be pressuring the stock. Coverage has argued that BLSH may still sit above fair value after its earlier decline, while reported insider activity shows nine sales and no purchases over the past six months.

Hedge Funds Weigh In On Bullish

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its stake in shares of Bullish by 87.1% in the fourth quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company’s stock valued at $182,598,000 after acquiring an additional 2,244,991 shares during the last quarter. Amova Asset Management Americas Inc. raised its position in Bullish by 51.9% in the 1st quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company’s stock valued at $137,139,000 after purchasing an additional 1,311,243 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Bullish by 51.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company’s stock valued at $136,985,000 after purchasing an additional 1,304,573 shares during the last quarter. Invesco Ltd. acquired a new position in Bullish in the third quarter worth $74,658,000. Finally, UBS Group AG grew its holdings in shares of Bullish by 486.1% during the fourth quarter. UBS Group AG now owns 1,309,248 shares of the company’s stock worth $49,581,000 after purchasing an additional 1,085,846 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Bullish in a research report on Wednesday, June 24th. Zacks Research lowered shares of Bullish from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Cantor Fitzgerald lifted their target price on Bullish from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, May 15th. Rosenblatt Securities dropped their price target on Bullish from $42.50 to $30.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Bullish from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Bullish has an average rating of “Hold” and a consensus target price of $49.33.

About Bullish

Bullish (NYSE: BLSH) is a company that develops and operates digital asset market infrastructure, including a cryptocurrency trading platform and related technology services. The firm’s stated activities focus on providing exchange services, market structure and trading technology designed to support the listing, execution and clearing of digital assets. Bullish positions itself as a bridge between traditional capital markets practices and the evolving cryptocurrency ecosystem.

The business was announced in connection with Block.one, the software developer known for its work on the EOS blockchain, and was formed with the intent of creating a regulated, institutional-grade marketplace for digital assets.