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Bullish
(NYSE:BLSH)
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Rating:55Neutral
Price Target:
$39.00
▲(8.33% Upside)
Action:Reiterated
Date:08/28/26
BLSH scores mid-range primarily due to weak and volatile financial performance (unstable revenue/profitability and inconsistent free cash flow), partially offset by strong technical momentum and a positive earnings-call setup (raised/narrowed guidance, record SS&O, solid adjusted EBITDA margin and strong liquidity). Valuation remains a headwind given the negative P/E and no dividend yield support.
Positive Factors
Recurring services growth and visibility
Record SS&O revenue and narrowed full-year guidance indicate that Bullish is building a more visible services stream beyond transaction fees. Signed partnerships and expected sequential growth can improve revenue durability and reduce reliance on volatile crypto trading activity over coming quarters.
Negative Factors
Highly volatile revenue and profitability
The sharp revenue reversal and return to a large net loss show that Bullish’s earnings base remains highly sensitive to market activity and revenue mix. Thin, deteriorating margins limit operating leverage and make sustained profitability harder to establish over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring services growth and visibility
Record SS&O revenue and narrowed full-year guidance indicate that Bullish is building a more visible services stream beyond transaction fees. Signed partnerships and expected sequential growth can improve revenue durability and reduce reliance on volatile crypto trading activity over coming quarters.
Read all positive factors
Bullish (BLSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.90B
Dividend YieldN/A
Average Volume (3M)1.30M
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees414
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)-9.11
Shares Outstanding150,302,220
10 Day Avg. Volume936,475
30 Day Avg. Volume1,302,965
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.50
Price to Sales (P/S)0.02
P/FCF Ratio-208.87
Enterprise Value/Market Cap0.77
Enterprise Value/Revenue0.02
Enterprise Value/Gross Profit60.49
Enterprise Value/Ebitda-3.45
Forecast
1Y Price Target
$41.10Price Target Upside14.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)0.45
Revenue Forecast (FY)$358.83M
Bullish Business Overview & Revenue Model
Company Description
Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order boo...
How the Company Makes Money
Bullish’s primary monetization is through its crypto exchange operations. It earns revenue from trading-related fees charged to customers when orders execute on the exchange (typically structured as maker/taker fees that vary by customer tier and ...
Bullish Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 25, 2026
Earnings Call Sentiment Positive
The call conveyed multiple material strategic and operational positives: strong year-over-year revenue growth (+62%), record SS&O, healthy adjusted EBITDA margin (~32%), robust net liquid assets ($2.1B), major tokenization milestones (first tokenized share trades, Equiniti acquisition progress), accelerating CoinDesk audience and institutional wins, and an earlier-than-expected pathway to U.S. derivatives markets. Offsetting these positives are near-term trading headwinds from a softer crypto market (lower volumes and market share), a peak in quarterly operating expenses driven in part by one-time costs, unresolved regulatory timing, and limited near-term transaction revenue uplift from tokenization (expected concentration of tokenization benefits in 2027). Overall, the strategic story (tokenization + Equiniti) and strong SS&O traction appear to outweigh the near-term trading and expense challenges.Positive Updates
Strong Year-Over-Year Revenue Growth
Total adjusted revenue of $92.6M in Q2 2026, essentially flat vs Q1 but up 62% year-over-year, driven by a record Subscription Services & Other (SS&O) of $62.7M and adjusted transaction revenue of $29.9M.
Negative Updates
Soft Crypto Market Led to Lower Trading Volumes and Market Share
Q2 spot trading volumes moderated with the broader crypto market (market cap down from roughly $4T to ~$2T year-over-year per management comments) leading to declines in volumes and market share; industry-wide lower volatility weighed on transaction revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Year-Over-Year Revenue Growth
Total adjusted revenue of $92.6M in Q2 2026, essentially flat vs Q1 but up 62% year-over-year, driven by a record Subscription Services & Other (SS&O) of $62.7M and adjusted transaction revenue of $29.9M.
Read all positive updates
Company Guidance
Bullish updated 2026 guidance while reporting Q2 results: total adjusted revenue in Q2 was $92.6M (flat Q1, +62% YoY) with record subscription services & other (SS&O) revenue of $62.7M and adjusted transaction revenue of $29.9M; Q2 adjusted operating expenses were $63.1M (the company said 2Q would be the peak quarter), driven in part by ~$2.5M of one‑time compensation and Consensus costs; Q2 adjusted EBITDA was $29.5M (~32% margin) and adjusted net income was $14.3M after $14.5M of finance expense, and net liquid assets ended the quarter at $2.1B. For full‑year 2026 Bullish narrowed guidance for SS&O to $225M–$245M (second half SS&O split ~45% Q3 / 55% Q4), expects adjusted operating expenses of $225M–$230M (roughly equally split between Q3 and Q4), continues to expect full‑year finance expense of $52M–$60M, and reiterated it does not guide on adjusted transaction revenue.Bullish Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 157.96B | 244.97B | 250.26B | 116.51B | 72.90B | 1.32B |
| Gross Profit | 62.51M | 74.08M | 5.28M | -21.67M | -6.55M | -1.04B |
| EBITDA | -1.10B | -725.85M | 131.65M | 1.31B | -4.12B | -1.27B |
| Net Income | -1.38B | -764.68M | 78.53M | 1.30B | -4.25B | -1.40B |
Balance Sheet | ||||||
| Total Assets | 3.10B | 3.96B | 3.05B | 1.80B | 3.41B | 7.46B |
| Cash, Cash Equivalents and Short-Term Investments | 329.96M | 508.88M | 250.36M | 367.67M | 1.38B | 1.23B |
| Total Debt | 518.15M | 581.09M | 543.07M | 440.40M | 1.30B | 1.17B |
| Total Liabilities | 636.68M | 658.17M | 646.75M | 522.23M | 1.52B | 1.34B |
| Stockholders Equity | 2.42B | 3.23B | 2.39B | 1.28B | 1.88B | 6.11B |
Cash Flow | ||||||
| Free Cash Flow | 96.99M | -23.16M | -33.69M | -127.63M | 193.64M | -455.26M |
| Operating Cash Flow | 108.82M | 28.63M | -29.98M | -126.67M | 194.93M | -120.95M |
| Investing Cash Flow | 15.87M | 2.10M | -45.08M | 3.92M | -1.29M | 1.50B |
| Financing Cash Flow | -21.86M | 42.40M | -980.00K | -1.21B | -7.73M | -340.36M |
Bullish Technical Analysis
Negative
36.00
Price Trends
31.77
Positive
29.29
Positive
33.17
Negative
Market Momentum
-0.10
Positive
44.70
Neutral
18.30
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLSH, the sentiment is Negative. The current price of 36 is above the 20-day moving average (MA) of 35.79, above the 50-day MA of 31.77, and above the 200-day MA of 33.17, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 44.70 is Neutral, neither overbought nor oversold. The STOCH value of 18.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BLSH.
Bullish Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $4.90B | -3.58 | -45.26% | ― | ― | ― | |
50 Neutral | $26.62M | -584.33 | 2.33% | ― | 84.70% | -99.97% | |
44 Neutral | $3.53M | -0.02 | -103.65% | 1.17% | -6.48% | -100.27% | |
41 Neutral | $4.03M | -0.13 | -42.68% | ― | -30.68% | 80.50% | |
41 Neutral | $1.78M | ― | 135.87% | ― | 7.10% | 84.60% |
* General Sector Average
BLSH
Bullish
31.63
-27.92
-46.88%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.