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Bullish (BLSH)
NYSE:BLSH
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Bullish
(NYSE:BLSH)
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Rating:51Neutral
Price Target:
$57.00
▲(1.23% Upside)
Bullish's overall score is driven by strong revenue growth and positive regulatory developments, but is tempered by profitability challenges and weak technical indicators. The earnings call provided optimism for future growth, but immediate financial metrics remain a concern.
Positive Factors
Regulatory Approval
The BitLicense approval allows Bullish to operate in the U.S., potentially its largest market, enhancing growth prospects and market reach.
Revenue Diversification
Diversified revenue streams reduce dependency on any single income source, enhancing financial stability and resilience against market fluctuations.
Liquidity Services Growth
Growth in liquidity services and collaborations indicates strong demand and competitive positioning, supporting long-term revenue expansion.
Negative Factors
Profitability Challenges
Low profitability margins suggest operational inefficiencies, which may hinder the company's ability to reinvest in growth and innovation.
Cash Flow Issues
Negative operating cash flow limits the company's ability to fund operations and growth internally, potentially increasing reliance on external financing.
Revenue Decline
Declining revenue indicates potential market challenges and may impact future profitability and investment capacity if not addressed.
Bullish (BLSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
N/A
Dividend YieldN/A
Average Volume (3M)4.26M
Price to Earnings (P/E)―
Beta (1Y)3.35
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees400
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)N/A
Shares Outstanding150,683,750
10 Day Avg. Volume2,550,689
30 Day Avg. Volume4,260,721
Financial Highlights & Ratios
PEG Ratio-1.35
Price to Book (P/B)4.16
Price to Sales (P/S)0.04
P/FCF Ratio-295.06
Enterprise Value/Market CapN/A
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$60.67Price Target Upside7.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
Bullish Business Overview & Revenue Model
Company DescriptionBullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.
How the Company Makes MoneyBullish generates revenue through several key streams: transaction fees from trades executed on its platform, which are charged to users based on the volume of their trades. Additionally, Bullish may earn money through market-making activities, providing liquidity to the market while profiting from the spread between buying and selling prices. The company may also engage in partnerships with other financial institutions, enhancing its service offerings and creating additional avenues for revenue, such as referral programs or joint ventures in the cryptocurrency space. Furthermore, Bullish could explore revenue from premium services or subscription models for advanced trading features aimed at professional traders and institutions.
Bullish Earnings Call Summary
Earnings Call Date:―
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 17, 2025
Earnings Call Sentiment Neutral
Bullish has made significant strides in obtaining regulatory approvals and expanding its liquidity and subscription services, indicating positive future growth prospects. However, current financial metrics show a decline in revenue and EBITDA due to market conditions. The company's successful regulatory advancements and product launches position it well for future growth, though challenges in immediate U.S. market entry and current revenue declines are noted.Q2-2025 Updates
Positive Updates
New York State BitLicense Approval
Bullish received the prestigious BitLicense from the New York State Department of Financial Services, allowing them to operate in the U.S., which is expected to become their largest trading market.
Strong Liquidity Services Growth
Liquidity services revenue has grown significantly, with major collaborations, including Solana. Subscription service and other revenue reached record highs, contributing to 45% of total adjusted revenue in the first half of 2025, up from 28% in 2024.
Expansion of CoinDesk Indices
CoinDesk Indices anchor about $41 billion in assets under management, with plans to launch the CoinDesk 5 Index as the largest multi-token ETF. The indices business continues to grow with new product launches.
Diversified Revenue Streams
Bullish's revenue is diversified across liquidity services, CoinDesk data, and insights, with a focus on institutional clients. The company reported significant new logo wins and cross-selling success.
Positive Regulatory Developments
Regulatory clarity is improving globally, with Europe and Hong Kong providing new frameworks. The U.S. GENIUS Act offers stablecoin regulation, supporting potential growth in digital asset adoption.
Options Trading Platform Launch
Bullish is nearing a full launch of its options trading platform, which is already live in a beta phase with select clients. The platform is expected to grow the options market significantly.
Negative Updates
Decrease in Adjusted Revenue
Total adjusted revenue for Q2 was $57 million, down 8.7% sequentially and 6.1% year-over-year, attributed to historically low BTC price volatility and lower market-wide trading volumes.
Decline in Adjusted EBITDA
Adjusted EBITDA was $8.1 million, down 39% sequentially and 45% year-over-year, mainly due to lower transaction revenue.
Challenges in U.S. Market Entry
While Bullish has received the necessary regulatory approvals, onboarding institutional clients in the U.S. is expected to take time, with potential delays in achieving significant trading volume.
Company Guidance
In the Bullish Global Sector Quarter 2025 Earnings Call, the company provided a comprehensive outlook and guidance for the upcoming quarters. Bullish anticipated total adjusted revenue for Q3 to be in the range of $69 million to $76 million, with adjusted transaction revenue between $25.5 million and $28 million, and subscription service and other revenue projected at $43.5 million to $48 million. Additionally, Bullish expected Q3 adjusted EBITDA to be between $25 million and $28 million and adjusted net income between $12 million and $17 million. The company highlighted its liquidity services and collaborations, such as the one with Solana, as significant growth drivers. Year to date through August 2025, the Bullish Exchange facilitated over $530 billion in total volume, including $485 billion in spot volume, and the company cited its recent New York BitLicense approval as a pivotal step towards entering the U.S. market.Bullish Financial Statement Overview
Summary
Bullish shows strong revenue growth but struggles with profitability and cash flow. The balance sheet is stable with low leverage, but improvements in operational efficiency and cash generation are needed.Income Statement
Bullish has shown a significant revenue growth rate of 114.8% in the latest year, indicating strong top-line expansion. However, the company struggles with profitability, as evidenced by low gross and net profit margins. The EBIT and EBITDA margins are also minimal, suggesting challenges in operational efficiency.45
Neutral
Balance Sheet
The company maintains a relatively low debt-to-equity ratio of 0.23, indicating conservative leverage. However, the return on equity is modest at 3.29%, reflecting limited profitability relative to shareholder equity. The equity ratio is healthy, suggesting a stable financial structure.60
Neutral
Cash Flow
Bullish has experienced a substantial improvement in free cash flow growth, but the operating cash flow remains negative, indicating cash flow challenges. The free cash flow to net income ratio is positive, suggesting some ability to convert earnings into cash, yet the overall cash flow position is weak.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 138.92B | 250.26B | 116.51B | 72.90B | 1.32B |
| Gross Profit | 51.33M | 5.28M | -21.67M | -6.55M | -1.04B |
| EBITDA | -211.87M | 131.65M | 1.31B | -4.12B | -1.27B |
| Net Income | -236.48M | 78.53M | 1.30B | -4.25B | -1.40B |
Balance Sheet | |||||
| Total Assets | 3.24B | 3.05B | 1.80B | 3.41B | 7.46B |
| Cash, Cash Equivalents and Short-Term Investments | 564.05M | 250.36M | 367.67M | 1.41B | 1.23B |
| Total Debt | 592.06M | 543.07M | 440.40M | 14.13M | 6.50M |
| Total Liabilities | 688.20M | 646.75M | 522.23M | 1.52B | 1.34B |
| Stockholders Equity | 2.54B | 2.39B | 1.28B | 1.88B | 6.11B |
Cash Flow | |||||
| Free Cash Flow | -28.49M | -33.69M | -127.63M | 193.64M | -455.26M |
| Operating Cash Flow | 13.43M | -29.98M | -126.67M | 194.93M | -120.95M |
| Investing Cash Flow | -12.74M | -45.08M | 3.92M | -1.29M | 1.50B |
| Financing Cash Flow | 1.50M | -980.00K | -1.21B | -7.73M | -340.36M |
Bullish Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
| ― | $4.06M | <0.01 | -1102.76% | ― | 16.50% | ― | |
| ― | ― | ― | ― | ― | ― | ― | |
| ― | $11.76M | ― | -2201.06% | ― | -33.86% | 74.09% | |
| ― | $4.84M | -0.10 | ― | ― | -30.70% | 82.02% | |
| ― | $2.23M | ― | -46.76% | ― | -15.10% | -177.14% | |
| ― | $47.27M | ― | ― | ― | ― | ― |
* Technology Sector Average
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Bullish Corporate Events
Bullish Company Navigates Challenges with Optimism
Sep 24, 2025
Bullish Company Navigates Challenges with Optimism in Latest Earnings Call
Bullish’s Q2 2025 Results and US Market Entry
Sep 19, 2025
Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services, operating primarily in the digital assets sector with a unique global regulatory footprint.
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.