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Bullish
(NYSE:BLSH)
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Rating:54Neutral
Price Target:
$31.00
▼(-6.37% Downside)
Action:Reiterated
Date:01/31/26
Weak financials and technicals drive low score, tempered by positive earnings momentum and possible undervaluation; growth potential evident but profitability and cash flow risks dominate.
Positive Factors
Rapid revenue growth and improving EBITDA
Sustained, high single‑quarter revenue and EBITDA records indicate strong product-market fit across trading, liquidity services and options. Durable top-line scale improves ability to invest in infrastructure and product development, and creates room to convert growth into sustainable profits over time.
Negative Factors
Negative operating cash flow
Persistent negative operating cash flow signals that core operations are not yet self‑funding, raising reliance on external capital. Over months to years this constrains reinvestment, increases dilution or leverage risk, and makes sustained product and market expansion dependent on financing availability.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and improving EBITDA
Sustained, high single‑quarter revenue and EBITDA records indicate strong product-market fit across trading, liquidity services and options. Durable top-line scale improves ability to invest in infrastructure and product development, and creates room to convert growth into sustainable profits over time.
Read all positive factors
Bullish (BLSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.81B
Dividend YieldN/A
Average Volume (3M)1.52M
Price to Earnings (P/E)―
Beta (1Y)1.78
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. Volume1,321,849
30 Day Avg. Volume1,524,296
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.50
Price to Sales (P/S)0.02
P/FCF Ratio0.00
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$39.43Price Target Upside19.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.46
Revenue Forecast (FY)$358.86M
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 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, pr...
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
41
Neutral
Balance Sheet
57
Neutral
Cash Flow
34
Negative
| 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 | 1.41B | 1.23B |
| Total Debt | 518.15M | 581.09M | 543.07M | 440.40M | 14.13M | 6.50M |
| 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 | 30.07M | 0.00 | -33.69M | -127.63M | 193.64M | -455.26M |
| Operating Cash Flow | 33.22M | 0.00 | -29.98M | -126.67M | 194.93M | -120.95M |
| Investing Cash Flow | 43.90M | 0.00 | -45.08M | 3.92M | -1.29M | 1.50B |
| Financing Cash Flow | -902.00K | 0.00 | -980.00K | -1.21B | -7.73M | -340.36M |
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% | |
54 Neutral | $4.81B | -3.63 | -45.26% | ― | ― | ― | |
42 Neutral | $4.60M | -0.02 | -142.62% | ― | -6.48% | -100.27% | |
42 Neutral | $9.07M | -0.10 | -59.16% | ― | -15.97% | -441.51% | |
36 Underperform | $29.68M | -13.68 | 24.89% | ― | ― | ― | |
20 Underperform | $34.28M | ― | 135.87% | ― | 7.10% | 84.60% |
* General Sector Average
BLSH
Bullish
33.11
-30.87
-48.25%
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0.96
-2.22
-69.81%
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2.75
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ATCH
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0.20
<0.01
3.13%
HUBC
Hub
0.77
-32,849.24
-100.00%
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.