Bullish (NYSE:BLSH) Issues Earnings Results

Bullish (NYSE:BLSH) issued its quarterly earnings results on Thursday. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.09, FiscalAI reports. Bullish had a positive return on equity of 2.32% and a negative net margin of 389.38%.The firm had revenue of $92.62 million for the quarter. Bullish’s revenue for the quarter was up 62.5% on a year-over-year basis.

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 Trading Down 11.4%

Shares of BLSH stock traded down $3.12 during mid-day trading on Friday, reaching $24.36. The company’s stock had a trading volume of 3,106,232 shares, compared to its average volume of 1,504,990. The company has a quick ratio of 25.23, a current ratio of 26.42 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $3.67 billion and a PE ratio of -2.63. The company’s 50 day simple moving average is $24.48 and its 200-day simple moving average is $31.86. Bullish has a 12-month low of $20.55 and a 12-month high of $75.49.

Analyst Ratings Changes

BLSH has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Bullish from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday. Rosenblatt Securities dropped their price target on shares of Bullish from $42.50 to $30.00 and set a “neutral” rating for the company in a research report on Friday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bullish in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Bullish from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. Finally, Citigroup reissued a “buy” rating on shares of Bullish in a research note on Monday, July 27th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $49.33.

Bullish News Roundup

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Bullish reported second-quarter revenue of $92.6 million, 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 softer cryptocurrency trading activity. Bullish shares jump 10% as Q2 adjusted EBITDA more than triples
• Positive Sentiment: The company is positioning tokenized equities as a major growth opportunity. Bullish completed the first trades of tokenized shares on a GFSC-regulated digital-asset exchange, offering 24/7 trading and near-instant settlement. The initiative could expand Bullish’s exchange and infrastructure business, although the Equiniti acquisition remains subject to regulatory approval. Peter Thiel-Backed Bullish Sees Tokenized Stocks as a Giant Growth Opportunity
• Neutral Sentiment: Quarterly EPS of $0.09 matched consensus, while the company’s reported revenue also exceeded some estimates. However, analysts expect full-year EPS of approximately $0.52, and profitability remains difficult to assess because reported results were heavily affected by digital-asset valuation changes. Bullish Q2 Earnings and Revenues Top Estimates
• Negative Sentiment: Bullish posted a roughly $280 million net loss, primarily tied to a write-down in the value of its Bitcoin holdings. Quarterly trading volume also declined to $179.6 billion from $197.4 billion a year earlier, raising concerns about the sustainability of exchange-driven revenue. Bullish Stock Gains Despite $280 Million Loss
• Negative Sentiment: JPMorgan cut its Bullish price target from $26 to $25 and maintained a neutral rating. Rosenblatt also lowered its target from $42.50 to $30 and moved to neutral, citing mixed second-quarter results and a weak start to the third quarter. These revisions likely intensified selling pressure and reduced expectations for near-term upside. Bullish Is Pulling Away From Crypto Peers, but a Brutal July Spoils the Party

Institutional Trading of Bullish

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

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.