Bullish Reports Q4 Adjusted Revenue of $92.51M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Should l Buy BLSH?
Reports Q4 adjusted revenue $92.51M, consensus $87.26M. Tom Farley, CEO, says: "I believe that we are at a turning point for digital assets. For all of crypto's extreme volatility and cyclicality, the vision of faster, better, cheaper, permissionless capital is being unlocked in real-time to bring everything onchain. What I envision immediately ahead for this industry - and, particularly for Bullish, is why I came to the digital assets space." David Bonanno, CFO, says: "I'm proud of our financial results for the quarter and the Full Year 2025, achieving record adjusted revenue growth and demonstrating our strong and expanding operating leverage; we look forward to building on our momentum in 2026."
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Analyst Views on BLSH
Wall Street analysts forecast BLSH stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BLSH is 54.00 USD with a low forecast of 45.00 USD and a high forecast of 67.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 24.900
Low
45.00
Averages
54.00
High
67.00
Current: 24.900
Low
45.00
Averages
54.00
High
67.00
About BLSH
Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services. The Company is focused on providing products and services that are designed to help institutions grow their businesses, empower individual investors, and drive the adoption of stablecoins, digital assets, and blockchain technology. It operates two primary business lines: media and events. Its media business delivers news and information on the digital assets industry. Its media business operates through CoinDesk.com. Its events business gathers the global digital asset, blockchain, and Web3 communities at annual events, such as Consensus. It provides trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through its flagship Consensus conference. The Company offers its services under the Bullish and CoinDesk brands.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
JPMorgan Lowers Bullish Price Target to $42
- Price Target Adjustment: JPMorgan analyst Kenneth Worthington lowered Bullish's (NYSE:BLSH) price target from $45 to $42 while maintaining a Neutral rating, reflecting tempered near-term expectations but indicating a balanced valuation relative to operational trends.
- Institutional Investment Dynamics: Cathie Wood's Ark Invest added approximately $6 million worth of Bullish shares, signaling confidence in the company's long-term positioning within the digital asset ecosystem, highlighting Bullish's role as core infrastructure that could benefit from stabilizing market activity.
- Compliance Advantage: Founded in 2020 and headquartered in George Town, Cayman Islands, Bullish operates a regulated cryptocurrency exchange with licenses across major jurisdictions including Germany, Hong Kong, Gibraltar, and New York State, showcasing its differentiated competitive edge in the evolving digital asset market.
- Market Outlook Analysis: While Bullish is viewed as a potential investment, analysts believe certain AI stocks offer greater upside potential and carry less downside risk, suggesting that Bullish's investment appeal may be limited in the current market environment.
See More
Bullish Reports Strong Q4 2025 Earnings with Record Revenue Growth
- Significant Revenue Growth: Bullish achieved record SS&O revenue of $54.6 million in Q4 2025, representing a 284% year-over-year increase, while adjusted EBITDA reached $44.5 million, reflecting a 55% quarter-over-quarter growth, indicating strong momentum in the institutional client market.
- Market Expansion Strategy: CEO Thomas Farley emphasized that Bullish will continue to focus on expanding its influence in the regulated derivatives market, with a target of SS&O revenue between $220 million and $250 million for 2026, aiming for approximately 50% year-over-year growth.
- Record Customer Activity: Bullish reported all-time highs in customer activity during Q4, including monthly active customers, total customer funds on the platform, and open interest for futures and options, with the options platform exceeding $2 billion in open interest by year-end, becoming the global #2 in Bitcoin options.
- Optimistic Future Outlook: Despite facing macroeconomic and regulatory uncertainties, CFO David Bonanno stated that Bullish's guidance for 2026 reflects optimistic expectations for continued strong business momentum and increasing customer demand.
See More
Bullish Reports Wider Q4 Loss, Stock Drops 4.2%
- Wider Loss Reported: Bullish's Q4 GAAP EPS of -$3.73 significantly missed the analyst estimate of -$2.04, marking a sharp decline from a profit of $0.14 in Q3, indicating increasing financial pressure on the company.
- Lower Revenue Guidance: The company projects 2026 subscription and services revenue midpoint at $225M, below the Wall Street consensus of $229M, reflecting market concerns about future growth and potentially impacting investor confidence.
- Declining Trading Volume: Total trading volume for Q4 was $222B, a notable increase from $142B in the previous quarter, yet January's volume dropped to $22.5B from $25.9B in December, suggesting weakened market activity that could affect future revenues.
- Adjusted Net Income Growth: Despite the losses, Bullish reported an adjusted net income of $28.9M for Q4, exceeding the $24.3M consensus and significantly up from $14.1M in the prior quarter, demonstrating improved profitability in certain areas.
See More
Bullish Reports Q4 Earnings with 67.6% Revenue Growth
- Earnings Highlights: Bullish's Q4 earnings report reveals a GAAP EPS of -$3.73, missing expectations by $1.69, while revenue reached $92.5 million, reflecting a robust 67.6% year-over-year growth and exceeding estimates by $5.24 million, indicating strong market performance.
- Digital Asset Sales: In Q4 2025, digital asset sales amounted to $64.3 billion, although the net income was -$563.6 million, highlighting the dual challenges and opportunities Bullish faces in the digital asset sector.
- Options Trading Volume: Bullish surpassed $9 billion in options trading volume with an open interest of $4 billion, demonstrating significant investor interest and activity on the Bullish platform, which may lay the groundwork for future growth.
- 2026 Financial Guidance: Management provided guidance for 2026, projecting subscription, services, and other revenue (non-IFRS) between $220 million and $250 million, with adjusted operating expenses (non-IFRS) estimated at $210 million to $230 million, offering investors a clear outlook for the future.
See More
Bullish Reports Q4 2025 Financial Results with Record Revenue Growth
- Strong Financial Performance: Bullish achieved adjusted revenue of $92.5 million in Q4 2025, a 67.5% increase compared to Q4 2024, demonstrating robust performance and expanding operational leverage in the digital asset market.
- Reduced Net Loss: The net loss of $563.6 million, while significant, shows a marked improvement from a net income of $158.5 million in 2024, indicating progress in cost control and business optimization efforts.
- Positive Future Outlook: Management is optimistic about 2026, expecting continued revenue growth, particularly in digital asset trading and information services, which will further solidify Bullish's leadership position in the industry.
- Enhanced Market Infrastructure: Bullish strengthens its competitive edge in the global digital asset market through its exchange and subsidiaries like CoinDesk, providing comprehensive market infrastructure and information services, especially in the rapidly growing European and Asia-Pacific regions.
See More
Bullish Releases January 2026 Trading Metrics
- Trading Volume Overview: In January 2026, Bullish reported a Bitcoin trading volume of $3.46 billion, reflecting a decline from December but still indicating robust market activity and sustained interest from institutional investors in digital assets.
- Average Trading Spread: The average trading spread for Bitcoin was 2.14 basis points, demonstrating stable trading costs that could attract more traders and enhance the platform's competitiveness in the digital asset market.
- Volatility Analysis: The monthly average volatility for Bitcoin stood at 48%, showing a decrease from previous months, yet indicating ongoing market uncertainty that may influence investor trading decisions.
- Platform Service Expansion: As the parent company of CoinDesk, Bullish continues to strengthen its leadership position in the digital asset space by providing market infrastructure and information services, which is expected to attract more institutional clients.
See More
JPMorgan Lowers Bullish Price Target to $42
- Price Target Adjustment: JPMorgan analyst Kenneth Worthington lowered Bullish's (NYSE:BLSH) price target from $45 to $42 while maintaining a Neutral rating, reflecting tempered near-term expectations but indicating a balanced valuation relative to operational trends.
- Institutional Investment Dynamics: Cathie Wood's Ark Invest added approximately $6 million worth of Bullish shares, signaling confidence in the company's long-term positioning within the digital asset ecosystem, highlighting Bullish's role as core infrastructure that could benefit from stabilizing market activity.
- Compliance Advantage: Founded in 2020 and headquartered in George Town, Cayman Islands, Bullish operates a regulated cryptocurrency exchange with licenses across major jurisdictions including Germany, Hong Kong, Gibraltar, and New York State, showcasing its differentiated competitive edge in the evolving digital asset market.
- Market Outlook Analysis: While Bullish is viewed as a potential investment, analysts believe certain AI stocks offer greater upside potential and carry less downside risk, suggesting that Bullish's investment appeal may be limited in the current market environment.
See More
Bullish Reports Strong Q4 2025 Earnings with Record Revenue Growth
- Significant Revenue Growth: Bullish achieved record SS&O revenue of $54.6 million in Q4 2025, representing a 284% year-over-year increase, while adjusted EBITDA reached $44.5 million, reflecting a 55% quarter-over-quarter growth, indicating strong momentum in the institutional client market.
- Market Expansion Strategy: CEO Thomas Farley emphasized that Bullish will continue to focus on expanding its influence in the regulated derivatives market, with a target of SS&O revenue between $220 million and $250 million for 2026, aiming for approximately 50% year-over-year growth.
- Record Customer Activity: Bullish reported all-time highs in customer activity during Q4, including monthly active customers, total customer funds on the platform, and open interest for futures and options, with the options platform exceeding $2 billion in open interest by year-end, becoming the global #2 in Bitcoin options.
- Optimistic Future Outlook: Despite facing macroeconomic and regulatory uncertainties, CFO David Bonanno stated that Bullish's guidance for 2026 reflects optimistic expectations for continued strong business momentum and increasing customer demand.
See More
Bullish Reports Wider Q4 Loss, Stock Drops 4.2%
- Wider Loss Reported: Bullish's Q4 GAAP EPS of -$3.73 significantly missed the analyst estimate of -$2.04, marking a sharp decline from a profit of $0.14 in Q3, indicating increasing financial pressure on the company.
- Lower Revenue Guidance: The company projects 2026 subscription and services revenue midpoint at $225M, below the Wall Street consensus of $229M, reflecting market concerns about future growth and potentially impacting investor confidence.
- Declining Trading Volume: Total trading volume for Q4 was $222B, a notable increase from $142B in the previous quarter, yet January's volume dropped to $22.5B from $25.9B in December, suggesting weakened market activity that could affect future revenues.
- Adjusted Net Income Growth: Despite the losses, Bullish reported an adjusted net income of $28.9M for Q4, exceeding the $24.3M consensus and significantly up from $14.1M in the prior quarter, demonstrating improved profitability in certain areas.
See More
Bullish Reports Q4 Earnings with 67.6% Revenue Growth
- Earnings Highlights: Bullish's Q4 earnings report reveals a GAAP EPS of -$3.73, missing expectations by $1.69, while revenue reached $92.5 million, reflecting a robust 67.6% year-over-year growth and exceeding estimates by $5.24 million, indicating strong market performance.
- Digital Asset Sales: In Q4 2025, digital asset sales amounted to $64.3 billion, although the net income was -$563.6 million, highlighting the dual challenges and opportunities Bullish faces in the digital asset sector.
- Options Trading Volume: Bullish surpassed $9 billion in options trading volume with an open interest of $4 billion, demonstrating significant investor interest and activity on the Bullish platform, which may lay the groundwork for future growth.
- 2026 Financial Guidance: Management provided guidance for 2026, projecting subscription, services, and other revenue (non-IFRS) between $220 million and $250 million, with adjusted operating expenses (non-IFRS) estimated at $210 million to $230 million, offering investors a clear outlook for the future.
See More
Bullish Reports Q4 2025 Financial Results with Record Revenue Growth
- Strong Financial Performance: Bullish achieved adjusted revenue of $92.5 million in Q4 2025, a 67.5% increase compared to Q4 2024, demonstrating robust performance and expanding operational leverage in the digital asset market.
- Reduced Net Loss: The net loss of $563.6 million, while significant, shows a marked improvement from a net income of $158.5 million in 2024, indicating progress in cost control and business optimization efforts.
- Positive Future Outlook: Management is optimistic about 2026, expecting continued revenue growth, particularly in digital asset trading and information services, which will further solidify Bullish's leadership position in the industry.
- Enhanced Market Infrastructure: Bullish strengthens its competitive edge in the global digital asset market through its exchange and subsidiaries like CoinDesk, providing comprehensive market infrastructure and information services, especially in the rapidly growing European and Asia-Pacific regions.
See More
Bullish Releases January 2026 Trading Metrics
- Trading Volume Overview: In January 2026, Bullish reported a Bitcoin trading volume of $3.46 billion, reflecting a decline from December but still indicating robust market activity and sustained interest from institutional investors in digital assets.
- Average Trading Spread: The average trading spread for Bitcoin was 2.14 basis points, demonstrating stable trading costs that could attract more traders and enhance the platform's competitiveness in the digital asset market.
- Volatility Analysis: The monthly average volatility for Bitcoin stood at 48%, showing a decrease from previous months, yet indicating ongoing market uncertainty that may influence investor trading decisions.
- Platform Service Expansion: As the parent company of CoinDesk, Bullish continues to strengthen its leadership position in the digital asset space by providing market infrastructure and information services, which is expected to attract more institutional clients.
See More
