Bullish stock surges 84% in first trading day
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 13 2025
0mins
Should l Buy BLSH?
Source: SeekingAlpha
Bullish IPO Success: Bullish, a crypto exchange backed by Peter Thiel, experienced an 84% surge in its stock price on its first trading day after raising $1.1 billion in an IPO that was oversubscribed by more than 20 times.
Market Impact and Insider Wealth: The stock peaked at $117.93 shortly after debuting, coinciding with rising prices for ether and bitcoin, while significant stakes held by insiders like Brendan Blumer and Kokuei Yuan have resulted in substantial personal wealth increases.
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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: 27.450
Low
45.00
Averages
54.00
High
67.00
Current: 27.450
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.
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- 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
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- Nasdaq Outperformance: The Nasdaq 100 climbed 1%, significantly outperforming broader Wall Street, while the S&P 500 added 0.7%, suggesting that the strong rebound in tech stocks is driving overall market gains and may attract more capital inflows.
- Individual Stock Surge: AppLovin Corp. (NASDAQ:APP) surged more than 14% after logging four consecutive weekly declines, reflecting optimistic market sentiment regarding its future growth potential, which could draw more investor attention to the company.
- Commodity Market Recovery: Oil prices rose over 2% to $64.6 a barrel, while gold rebounded 2.5% to $5,090 an ounce, and silver soared over 6% to $82 an ounce, indicating an improvement in market risk appetite that may positively impact related industries.
See More
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- Clear Transaction Terms: Under the terms of the all-stock transaction, Valaris shareholders will receive 15.235 shares of Transocean stock for each Valaris share, which may attract more investor interest in Valaris's future performance.
- Mixed Market Performance: U.S. stocks were mixed on Monday, with the Nasdaq gaining around 100 points, showcasing strong performance in tech stocks amidst volatility in other sectors, reflecting the complexity of market sentiment.
- Investor Focus: The acquisition news surrounding Valaris has sparked widespread market attention, potentially influencing the stock prices of other related companies, prompting investors to closely monitor subsequent market reactions and industry developments.
See More
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- 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
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- 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
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- 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
