Shares of cryptocurrency exchange and blockchain technology company Bullish (NYSE:BLSH) tanked Friday morning, after the company on Thursday reported its first-quarter results.

• Bullish stock is feeling bearish pressure. Why is BLSH stock falling?

Here are the key analyst insights:

  • Cantor Fitzgerald analyst Brett Knoblauch maintained an Overweight rating, while raising the price target from $39 to $43.
  • Rosenblatt Securities analyst Chris Brendler reiterated a Neutral rating, while cutting the price target from $45 to $42.50.

Check out other analyst stock ratings.

Cantor Fitzgerald: Bullish's adjusted revenue grew 49% year-on-year to $92.8 million and its adjusted EBITDA grew 166% to $35.1 million, with an adjusted EBITDA margin of 37.9%, Knoblauch said in a note.

Management indicated that adjusted revenue grew sequentially across the board, despite Bitcoin prices declining by around 24% during the quarter, he added.

While reiterating 2026 guidance, management also signaled the Equiniti acquisition is "a transformational strategic milestone that positions Bullish as a leading institutional tokenization infrastructure platform," the analyst wrote. The Equiniti acquisition provides Bullish with "the regulatory infrastructure, issuer relationships and legal ownership framework necessary to bridge traditional capital markets and blockchain infrastructure," he further stated.

Rosenblatt Securities: Bullish reported "relatively impressive" results, despite falling cryptocurrency prices and declining activity levels that proved to be a tough quarter for most crypto peers, Brendler said.

The second quarter is off to "an even weaker start," with volumes down around 30% so far from the levels witnessed in the first quarter, and headwinds are likely to continue into 2027, he added.

While the Equiniti deal and the upside potential from tokenization are positives for Bullish, there remains "considerable uncertainty" around when this technology can gain traction, the analyst stated. So far, Bullish remains a crypto stock and "with some uncertainty around regulatory approvals and closing date, we continue to wait for a better entry point," he further wrote.

BLSH Price Action: Shares of Bullish had declined by 8.34% to $36.17 at the time of publication on Friday.

Read Also: Bullish (NYSE:BLSH) to Acquire Equiniti in $4.2 Billion Transaction