Bullish Is Pulling Away From Crypto Peers, Analyst Says — but a Brutal July Spoils the Party

Bullish (NYSE:BLSH) stock traded lower Friday after several analysts cut their price forecasts following mixed second-quarter results.

Bullish Revenue Beats Estimates, EPS Misses

Bullish on Thursday reported adjusted revenue of $92.6 million, up 62% year over year. Revenue beat the analyst estimate of $87.81 million.

Record subscription, services and other revenue of $62.7 million drove growth and helped offset weaker crypto trading activity.

Adjusted EBITDA rose to $29.5 million from $8.1 million a year earlier. Adjusted net income totaled $14.3 million, or 9 cents per share. Adjusted EPS missed the 10-cent consensus estimate.

Management also refined its full-year 2026 outlook. Bullish expects subscription, services and other revenue of $225 million to $245 million and adjusted operating expenses of $225 million to $230 million.

The company is also moving to diversify beyond crypto trading. Its Equiniti transaction remains on track to close in early 2027, while secondary trading of its tokenized shares is now live on its regulated venue.

Analysts Cut Bullish Price Forecasts

Several analysts lowered their price forecasts following the results.

Rosenblatt Securities analyst Chris Brendler maintained a Neutral rating on Bullish and lowered his price forecast to $30 from $35. JPMorgan analyst Kenneth Worthington also maintained a Neutral rating and cut his price forecast to $25 from $26.

Weak Start To Third Quarter

Brendler said Bullish delivered strong results, with revenue trends outperforming most crypto peers. Higher revenue capture helped offset lower trading volumes, while non-trading revenue posted solid sequential growth.

The analyst also pointed to Bullish’s strong balance sheet and planned acquisition as positives. The acquisition could reduce the company’s reliance on crypto trading and strengthen its longer-term investment case.

The analyst said Bullish delivered an “impressive” second quarter but warned that third-quarter trading was off to a “very disappointing start.”

Brendler said a weak start to the third quarter suggests consensus estimates may need to come down. July trading volume fell to $30.7 billion, roughly 40% below June, while crypto activity weakened further in August.

Despite stronger spreads and robust non-trading revenue growth, the analyst materially lowered his estimates.

Brendler now projects 2027 adjusted revenue of $391 million and adjusted EBITDA of $144 million. That compares with his previous estimates of $424 million and $195 million, respectively.

His forecasts are also below current consensus estimates of $427 million in revenue and $218 million in adjusted EBITDA, though Rosenblatt noted some consensus estimates may already include Equiniti, while its forecasts exclude the acquisition until the deal closes.

BLSH Price Action: Bullish shares were down 8.99% at $25.01 at the time of publication on Friday, according to Benzinga Pro data.

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