Summary Bullish is a rapidly growing cryptocurrency exchange, rated Buy with a $57 price target, implying 39% upside over 12 months. BLSH posted strong FQ3 2025 results, with 80% revenue growth, new product launches, and expanding institutional partnerships supporting the investment thesis. Despite trading at a premium valuation, BLSH's high growth, diversified revenue streams, and pro-crypto tailwinds justify its current multiple. Key risks include crypto market volatility, regulatory uncertainty, and competition, but BLSH is well-positioned to rebound and dominate the sector. Bullish ( BLSH ) is a cryptocurrency exchange, which debuted on the stock market on August 13 through its IPO at $37 initial price. The IPO was successful, highlighting a significant demand for the company's stock, reaching an intraday high of $118. The technology company has been trending down since the summer and now trades at roughly 7% premium versus its IPO price. The blockchain technology company is a rapid top-line growth story. It has achieved roughly 80% revenue growth over the past year, implying a 9x outperformance versus peers and arguing for a rebound from the recent sell-off. Bullish is also tied to multiple tailwinds, including an existing possibility of a year-end rally, favorable crypto seasonality, pro-crypto administration, and others, which may elevate investor confidence and boost the stock price higher. The company experiences a solid momentum in demand, and with cryptocurrency adoption and improved sentiment in the space, I think the business results may grow at a high double-digit pace. That is why I rate Bullish a Buy with a $57 price target over the next 12 months. This suggests a 39% upside possibility and broader market outperformance. FQ3 2025: Top-Line Growth Remains Intact, A 33% Surge On A Quarter-Over-Quarter Basis On November 19, the company delivered FQ3 2025 results. This was a strong quarterly performance, underscoring improving fundamentals and increasing institutional demand. However, the market reacted to the results with roughly a 4% decline on the earnings day. Bullish posted $76.50 million in revenue, approximately $5 million above what the market had anticipated. The bottom line arrived at $0.10 in diluted EPS, in line with analysts' expectations. BLSH: FQ3 2025 Key Highlights (Bullish Investor Relations) In the earnings presentation , management highlighted that it has achieved $27 million in adjusted transaction revenue and $50 million in subscriptions, services, and other revenue. Moreover, Bullish has achieved $29 million in adjusted EBITDA and $18 million in net income. I would like to emphasize that these results are in line with or above what the company has previously guided, which justifies excellent execution and steady business performance. BLSH launched crypto options on October 8 , and this was an early success. The company partnered with 14 trading companies and has already surpassed $1 billion in options trading volume, indicating significant demand and seamless adoption. I think this pivot may unlock a new revenue growth cycle for the company. Furthermore, management highlighted its indices AUM rose to $49 billion in FQ3 2025, a roughly 20% growth on a quarter-over-quarter basis from $41 billion. The company achieved above 100% new partner growth on a QoQ basis, and anticipates the trend to continue into the year-end. I believe this highlight suggests strong institutional adoption and BLSH providing high-quality services. Such a substantial growth in new partners indicates a solid market demand for the company's infrastructure and rising interest in the cryptocurrency space. To that, in September 2025 , BLSH secured a NY BitLicense, which entitles it to launch spot trading across US institutional investors. The company is laying the ground for its future success, and I think it is positioning itself for a market-leading position. BLSH: FQ3 2025 Well-Diversified Business (Bullish Investor Relations) I would also like to emphasize that Bullish is a well-diversified business with diverse revenue streams. The company's focus on multiple areas guides a positive outlook, indicating a strengthening moat, as it specializes in both information services and market infrastructure spaces. This helps to gain additional revenue and visibility from operating streams, such as CoinDesk Data or Media, Events, and I think that may appear a compelling addition to its primary business of exchange, liquidity, and indices. Furthermore, with a pro-crypto administration, a more favorable crypto environment, and a clearer legal framework, there is a likelihood that demand for cryptocurrencies may accelerate, and BLSH positions itself to benefit from such growth. For instance, President Trump signed the GENIUS Act , which establishes a framework for stablecoins and accelerates the adoption of digital assets. This supports my bullish thesis and a more favorable environment for crypto, and remains a tailwind for the company. A higher trading volume may lead to higher market infrastructure revenue. To note, in FQ3 2025, the company achieved $142 billion in total trading volume, with spot purchases leading and accounting for $130 billion. Derivatives trading volume achieved $12 billion. Although I think spot trading is likely to remain a significant part of the total revenue portion further, the company's focus and strategic partnerships in the space of derivatives make me think derivatives volume may substantially accelerate. This would support a bullish narrative for the company. To conclude, this has been a solid quarter for the company, underscoring a strong demand for its services, new partnerships driving the top-line growth, and cost efficiency measures supporting bottom-line expansion. Bullish positions itself to dominate the space, and with tailwinds tied to cryptocurrencies and digital asset adoption, the company appears to be well-positioned to benefit from favorable changes. I think it may appear to be a compelling opportunity for long-term investors favoring the crypto space and seeking exposure to the landscape through equity markets. Bullish Appears Expensive, But If Future Tailwinds Materialize, It May Remain At The Current Valuation Bullish currently trades at a forward P/E of roughly 145 , representing a 13x overvaluation versus peers at an 11x earnings multiple. Although this may appear concerning, the blockchain technology company is a high-demand, high-growth name, and its future outlook supports a premium valuation. BLSH: Forward P/E (YCharts) The chart above indicates that Bullish has been used in trading at a significant earnings multiple over the past years. One could argue, the current valuation stands for a multi-year low, and the cryptocurrency exchange may appear to be well-positioned to rebound from this sell-off. This also signals there is room for multiple expansions if execution delivers. On a forward PEG (non-GAAP) of 0.90, the company appears to be undervalued versus peers at 1.05. The 15% discount supports my thesis and argues for a bullish continuation. On the other hand, the forward EV/Sales and Price/Sales ratios of 22.85 and 22.15, respectively, imply 7x overvaluation at the midpoint versus sector medians of 3.15 and 2.91. Based on these metrics, it appears that the market anticipates significant revenue growth in the future, and if BLSH struggles to meet the expectations, the downside is not protected. BLSH: Capital Structure (Seeking Alpha) Furthermore, Bullish has a low-leveraged capital structure, and this supports an elevated multiple. The company has roughly $583 million in total obligations and $445 million in cash; thus, it covers the debt to a large extent. This is appealing, as management has financial flexibility to use leverage if needed. As highlighted previously, the company has been an outstanding top-line growth story, so far. An 80% revenue growth remains significant and signals outperformance versus peers. In addition to this, typically Q4 is the most bullish calendar quarter for crypto, yet this year, Bitcoin is down roughly 24% so far, and Ethereum 29%. Both of these coins typically experience a significant double-digit growth in Q4; thus, historical data argue that December may spark positive investor confidence, which could support continued revenue growth for Bullish. The last argument is also supported by digital asset treasury companies. There are more such publicly listed companies that are applying a HODL strategy for both Bitcoin and Ethereum , and provide a floor price. In addition, these companies are also gradually acquiring coins, and that may contribute to a positive outlook for the space. Overall, I think Bullish is not a cheap stock, but its phenomenal growth and future tailwinds justify the valuation. The company experiences solid momentum in demand, remains a low-leveraged business, and the recent sell-off argues that sentiment may be overdone. Driven by future tailwinds, I think Bullish is well-positioned to rebound from these levels, and if crypto sentiment shifts, this could spark the end-of-year rally for equities with crypto exposure. Wall Street analysts forecast $0.28 in diluted EPS for FY2025 and $0.67 in diluted EPS for FY2026. I generally agree with the estimates, yet if crypto sentiment shifts and coins experience an all-time high run over the next months, the estimates may appear conservative. Nevertheless, I favor a conservative approach. Thus, if we apply an 85x earnings multiple, highlighting roughly 40% lower than the current forward P/E to the FY2026 EPS estimate of $0.67, we arrive at my price target of $57. I think the company is well-positioned to achieve the targets, and favorable tailwinds could spark repricing sooner, rather than later. Main Risks And Concerns There are risks and concerns tied to Bullish that could meaningfully impact stock price performance in the short term. To begin with, the company remains heavily dependent on cryptocurrency sentiment and is sensitive to crypto market volatility. For instance, if the seasonality tailwind doesn't play out, this could pressure the company's performance. If Bitcoin and Ethereum experience a period of consolidation, trading volume is likely to decline, too, and investors may not be willing to pay a premium for BLSH. Although the space is rapidly expanding, Bullish experiences fierce competition. Other well-known names, such as Kraken, Coinbase, Bybit, Binance, and others, are competing for the market share. If investors think Bullish is losing a position to its peers, repricing could lead to a stock price decline. The crypto company is highly sensitive to regulatory uncertainty. Although the current administration is pro-crypto, any negative regulatory frameworks could erode the landscape's sentiment, and the stock may correct from these levels. On the other hand, this may also act as a significant tailwind, sparking the end-of-year rally. I think that if none of the above risks and concerns materialize, Bullish remains well-positioned to rebound from a multi-year low valuation. Conclusion: Bullish Is Positioning To Dominate The Space — A Buy I believe Bullish may appear to be a compelling opportunity for long-term investors seeking to expand crypto exposure via equity markets. Bullish is a rapidly growing cryptocurrency exchange and blockchain technology company that is tied to multiple tailwinds, outweighing the concerns. Weak crypto seasonality performance highly contributed to the downside trend of the stock. However, with more DAT companies in place and pro-crypto administration, I think Bullish may rebound from these levels. The company continues expanding, justified by partnerships with trading platforms and the strategic launch of crypto options, which may drive customer growth. The company is now trading at close to its IPO price, which may signal that the sell-off appears overdone. I rate Bullish a Buy with a $57 price target over the next 12 months. This represents a 39% upside possibility and broader market outperformance. 11 Wall Street analysts imply a $53 price target , representing a 31% upside potential.
