Key Stats for BLSH Stock
- Price Change for BLSH stock: +16.76%
- BLSH Share Price as of Feb. 9: $32.05
- 52-Week High: $118
- BLSH Stock Price Target: $45.20
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What Happened?
Bullish (BLSH) stock has climbed as investors digest a blowout Q4 2025 report and stronger forward guidance for its institutional crypto platform.
In early February, the company reported Q4 2025 adjusted revenue of $92.5 million, which was up about 68% year over year as its Subscription, Services & Other (SS&O) segment surged.
SS&O revenue grew 284% to $54.6 million as adoption of Bullish’s options and data products accelerated, and adjusted EBITDA reached $44.5 million, marking a record quarter for profitability.
Management highlighted that the Bullish options platform has already processed more than $9 billion in cumulative trading volume, and Bitcoin options open interest peaked at roughly 29% market share.
The latest earnings release also showed full‑year 2025 adjusted revenue of $288.5 million and adjusted net income of $38.8 million, underscoring that the business is scaling with improving operating leverage.
BLSH listed on the NYSE in August 2025 after upsizing its IPO and pricing shares at $37, and the stock has since traded in a very wide range between the mid‑20s and $118 as investors wrestle with crypto‑market volatility.
The latest move higher reflects renewed enthusiasm for Bullish’s derivatives franchise and for its ownership of CoinDesk, which provides indices, data, and media that can support cross‑selling and recurring revenue.
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What the Market Is Telling Us About BLSH Stock
The strong reaction to Bullish’s earnings shows that investors are increasingly focused on the company’s recurring‑revenue engine and options traction rather than only spot‑trading volumes.
Analysts now project that SS&O will drive a growing share of revenue and profitability, and consensus models imply significant operating‑margin expansion if management keeps expenses in check.
BLSH currently trades near the low end of its post‑IPO range, even after the recent bounce, so the market is still pricing in meaningful execution and regulatory risk despite the rapid top‑line growth.
Valuation screens show that the stock carries a negative trailing P/E due to GAAP losses, but enterprise‑value‑to‑sales and forward-earnings metrics are closer to high‑growth fintech peers, reflecting expectations for continued scaling.
Investors are also watching the expiration of post‑IPO lock‑up agreements, which could add near‑term selling pressure if early shareholders decide to realize gains after the recent rally.
For now, the market appears to balance the strong growth, improving adjusted margins, and ambitious guidance against these structural risks, resulting in a stock that trades with high volatility around each new data point.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
