Key Stats for Bullish Stock
- Price change for Bullish stock in last 1 year: -63%
- $BLSH Stock Price as of Aug. 13: $27
- 52-Week High: $75
- $BLSH Stock Price Target: $41
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What Happened?
Bullish (BLSH) stock jumped 12% on Thursday after the crypto exchange operator posted Q2 revenue of $92.6 million, beating the $87.4 million analysts expected.
That figure was up 62% from a year earlier and held roughly steady from Q1, even as Bitcoin and the broader crypto market weakened.
The standout number was Subscription, Services & Other revenue, which hit a record $62.7 million. This is Bullish’s recurring, more stable revenue stream, and its strength shows the company leaning less on volatile trading fees and more on steady income. Adjusted transaction revenue came in at $29.9 million.
Bullish also made history during the quarter. On the one-year anniversary of its IPO, the company began trading its own tokenized shares on its regulated venue, marking its first-ever trade of a tokenized security.
CEO Tom Farley called it just the beginning, saying tokenization sits at the heart of the company’s strategy. Bullish plans a showcase at the New York Stock Exchange on October 27 to demonstrate its tokenization platform and introduce new partners.
- On the expense side, adjusted operating expenses were $63.1 million, which management said marks the peak spending quarter for 2026.
- That included costs tied to the company’s Consensus Miami event and about $2.5 million in one-time compensation expenses.
- Adjusted net income was $14.3 million, and
- The company ended the quarter with $2.1 billion in net liquid assets, giving Bullish stock plenty of financial cushion to invest or pursue further deals.
Looking ahead, Bullish narrowed its full-year 2026 guidance for Subscription, Services & Other revenue to a range of $225 million to $245 million, keeping the midpoint unchanged.
Full-year adjusted operating expenses are expected between $225 million and $230 million. Management also said it now expects access to the U.S. derivatives market within the next several months, sooner than previously anticipated.
CFO David Bonanno said the company’s focus remains on serving issuers first, with transaction revenue expected to follow from that success. Bullish also continued adding institutional customers during the quarter, including a major global wealth manager’s Asia business, SoFi, Berenberg, Bit2Me, and BitGo Prime.
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What the Market Is Telling Us About Bullish Stock
The double-digit jump in Bullish stock suggests investors were encouraged by a revenue beat, a record quarter for recurring revenue, and real progress on the company’s tokenization strategy.
Holding revenue steady despite a weak crypto backdrop signals that the business is diversifying in a way that reduces its dependence on trading volumes alone.
Even after today’s gain, Bullish stock remains well below its 52-week high of 85 and holds just above its 52-week low.
This suggests the market still sees room for the stock to recover further if the company continues executing on tokenization and its recurring revenue base keeps growing.
Analysts currently maintain an average buy rating, with price targets ranging from $26 to $51, and expect Bullish to turn profitable for the full year, a key milestone after recent losses.
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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!
