Bullish

BLSH · NYSE

$28.21−$0.98 (−3.36%)TodayMarket closed · Oct 23, 7:35 PM ET

Prev close $29.19

BLSH analyst rating

BuyConsensus of 10 analysts over the last 12 months. 60% rate it a buy.

Strong buy0
Buy6
Hold4
Underperform0
Sell0

12-month price target · 14 analysts

Average $43.30 (+53.5% upside)

Low: $30.30
Now: $28.21
High: $55.65

Upgrades and downgrades

The latest rating actions, newest first

BLSH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 14, 2026	Maintains	Equal-Weight	$38.00 → $35.00	59%
Wells Fargo	Oct 2, 2026	Initiates	Equal-Weight	$38.00	59%
Keefe, Bruyette & Woods	Sep 29, 2026	Maintains	Market Perform	$55.00 → $40.00	15%
Canaccord Genuity	Sep 23, 2026	Maintains	Buy	$45.00	48%
Compass Point	Sep 14, 2026	Upgrade	Neutral → Buy	$30.00 → $51.00	50%
Canaccord Genuity	Aug 17, 2026	Maintains	Buy	$50.00 → $45.00	48%
JP Morgan	Aug 14, 2026	Maintains	Neutral	$26.00 → $25.00	52%
Rosenblatt	Aug 14, 2026	Maintains	Neutral	$42.50 → $30.00	34%
JP Morgan	Jun 16, 2026	Maintains	Neutral	$43.00 → $26.00	52%
Cantor Fitzgerald	May 15, 2026	Maintains	Overweight	$39.00 → $43.00	37%

The case for and against

Updated Oct 21, 2026

Bull case

Bullish is well positioned by a growing, more durable revenue mix that has held up despite softer crypto activity, with Q2 adjusted revenue of $92.6 million, adjusted EBITDA of $29.5 million, and a 32% margin, while subscription, services and other revenue hit a record $62.7 million. Its outlook is strengthened by a leading derivatives franchise, including $11.6 billion of options volume and 14% global BTC options open interest share in April, alongside the potential launch of U.S. options and perpetual futures over the next couple of quarters, which could materially expand institutional market share. The proposed $4.2 billion Equiniti acquisition, plus regulatory progress and growing adoption of CoinDesk Indices, support a long-term tokenization thesis tied to issuer-level infrastructure, distribution, and recurring revenue opportunities.

Bear case

Bullish is viewed negatively because its profitability is still being constrained by elevated operating costs: 2Q26 adjusted EBITDA of $29.5M missed expectations as adjusted opex of $63.1M ran well above $56.4M, even before the business absorbs volatile event-related spending and integration risk. While SS&O reached a record $62.7M and spreads improved to 2.62bps in July, the core exchange remains highly exposed to trading-volume swings, with July trading volume of $30.7B about 40% below June and crypto activity weakening further into August. The outlook is also pressured by regulatory uncertainty, cybersecurity and platform-risk exposure, and competition in trading and indices, making the company’s earnings power vulnerable despite broad product expansion.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.