Bullish (BLSH) Stock Price & How to Invest

Bullish runs an institutionally focused digital-asset exchange that pairs a central limit order book with automated market making, which means the firm supplies a large share of the liquidity its clients trade against rather than simply matching third-party orders. It is regulated in Gibraltar and Hong Kong, operates Bullish Europe as a MiCAR-licensed crypto asset service provider, and has applied for US futures exchange and clearinghouse licences. Alongside the exchange sits CoinDesk, acquired in November 2023, which runs coindesk.com, the Consensus conferences, CoinDesk Indices (the benchmark family behind Morgan Stanley's bitcoin ETF) and CoinDesk Data, expanded with the CCData purchase in October 2024. The group was incorporated in the Cayman Islands in 2021, is led by former NYSE president Tom Farley, and sold 34.5 million shares at $37.00 in its August 2025 IPO for net proceeds of about ~$1.21 billion.

The accounting makes the business look far larger and far more erratic than it is. Because Bullish sells digital assets as principal, IFRS revenue was ~$244.8 billion in 2025 against ~$244.7 billion of cost of digital assets derecognized, leaving a trading spread of only about ~$78 million; add ~$159 million of other revenues and the entire operating line is roughly ~$237 million. Everything below that is marks. A ~$675 million negative swing in the fair value of digital assets held, including a ~$497 million impairment, turned 2025 into a ~$785 million net loss, in the same way that ~$1.35 billion of positive marks turned 2023 into a ~$1.30 billion net profit. The first quarter of 2026 repeated the pattern: a reported loss of ~$605 million alongside ~$20 million of adjusted net income. At roughly ~$23.62 a share the equity is valued near ~$3.6 billion, against ~$2.27 billion of net liquid assets at March 31, 2026, so a large share of the price is the crypto and cash sitting on the balance sheet rather than the earnings stream.

The reported profit line is not an operating signal: a falling bitcoin price flows straight through fair-value marks and impairments into net loss and equity, which is how a company earning ~$35 million of adjusted EBITDA in a quarter posts a ~$605 million loss in the same quarter. Volumes are shrinking, with July 2026 trading volume roughly 43 percent below the year-ago month and options activity down sharply from its April peak. Client concentration is severe, with one customer accounting for about ~24 percent of exchange digital-asset sales in 2025 and a second about ~11 percent. The Equiniti deal is an all-stock transaction priced off a reference well above the current share price, dilutes existing holders heavily, does not close until 2027 and moves the company into regulated shareholder services, a business with little in common with running a crypto exchange. As a Cayman-domiciled foreign private issuer Bullish reports on Form 20-F with quarterly figures furnished rather than filed, custody insurance covers only a fraction of the assets it controls, and the rules governing digital-asset trading and tokenized securities are still being written in most of its markets.

9 analysts publish price targets on BLSH, averaging $40.83 against a $23.62 price as of August 2026, or +72.9%. The published targets run from $26.00 to $51.00, a moderate spread, and the ratings split 4 buy, 6 hold, 0 sell. Over the last six months there have been 2 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full BLSH forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Bullish. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Exchange spreads, which move with crypto volume. Adjusted transaction revenue, the fees and spreads earned from clients trading on the exchange, was ~$38.0 million in the first quarter of 2026, down from ~$42.0 million a year earlier. The most optimistic published target, $51.00, assumes this works close to its best case.

The case against. The reported profit line is not an operating signal: a falling bitcoin price flows straight through fair-value marks and impairments into net loss and equity, which is how a company earning ~$35 million of adjusted EBITDA in a quarter posts a ~$605 million loss in the same quarter. The most pessimistic target, $26.00, is roughly what BLSH is worth if this bites instead.

Read the full bull and bear case on BLSH, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Bullish's investor relations page or your broker.

• Share price / market cap: ~$23.62, about ~$3.6 billion on ~152 million shares (Aug 7, 2026)
• Adjusted revenue (Q1 2026): ~$92.8 million, up from ~$62.4 million
• Adjusted transaction revenue (Q1 2026): ~$38.0 million, down from ~$42.0 million
• Adjusted EBITDA / adjusted net income (Q1 2026): ~$35.1 million / ~$20.3 million
• Reported net loss (Q1 2026, IFRS): ~$604.9 million, or ~$3.85 per diluted share, including ~$652 million of negative fair-value marks
• Net loss (FY2025) / net liquid assets: ~$785.5 million loss; ~$2.27 billion net liquid assets at Mar 31, 2026

Bullish reports under IFRS on a principal basis, so headline revenue of ~$244.8 billion for 2025 is the gross value of digital assets sold and nets down to roughly ~$78 million of spread once cost of assets derecognized is deducted. The trailing operating revenue base, spread plus other revenues, is closer to ~$270 million, which puts the ~$3.6 billion market value at a high double-digit multiple of what the business actually earns, partly offset by ~$2.27 billion of net liquid assets behind the share. Second-quarter 2026 results are scheduled for August 13, 2026, and Bullish has not declared a dividend.

Other names that sit close to BLSH: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get BLSH exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so BLSH sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where BLSH fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Bullish is a real regulated exchange with a real information-services arm attached, but its reported profit line is close to a crypto price chart in disguise, and an all-stock acquisition roughly the size of the company itself is due to close in January 2027.

Whether BLSH is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BLSH a buy or a sell?, and where the stock could go from here in the BLSH stock forecast.

For income investors, whether BLSH pays a dividend and how the payout looks is covered in does BLSH pay a dividend? And to weigh BLSH against a peer, read the full side-by-side comparisons: BLSH vs COIN and BLSH vs HOOD.