Bullish (BLSH) stock rallied about 8% in Thursday’s pre-market trading after the crypto exchange reported better-than-expected earnings for the second quarter of 2025. This marks Bullish’s first quarterly results after it went public on the NYSE in August. The rally in BLSH stock followed a 5.8% jump in Wednesday’s regular trading, on the news that the company’s U.S. digital asset trading and custody business, Bullish U.S. Operations LLC, secured a BitLicense and Money Transmission License.
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The company can now offer cryptocurrency spot trading and custody services in New York.
Ace hedge fund manager Cathie Wood’s ARK Invest ETFs (exchange-traded funds) have been accumulating Bullish shares, indicating optimism about the company’s growth potential.
Bullish Delivers Solid Q2 Earnings
Bullish’s Q2 revenue declined 6% year-over-year to $57 million, but exceeded analysts’ consensus estimate of $55.8 million. Moreover, the company’s earnings per share (EPS) jumped to $0.93 in Q2 2025 from a loss per share of $1.03 in the prior-year quarter. Analysts were expecting a loss per share of $0.05.
The company reported an 18% rise in digital asset sales to $58.6 billion and a 35% rise in trading volume to $179.6 billion.
Citing strong momentum, Bullish said that it expects Q3 trading volume in the range of $133 billion to $142 billion and adjusted net income in the range of $12 million to $17 million. The company is on track for the full launch of its options trading platform in the fourth quarter, with the service already available in a limited mobilization phase for select clients.
Is BLSH Stock a Good Buy?
In reaction to market-beating results, Citi analyst Peter Christiansen reiterated a Buy rating on Bullish stock and increased the price target to $70 from $66. The 4-star analyst cited a solid Q2 report and business momentum for his higher price target.
Meanwhile, Compass Point analyst Ed Engel raised the price target for Bullish stock to $56 from $45 and reiterated a Hold rating. The analyst noted New York BitLicense approval and a strong Q3 outlook. Engel stated that he raised his price target to reflect faster U.S. expansion. While the analyst is constructive on the crypto company’s U.S. opportunity, he remains on the sidelines as the stock is trading at 50x to 60x the 2026 EBITDA estimate.
Currently, Wall Street has a Moderate Buy consensus rating on Bullish stock based on four Buys and seven Holds. The average BLSH stock price target of $56.24 indicates 3.5% upside potential from current levels.
These price targets/ratings could change as more analysts react to Q2 results.
