Bullish (BLSH) just posted its strongest quarter as a public company, the kind of numbers most crypto exchanges would celebrate loudly. Revenue jumped, profits flipped into the green, and institutional activity surged across its spot market and options desk. Yet the stock kept sliding. BLSH shares dropped more than 6% in early trading on Wednesday and remain down almost 40% across the month.
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For a company that once rocketed more than 200% on debut, the disconnect between the fundamentals and the chart is becoming harder to ignore.
Bullish Delivers Its Best Quarter Yet
Bullish’s third quarter was powered by heavier institutional flow, a more active U.S. spot market and a crypto options desk that crossed one billion dollars in volume.
Net income came in at 18.5 million dollars, reversing a 67.3 million dollar loss from the same period last year. Adjusted revenue jumped 72% year-over-year to 76.5 million dollars. Adjusted EBITDA climbed to 28.6 million dollars from 7.7 million dollars.
Adjusted net income turned positive at 13.8 million dollars. The only soft patch was in adjusted transaction revenue, which dipped to 26.7 million dollars from 32.9 million dollars because trading volumes lightened slightly.
Operationally, it is exactly the kind of turnaround quarter investors say they want from newly public crypto firms.
Bullish Shares Keep Sliding
The stock is telling a different story. Bullish made a dramatic entrance on the New York Stock Exchange on August 13, soaring as much as 218% from its 37 dollar IPO price to an intraday high of 188 dollars. Those gains have since evaporated. Shares now sit near 35 dollars, well under pre-launch expectations.
The stock reaction highlights a theme running through the entire sector. Strong numbers help but they are not enough on their own to anchor prices when sentiment is shaky and public crypto equities are still trying to prove staying power.
Crypto Listings Surge Even as Post-IPO Hangovers Rise
This year has been a breakout stretch for crypto IPOs thanks to a supportive US administration and new clarity around stablecoins under the GENIUS Act. But the post-IPO pattern has been uneven.
Circle (CRCL) jumped 167% on day one in June and finished the session at 82 dollars before settling closer to 71 dollars. Figure (FIGUR) raised its IPO price because of strong demand and reached 49 dollars in October before easing near the high 30s. Gemini Space Station launched above expectations, hit 40 dollars, then sank towards 11 dollars.
The debut pops continue. The durability does not.
Kraken Takes Its First Formal Step Toward a Public Listing
The momentum for crypto listings grew again this week. Kraken confirmed that it has confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission, placing it on a path toward a possible IPO. The filing landed less than a day after Kraken revealed its valuation had reached 20 billion dollars following two funding rounds this year.
Consumer interest in newly public crypto companies is real, but so is the volatility. Bullish now sits inside that larger story, a company putting up strong numbers while navigating the tougher reality of life as a listed crypto stock.
Is Bullish Stock a Good Buy?
Wall Street remains cautiously positive on Bullish. Based on 13 analyst ratings over the past three months, the stock carries a Moderate Buy consensus, with 5 Buy ratings and 8 Hold ratings.
Analysts see meaningful upside ahead. The average 12-month BLSH price target is $59, which implies a 66.48% gain from the recent price.
