Bullish (BLSH) Stock Forecast & Price Target

Bullish is attractive because its core exchange business is increasingly complemented by recurring, higher-quality revenue from subscription, services and other lines, which reached a record $62.7m in 2Q26 and helped drive adjusted revenue of $92.6m, up 62% year over year, even as digital asset sales fell 44% to $32.6bn. Its balance sheet also provides meaningful downside protection, with $2.1bn of net liquid assets at June 30 and adjusted EBITDA of $29.5m in 2Q26, while management’s 2026 outlook and 2027-2029 framework point to expanding margins and strong free cash flow. The pending acquisition of Equiniti should turn Bullish into a key infrastructure layer for tokenized securities, giving it transfer-agent control over roughly 30% of the S&P 500 and half the FTSE 100 while expanding monetization across issuance, trading, liquidity, data, and indices.

Bullish is facing a weak fundamental setup because its core trading business is highly exposed to volatile crypto volumes, and July trading volume of $30.7B was roughly 40% below June while activity weakened further in August, pressuring near-term revenue and EBITDA estimates. The balance sheet and acquisition strategy add risk: it is assuming $1.85bn of Equiniti debt, issuing about $2.35bn of stock, and still holds net liquid assets of $2,101.6M that are 61% bitcoin, leaving valuation and IFRS results vulnerable to digital-asset swings, including a 2Q26 net loss of $280m. Execution and regulatory uncertainty also loom large, as the Equiniti integration could disrupt issuer relationships, tokenization adoption may lag, and approvals for broker-dealer, ATS, DCM, DCO and FCM applications may take longer than management expects.