Bullish (BLSH) Stock Forecast & Price Target

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.

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.