Bullish (BLSH) Stock Forecast & Price Target

Bullish is well positioned for secular growth because it is shifting from a trading-dependent model toward higher-quality recurring revenues in subscription, services, and other offerings, which reached a record $62.7 million in Q2 and helped drive adjusted revenue of $92.6 million and adjusted EBITDA of $29.5 million, up 62% and 264% year over year, respectively. Its positive outlook is reinforced by momentum in tokenization, where the proposed $4.2 billion Equiniti acquisition could add the regulated transfer-agent layer needed for institutional adoption, while Bullish’s existing licenses, issuer relationships, and infrastructure create a one-to-many distribution model across equities, liquidity services, CoinDesk, and indices. Even with muted crypto trading, Q2 results showed flat sequential performance and more than 60% year-over-year growth, underscoring share gains, strong execution, and an increasingly diversified platform that is less exposed to spot volatility.

Bullish is facing a negative outlook because its 2Q26 revenue strength did not translate into earnings, as adjusted EBITDA of $29.5M missed expectations due to adjusted opex of $63.1M, and management’s own 2H26 guide still implies a lower run-rate rather than durable margin expansion. Near-term operating momentum also looks weak, with July trading volume at $30.7B, roughly 40% below June, and crypto activity deteriorating further in August, forcing materially lower 2027E estimates to $391M of adjusted revenue and $144M of adjusted EBITDA. Although its $2B+ net cash position and diversified revenue mix provide some resilience, the business remains highly exposed to trading-volume volatility, regulatory uncertainty, competition, and take-rate compression.