Bullish (NYSE:BLSH) Announces Quarterly Earnings Results, Misses Estimates By $3.89 EPS

05 Feb 2026, 18:52 by Sarita Garza · The Markets Daily

Bullish (NYSE:BLSH – Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($3.73) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($3.89), FiscalAI reports. Bullish had a negative return on equity of 6.70% and a negative net margin of 0.04%.The company had revenue of $92.50 million during the quarter. During the same period last year, the firm earned $1.37 EPS. The company’s revenue for the quarter was up 67.6% on a year-over-year basis.

Here are the key takeaways from Bullish’s conference call:

Record Q4 results: Bullish reported Q4 SS&O revenue of $54.6 million (up 284% YoY) and adjusted EBITDA of $44.5 million with a 48% margin, which management cites as evidence of strong execution and momentum.
2026 financial guide: Management expects SS&O revenue of $220–$250 million (midpoint ≈50% YoY growth) and adjusted operating expenses of $210–$230 million, while declining to provide full-year transaction revenue guidance due to expected volatility.
Options business scaling quickly: Launched Oct 29, options reached >$2B open interest at quarter end (peaked >$4B) and 29% volume share, making Bullish the clear #2 Bitcoin options platform by open interest and a stated aspiration to lead the market.
Tokenization & regulatory expansion: Bullish is scaling its liquidity/tokenization services, added partners (e.g., IOTA, VeChain, Paxos, USDAI), secured Tier‑1 licenses (New York BitLicense, MiCA, SFC, BaFin), registered as a transfer agent, and plans to list tokenized securities in 2026 with a pipeline that includes Fidelity’s stablecoin.
Near‑term risks remain: management notes material volatility in transaction revenue, industry price weakness and legislative uncertainty around the Clarity/Market Structure bills—passage could be a catalyst but timing and outcomes are unclear, which could pressure volumes.

Bullish Stock Performance

NYSE:BLSH traded down $1.98 on Thursday, hitting $25.22. The stock had a trading volume of 3,063,861 shares, compared to its average volume of 2,111,506. Bullish has a 1 year low of $24.85 and a 1 year high of $118.00. The firm’s fifty day simple moving average is $39.98. The company has a current ratio of 38.78, a quick ratio of 36.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $3.69 billion and a PE ratio of 1,261.75.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Rosenblatt Securities cut their price target on Bullish from $55.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. Deutsche Bank Aktiengesellschaft upgraded Bullish from a “hold” rating to a “buy” rating and cut their target price for the stock from $52.00 to $51.00 in a report on Wednesday, November 19th. Weiss Ratings restated a “sell (d)” rating on shares of Bullish in a research note on Monday, December 29th. Citigroup dropped their price objective on shares of Bullish from $77.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, December 22nd. Finally, Canaccord Genuity Group reduced their price objective on shares of Bullish from $68.00 to $50.00 and set a “buy” rating for the company in a report on Monday, November 24th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $53.25.

View Our Latest Stock Report on Bullish

Bullish News Summary

Here are the key news stories impacting Bullish this week:

Positive Sentiment: Cathie Wood/ARK buying — Cathie Wood’s ARK funds recently added BLSH alongside other crypto stocks, a vote of confidence from a large, visible active investor that can support demand for the shares. Cathie Wood Scoops Crypto Stocks
Positive Sentiment: ARK Invest buying spree — Reports show ARK and related funds deploying meaningful capital into crypto-related equities this period, which can provide short-term buying support for BLSH. ARK Invest Bets $60,900,000 on Seven Crypto-Related Stocks
Neutral Sentiment: Bullish released January 2026 monthly metrics — the company published trading volume, spreads and volatility measures; these provide transparency on platform activity but require detail review to judge revenue/EBITDA implications. Bullish releases January 2026 monthly metrics
Neutral Sentiment: Macro/crypto headlines (e.g., debates around Bitcoin patterns) are circulating — market commentary such as Michael Burry’s “$BTC Patterns” post fuels short-term crypto volatility that indirectly affects Bullish’s trading volumes and spreads. Is Michael Burry Accidentally Bullish On Bitcoin?
Negative Sentiment: Quarterly earnings miss — Bullish reported Q4 EPS of ($3.73) vs. consensus $0.16, a significant miss despite 67.6% year-over-year revenue growth ($92.5M). The loss, negative return on equity and near-breakeven net margin drove investor selling and margin reassessment. Bullish Reports Fourth Quarter 2025 Results

Institutional Trading of Bullish

A number of institutional investors and hedge funds have recently modified their holdings of BLSH. Nwam LLC purchased a new stake in shares of Bullish during the 3rd quarter worth approximately $4,540,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Bullish in the third quarter worth $91,782,000. Renaissance Capital LLC purchased a new stake in Bullish in the third quarter worth $2,436,000. Stephens Investment Management Group LLC bought a new stake in shares of Bullish in the third quarter valued at $27,080,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Bullish during the 3rd quarter valued at $92,824,000.

Bullish Company Profile

(Get Free Report)

Bullish (NYSE: BLSH) is a company that develops and operates digital asset market infrastructure, including a cryptocurrency trading platform and related technology services. The firm’s stated activities focus on providing exchange services, market structure and trading technology designed to support the listing, execution and clearing of digital assets. Bullish positions itself as a bridge between traditional capital markets practices and the evolving cryptocurrency ecosystem.