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BLSH

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Bullish reported strong Q1 results with a 49% revenue increase to $92.8 million and a 166% EBITDA growth to $35.1 million, despite a tough macro environment. Analysts express uncertainty about Q2, with a 30% volume drop. Cantor Fitzgerald raised the price target to $43, while Rosenblatt cut it to $42.50, citing regulatory concerns and the impact of the Equiniti acquisition as a strategic milestone.

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Bullish

Bullish Posts Strong Q1 Against Strong Headwinds, But Uncertainty Remains, Say Analysts

Cantor Fitzgerald has raised its price target for Bullish (NYSE:BLSH) from $39.00 to $43.00, maintaining an 'overweight' rating. This suggests a potential upside of 9.07% from the current price. Other analysts have mixed ratings, with some lowering their targets. Bullish reported Q1 revenue of $92.83 million, up 48.8% year-over-year, but missed EPS expectations, leading to a negative sentiment around the stock.

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JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

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CITIGROUP INC 6.250 NON CUM SER II PFD WI

Cantor Fitzgerald Forecasts Strong Price Appreciation for Bullish (NYSE:BLSH) Stock

Bullish (BLSH) reported a strong Q1 2026 with adjusted revenue of $92.8 million, up 49% year-over-year, despite a 24% drop in Bitcoin prices. The company announced a $4.2 billion acquisition of Equiniti, enhancing its market position. Adjusted EBITDA reached $35.1 million, with a margin of 38%. However, management cautioned about near-term headwinds from digital asset price declines and increased spending. They reaffirmed 2026 guidance, projecting revenue of $1.25–$1.35 billion and adjusted net income of $270–$290 million.

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Bullish Bets Big on Growth After Strong Quarter

Bullish (BLSH) reported Q1 earnings of 13 cents per share, missing estimates of 17 cents. Sales were $92.80 million, below expectations. CEO Tom Farley expressed optimism about future growth, especially with the Equiniti acquisition. Shares fell 8.6% to $36.06. Analysts have mixed views; Rosenblatt lowered its price target from $45 to $42.5, while Cantor Fitzgerald raised its target from $39 to $43.

These Analysts Revise Their Forecasts On Bullish After Q1 Results

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Bullish (NYSE:BLSH) reported a 49% year-over-year increase in Q1 2026 revenue and announced a $4.2 billion acquisition of Equinity to enhance its tokenization platform for capital markets. Despite challenges from declining digital asset prices, the company reaffirmed its full-year guidance and highlighted growth in the Bitcoin options market. Management expressed confidence in the acquisition's strategic alignment and potential benefits, emphasizing the importance of tokenization in modernizing capital markets infrastructure. The earnings call included forward-looking statements and discussions on non-IFRS financial measures.

- Bullish reported a 49% year-over-year increase in Q1 2026 adjusted revenue amid a $4.2 billion acquisition of Equinity, enhancing its tokenization capabilities for capital markets.  
- The company emphasized the strategic significance of tokenization in modernizing financial infrastructure, targeting regulatory approvals for expanded trading services in the U.S. and Europe.  
- Operational growth included notable traction in the Bitcoin options market, indicating strong market interest and robust long-term potential.

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Bullish Q1 2026 Earnings Call Transcript

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Bullish (BLSH) reported Q1 adjusted revenue of $92.8 million and EPS of $0.13, missing analyst expectations due to decreased digital asset trading activity, leading to a 5.7% drop in shares pre-market. The decline in crypto prices affected trading across the industry, impacting Coinbase and Robinhood as well. Additionally, Bullish is set to acquire Equiniti for $4.2 billion to enhance its tokenized securities offerings and add a regulated transfer agent business.

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Bullish misses first-quarter revenue estimates as transaction revenue slips

Bullish to acquire Equiniti from Siris in $4.2 billion transaction, creating the global transfer agent for tokenized securities | BLSH Stock News

StockTitan

Bullish to acquire Equiniti from Siris in $4.2 billion transaction, creating the global transfer agent for tokenized securities | BLSH Stock News

The CoinDesk owner reports weaker-than-expected adjusted Ebitda and revenue in the first quarter.

Bullish stock tumbles after earnings. It’s still up since last year’s IPO

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On May 5, 2026, cryptocurrency exchange Bullish (NYSE: BLSH) announced its acquisition of Equiniti for $4.2 billion from Siris Capital. This acquisition is significant as Equiniti is considered the "nervous system" of the US stock market. Following the announcement, Bullish's stock price surged by approximately 20%.

- On May 5, 2026, cryptocurrency exchange Bullish announced its acquisition of Equiniti from Siris Capital for $4.2 billion.  
- Equiniti is described as the "nervous system" of the US stock market.  
- Following the announcement, Bullish's stock price increased by approximately 20%.

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The leading US stock exchange registry was offered $4.2 billion to be acquired by a cryptocurrency exchange.

Bullish (NYSE:BLSH) has announced its agreement to acquire Equiniti for $4.2 billion, aiming to enhance its infrastructure for tokenized securities. The deal, expected to close in January 2027, involves Bullish assuming Equiniti's $1.85 billion debt and issuing new shares. CEO Tom Farley emphasized the importance of combining technology, ledger infrastructure, and issuer networks for tokenization. The acquisition is projected to drive significant revenue growth and free cash flow, with a focus on blockchain services and maintaining a strong financial position post-transaction.

Bullish Bets $4.2B on Tokenized Securities With Equiniti Deal

Leverage Shares 2X Long BLSH Daily ETF(BLSG.US)

Bullish Posts Strong Q1 Against Strong Headwinds, But Uncertainty Remains, Say Analysts

Cantor Fitzgerald Forecasts Strong Price Appreciation for Bullish (NYSE:BLSH) Stock

Bullish Bets Big on Growth After Strong Quarter

These Analysts Revise Their Forecasts On Bullish After Q1 Results

Bullish Q1 2026 Earnings Call Transcript

Bullish misses first-quarter revenue estimates as transaction revenue slips

Bullish to acquire Equiniti from Siris in $4.2 billion transaction, creating the global transfer agent for tokenized securities | BLSH Stock News

Bullish stock tumbles after earnings. It’s still up since last year’s IPO

The leading US stock exchange registry was offered $4.2 billion to be acquired by a cryptocurrency exchange.

Bullish Bets $4.2B on Tokenized Securities With Equiniti Deal