Revenue totaled $77 million versus the $74 million consensus, while adjusted EBITDA of $29 million topped the $26 million expected.
Crypto News
JPMorgan analysts trimmed their December 2026 price target for Bullish crypto exchange to $45 from $46 after the platform reported third-quarter results that exceeded revenue and EBITDA expectations. The adjustment removes stablecoin income generated from $1.2 billion in IPO proceeds from core earnings models.
The revised $45 target implies 23.3% upside from Thursday's closing price of $36.50. Analysts maintained their neutral rating while praising solid quarterly performance that saw subscription services and other revenue reach $50 million, up from $12 million year-over-year and beating the $47 million forecast.
Bullish reported adjusted diluted earnings per share of $0.10, matching the Bloomberg consensus. Revenue totaled $77 million versus the $74 million consensus, while adjusted EBITDA of $29 million topped the $26 million expected. The subscription services upside came despite a seasonally weaker event schedule.
JPMorgan stripped approximately $6.2 million in quarterly stablecoin promotion income from its valuation framework. The analysts estimate this high-margin revenue, generated on IPO proceeds held in stablecoins, carries roughly a 100% margin but represents non-recurring income that should not factor into core business assessment.
The firm lowered its 2025 adjusted EPS estimate to $0.31 from $0.44 and cut the 2026 forecast to $0.93 from $1.29. The reductions primarily reflect the removal of expected investment income on IPO proceeds from both years. Analysts project Bullish will generate approximately $37 million annualized in stablecoin promotion revenue through 2027.
Fourth-quarter trends appear strong despite the estimate cuts, setting grounds for a more constructive trading environment. JPMorgan noted that higher volatility is driving volume growth, with October seeing average monthly volatility jump 46% quarter-over-quarter in Bitcoin and 12% in Ethereum despite falling market caps.
The earlier-than-expected launch of options trading and continued U.S. institutional onboarding following October's New York BitLicense grant provide additional positive catalysts. These developments position Bullish for sustained growth even as analysts take a more conservative approach to valuation metrics.
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