Bullish Reports Strong Q4 2025 Earnings with Record Revenue Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 05 2026
0mins
Should l Buy BLSH?
Source: seekingalpha
Bullish's stock surged by 10.71% as it reached a 5-day high, reflecting positive investor sentiment following its strong Q4 2025 earnings report.
The company achieved record SS&O revenue of $54.6 million in Q4 2025, representing a 284% year-over-year increase, while adjusted EBITDA reached $44.5 million, reflecting a 55% quarter-over-quarter growth. CEO Thomas Farley emphasized the focus on expanding influence in the regulated derivatives market, targeting SS&O revenue between $220 million and $250 million for 2026, aiming for approximately 50% year-over-year growth. Despite facing macroeconomic uncertainties, the optimistic guidance for 2026 indicates strong business momentum and increasing customer demand.
This robust performance highlights Bullish's competitive edge in the digital asset market, attracting institutional clients and positioning the company for continued growth in the coming year.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy BLSH?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on BLSH
Wall Street analysts forecast BLSH stock price to rise
7 Analyst Rating
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 36.730
Low
39.00
Averages
48.17
High
67.00
Current: 36.730
Low
39.00
Averages
48.17
High
67.00
About BLSH
Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services. The Company is focused on providing products and services that are designed to help institutions grow their businesses, empower individual investors, and drive the adoption of stablecoins, digital assets, and blockchain technology. It operates two primary business lines: media and events. Its media business delivers news and information on the digital assets industry. Its media business operates through CoinDesk.com. Its events business gathers the global digital asset, blockchain, and Web3 communities at annual events, such as Consensus. It provides trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through its flagship Consensus conference. The Company offers its services under the Bullish and CoinDesk brands.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Bullish Reports Surge in Bitcoin and Ethereum Volatility
- Bitcoin Volatility Surge: Bullish reported that the average monthly volatility for Bitcoin nearly doubled to 61% in February from 33% in January, indicating increased market uncertainty that could impact investor confidence.
- Ethereum Volatility Spike: Ethereum's volatility also surged to 82% from 46% in February, suggesting that such drastic fluctuations may lead to adjustments in trading strategies, affecting market liquidity and investment decisions.
- Significant Trading Volume Increase: The trading volume on Bullish jumped to $84.1 billion in February from $52.2 billion in January, reflecting heightened market activity that may attract more investors to participate.
- Widening Trading Spread: The average trading spread increased from 1.67 bps to 2.16 bps, indicating that market liquidity may be affected by rising volatility, with higher trading costs potentially deterring some investors from trading.
See More
Bullish Releases February 2026 Trading Metrics
- Trading Volume Overview: In February 2026, Bullish reported a Bitcoin trading volume of $3.46 billion, reflecting a decrease from January but still indicating robust market activity, showcasing ongoing institutional interest in digital assets.
- Average Trading Spread: The average trading spread for Bitcoin was 2.14 basis points, indicating stable trading costs, which is crucial for attracting more traders and enhancing platform liquidity.
- Volatility Analysis: The monthly average volatility for Bitcoin stood at 48%, showing a decline compared to previous months but remaining above market expectations, indicating fluctuations in market sentiment and investors' risk tolerance.
- Platform Development Strategy: Bullish, as an institutionally focused digital asset platform, continues to release monthly metrics to enhance transparency and attract more institutional investors, thereby driving growth in its market share.
See More
Kraken Secures Federal Reserve Master Account, Expanding Business Potential
- Federal Reserve Approval: Kraken has made history as the first cryptocurrency company in the U.S. to secure a Federal Reserve master account, enabling it to settle dollar transactions directly on Fed rails, which enhances transaction efficiency and reduces costs.
- Business Expansion Potential: Anthony Scaramucci, founder of SkyBridge Capital, praised Kraken for building a 'monster business' through 'shrewd acquisitions' and organic growth, positioning it to capture a larger share in the competitive cryptocurrency market.
- IPO Outlook: Following a valuation of $20 billion after securing $800 million in funding last November, Kraken is anticipated to go public soon, with the new master account providing strong support for its IPO plans.
- Flexibility and Adaptability: Scaramucci used an octopus emoji on social media to symbolize Kraken's flexibility, emphasizing its rapid development and adaptability in the cryptocurrency industry, indicating broader business expansion opportunities ahead.
See More
Director of Bullish (BLSH.US) Plans to Sell $10.15 Million in Common Stocks via Form 144
- Stock Sale Announcement: SEC director Thomas Farley plans to sell 320,000 shares of its common stock on February 13.
- Market Value: The total market value of the shares being sold is approximately $10.15 million.
See More
Form 144: Bullish (BLSH.US) Executive Plans to Sell $3.96 Million in Common Shares
- Stock Sale Announcement: Officer David Bonanno intends to sell 125,000 shares of its common stock on February 13.
- Market Value: The total market value of the shares being sold is approximately $3.96 million.
See More
Bullish Stock Rebounds as Ark Invest Continues Buying
- Stock Rebound: Bullish stock has been consistently rising after hitting a 52-week low last week, with a 15.5% increase from last Friday's close to Thursday's market session, indicating positive market sentiment towards its recovery.
- Ark Invest Accumulation: Ark Invest has been steadily increasing its Bullish holdings this week, with the Ark Fintech Innovation ETF purchasing 6,158 shares on Monday, while the Ark Next Generation Internet ETF and Ark Innovation ETF added 10,092 and 40,914 shares respectively, reflecting strong confidence in Bullish.
- Surge in Trading Volume: From Tuesday to Thursday, the Ark Fintech Innovation ETF added another 59,421 shares, the Ark Next Generation Internet ETF increased its holdings by 98,443 shares, and the Ark Innovation ETF bought 375,611 shares during the same period, indicating a significant rise in institutional interest in Bullish.
- Market Outlook Analysis: Despite the decline in Bullish stock due to market skepticism surrounding cryptocurrencies, its current price is 73% below its 52-week high, positioning it as a notable player in the cryptocurrency exchange sector and attracting investor interest for potential rebound opportunities.
See More
Bullish Reports Surge in Bitcoin and Ethereum Volatility
- Bitcoin Volatility Surge: Bullish reported that the average monthly volatility for Bitcoin nearly doubled to 61% in February from 33% in January, indicating increased market uncertainty that could impact investor confidence.
- Ethereum Volatility Spike: Ethereum's volatility also surged to 82% from 46% in February, suggesting that such drastic fluctuations may lead to adjustments in trading strategies, affecting market liquidity and investment decisions.
- Significant Trading Volume Increase: The trading volume on Bullish jumped to $84.1 billion in February from $52.2 billion in January, reflecting heightened market activity that may attract more investors to participate.
- Widening Trading Spread: The average trading spread increased from 1.67 bps to 2.16 bps, indicating that market liquidity may be affected by rising volatility, with higher trading costs potentially deterring some investors from trading.
See More
Bullish Releases February 2026 Trading Metrics
- Trading Volume Overview: In February 2026, Bullish reported a Bitcoin trading volume of $3.46 billion, reflecting a decrease from January but still indicating robust market activity, showcasing ongoing institutional interest in digital assets.
- Average Trading Spread: The average trading spread for Bitcoin was 2.14 basis points, indicating stable trading costs, which is crucial for attracting more traders and enhancing platform liquidity.
- Volatility Analysis: The monthly average volatility for Bitcoin stood at 48%, showing a decline compared to previous months but remaining above market expectations, indicating fluctuations in market sentiment and investors' risk tolerance.
- Platform Development Strategy: Bullish, as an institutionally focused digital asset platform, continues to release monthly metrics to enhance transparency and attract more institutional investors, thereby driving growth in its market share.
See More
Kraken Secures Federal Reserve Master Account, Expanding Business Potential
- Federal Reserve Approval: Kraken has made history as the first cryptocurrency company in the U.S. to secure a Federal Reserve master account, enabling it to settle dollar transactions directly on Fed rails, which enhances transaction efficiency and reduces costs.
- Business Expansion Potential: Anthony Scaramucci, founder of SkyBridge Capital, praised Kraken for building a 'monster business' through 'shrewd acquisitions' and organic growth, positioning it to capture a larger share in the competitive cryptocurrency market.
- IPO Outlook: Following a valuation of $20 billion after securing $800 million in funding last November, Kraken is anticipated to go public soon, with the new master account providing strong support for its IPO plans.
- Flexibility and Adaptability: Scaramucci used an octopus emoji on social media to symbolize Kraken's flexibility, emphasizing its rapid development and adaptability in the cryptocurrency industry, indicating broader business expansion opportunities ahead.
See More
Director of Bullish (BLSH.US) Plans to Sell $10.15 Million in Common Stocks via Form 144
- Stock Sale Announcement: SEC director Thomas Farley plans to sell 320,000 shares of its common stock on February 13.
- Market Value: The total market value of the shares being sold is approximately $10.15 million.
See More
Form 144: Bullish (BLSH.US) Executive Plans to Sell $3.96 Million in Common Shares
- Stock Sale Announcement: Officer David Bonanno intends to sell 125,000 shares of its common stock on February 13.
- Market Value: The total market value of the shares being sold is approximately $3.96 million.
See More
Bullish Stock Rebounds as Ark Invest Continues Buying
- Stock Rebound: Bullish stock has been consistently rising after hitting a 52-week low last week, with a 15.5% increase from last Friday's close to Thursday's market session, indicating positive market sentiment towards its recovery.
- Ark Invest Accumulation: Ark Invest has been steadily increasing its Bullish holdings this week, with the Ark Fintech Innovation ETF purchasing 6,158 shares on Monday, while the Ark Next Generation Internet ETF and Ark Innovation ETF added 10,092 and 40,914 shares respectively, reflecting strong confidence in Bullish.
- Surge in Trading Volume: From Tuesday to Thursday, the Ark Fintech Innovation ETF added another 59,421 shares, the Ark Next Generation Internet ETF increased its holdings by 98,443 shares, and the Ark Innovation ETF bought 375,611 shares during the same period, indicating a significant rise in institutional interest in Bullish.
- Market Outlook Analysis: Despite the decline in Bullish stock due to market skepticism surrounding cryptocurrencies, its current price is 73% below its 52-week high, positioning it as a notable player in the cryptocurrency exchange sector and attracting investor interest for potential rebound opportunities.
See More
