Bullish Shares Rocket Upward: Here’s Why Crypto Investors Are Piling In
Bullish just flipped the script—shares are exploding as institutional money floods into crypto infrastructure.
Market Momentum Ignites
Traders are chasing the rally as Bullish's exchange volume hits unprecedented levels. The platform's deep liquidity and regulatory compliance are pulling in whales who've been waiting on the sidelines.
Tech Stack Superiority
Bullish's engine processes transactions faster than legacy exchanges—cutting settlement times and bypassing traditional banking delays. That speed advantage is converting skeptics into believers almost overnight.
Regulatory Tailwinds
Clearer frameworks from watchdogs like the FSA give institutions the green light to deploy capital. Finally, crypto's playing by rules Wall Street understands—even if they're still figuring out what a 'decentralized ledger' actually means.
Bottom line: When crypto infrastructure stocks run, they leave traditional finance in the dust. Guess those hedge fund managers should've spent less time shorting and more time learning what a blockchain actually does.
Entry into the U.S.
Bullish went public in August and was received extremely well. Shares priced at $37 but soared all the way to $118 on day one of trading. Since then, shares have struggled and trade around $57.50, which isn't necessarily bad when you consider what the IPO priced at, but it's also a common tale in an enthusiastic IPO market that has awoken after several years of limited activity.
Image source: Getty Images.
In the second quarter, Bullish reported net income of about $108 million on adjusted revenue of $57 million. Trading volume reached nearly $180 billion in the quarter, up about 35% year over year. Bullish is also guiding for net income between $12 million and $17 million in the third quarter and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $26.5 million at the midpoint of its guidance, which WOULD be up significantly from the $8.1 million it reported in the second quarter.
Perhaps more importantly, Bullish obtained a BitLicense from the New York Department of Financial Services, which will allow the exchange to operate in the U.S. Bullish is only the third company to receive both a BitLicense and New York Money Transmitter License since 2023. Following this news, analysts at Cantor Fitzgerald raised their price target on Bullish to $59 and maintained an overweight rating on the stock.
Still a monster valuation
Trading at an $8.6 billion market cap, Bullish still trades at extremely high multiples any way you choose to value the company. I'm also not a huge fan of this space because it is so heavily dependent on crypto volume, which is swayed by the gyrations of the crypto market. For this reason, I plan to avoid the stock.
