Crypto exchange Bullish gains after Q2 rev beat in maiden report since IPO

Bullish

18/09/2025 13:28

** Shares of Bullish BLSH.N up 8.1% premarket to $58.76 after crypto exchange operator posted topline beat in first qtrly results as a public company

** BLSH late Weds reported adj Q2 rev of $57 mln, above avg analysts' est. of $55.9 mln, per LSEG

** Adj EBITDA in qtr of $8.1 mln also surpassed consensus of $6.8 mln

** Q2 trading volume grew 35% yr/yr to about $180 bln

** For current qtr, co forecasted rev of $69-$76 mln and adj EBITDA of $25-$28 mln

** At least four brokerages hiked their PTs reacting to report, including Citigroup to $70 from $66 and Jefferies to $58 from $49

** "BLSH is showing momentum in new customer adds, product roll-out, and broader utilization of its platform," Jefferies wrote in note

** 4 of 10 brokerages rate the stock "strong buy" or "buy" and rest rate "hold"; median PT is $59, latest LSEG data reflects

** The CoinDesk owner, led by former NYSE President Tom Farley, debuted on Aug 13 after $1.1 bln IPO priced at $37

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))