JPMorgan analysts maintained a “neutral” rating on Bullish (BLSH) crypto exchange after it reported third-quarter results that beat revenue and EBITDA expectations.
In a Thursday equity research report, the analysts slightly lowered their December 2026 price target to $45 from $46, and cut their 2025 and 2026 earnings estimates to strip out investment income generated from the company’s $1.2 billion IPO proceeds.
The new $45 price target implies roughly 23.3% upside from the company’s Thursday closing price of $36.50, according to The Block’s data dashboard.
“We maintain our Neutral rating, but lower our price target as we better account for interest income on stablecoins,” the analysts said.
For the third quarter, Bullish reported adjusted diluted earnings-per-share of $0.10, in line with Bloomberg consensus. Revenue came in at $77 million, ahead of the $74 million consensus and JPMorgan’s $74 million estimate, while adjusted EBITDA of $29 million topped the $26 million expected.
JPMorgan analysts said they view the results as “solid,” with subscription services and other (SS&O) revenue of $50 million driving the upside. That figure was up from $12 million in the prior year and beat JPMorgan’s $47 million forecast, even with a “seasonally weaker” event schedule.
Lowering estimates
However, the analysts trimmed estimates as they decided to strip out the high-margin stablecoin promotion income generated on the company’s $1.2 billion IPO proceeds from their core earnings model and valuation.
The analysts estimated that approximately $6.2 million of the quarter’s SS&O revenue came from promotion payments on the $1.2 billion of IPO proceeds held in stablecoins. Excluding that one-time item, which carries roughly 100% margin, third-quarter adjusted EBITDA would have been closer to $22.4 million, the analysts said.
The firm also lowered its 2025 adjusted EPS estimate to $0.31 from $0.44 and its 2026 estimate to $0.93 from $1.29, primarily to remove the expected investment income on IPO proceeds from both years.
JPMorgan now expects Bullish to generate about $12 million of stablecoin promotion revenue in the fourth quarter from the IPO cash — roughly $37 million annualized in 2027 — which the bank is excluding from its core valuation.
In spite of the estimate reductions, JPMorgan said fourth-quarter trends look strong, setting grounds for a “much more constructive” trading environment for Bullish compared to the third quarter.
“Despite falling market caps, higher volatility is driving trading volumes with reported observed average monthly volatility in October up +46% QoQ in bitcoin and +12% in ethereum,” JPMorgan wrote.
Analysts also pointed to the earlier-than-expected launch of options trading and continued U.S. institutional onboarding following the October grant of a New York BitLicense.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
