Bullish’s Q2 Earnings Surge: Igniting a Path to $80-90 in Six Months

In the dynamic world of digital assets, Bullish Holdings Inc. (NYSE: BLSH) has just delivered a performance that could redefine its trajectory. On September 18, 2025, the company reported Q2 earnings per share (EPS) of $0.93, shattering consensus expectations of just $0.03—a staggering 3,000% beat. 

While adjusted revenue came in at $57 million, slightly below the $60.7 million forecast, the results propelled the stock up 4.5% in after-hours trading, with trading volume exploding to $179.6 billion, a sharp year-over-year increase. Looking ahead, Bullish guided Q3 adjusted EBITDA to $25-28 million—more than triple Q2’s $8.1 million—and revenue to $69-70 million, signaling accelerating momentum. This isn’t just a one-off win; it’s the spark of a genuine turnaround, positioning Bullish as a frontrunner in the booming institutional crypto space. With a bullish outlook, we see the stock reaching $80-90 within six months.

Q2 Highlights: Profitability Takes Center Stage

Bullish’s Q2 results mark its first-ever quarterly earnings beat since going public, underscoring a shift from growth-at-all-costs to sustainable profitability. The EPS crush reflects disciplined cost management and a surge in high-margin institutional trading activity, which drove the platform’s trading volume to unprecedented levels. Even with revenue edging below estimates, the underlying metrics paint a rosy picture: adjusted EBITDA jumped to $8.1 million, and the company’s focus on operational efficiency has narrowed losses while expanding its user base.

This performance aligns with broader market tailwinds in digital assets, where institutional adoption is accelerating amid regulatory clarity and Bitcoin’s rally toward $100,000. Bullish’s platform, backed by Block.one’s blockchain expertise, is perfectly tuned for this environment, offering low-latency trading and advanced tools that appeal to hedge funds and corporations. The Q3 guidance further bolsters confidence, projecting revenue growth of over 20% quarter-over-quarter and EBITDA margins expanding to 35-40%, a trajectory that could annualize to $300 million in revenue by year-end.

Strategic Growth Drivers: Expanding in a High-Potential Market

Bullish isn’t resting on its laurels. The company is aggressively pursuing U.S. expansion following key regulatory approvals, which could unlock a massive addressable market. With plans to launch in multiple states by Q4, Bullish is poised to capture a slice of the $2 trillion global crypto trading volume, where institutional flows now account for over 50%. Recent partnerships with major custodians and integrations with DeFi protocols enhance its competitive edge, differentiating it from rivals like Coinbase by emphasizing enterprise-grade security and compliance.

Moreover, Bullish’s institutional-first strategy is a smart bet on the sector’s evolution. As traditional finance converges with crypto—evidenced by BlackRock’s ETF inflows exceeding $20 billion this year—platforms like Bullish that prioritize low fees and high liquidity stand to gain disproportionately. Analysts highlight this as a key catalyst, with the company’s EU expansion already contributing 15% to Q2 volume and U.S. entry potentially doubling that figure by mid-2026.

Valuation Upside: From $65 to $80-90 in Six Months

At a current price around $65.61, Bullish trades at a forward P/E multiple of about 18x based on projected 2025 EPS of $3.12, a discount to peers like Coinbase (25x) given its superior growth profile. The consensus analyst target sits at $59.40, but that’s conservative—recent upgrades post-earnings have pushed highs to $70, and we believe the real potential is higher. Factoring in Q3 beats, U.S. launch synergies, and a crypto bull market, Bullish could deliver 50%+ EPS growth in H1 2026, justifying a 25x multiple and a $80-90 target by March 2026.

This upside assumes normalized trading volumes and margin expansion to 45%, which are realistic given the company’s 20% market share in institutional spot trading. Risks like regulatory hurdles exist, but Bullish’s compliance-first approach mitigates them, turning potential headwinds into tailwinds.

Conclusion: A Bullish Bet on the Digital Asset Renaissance

Bullish’s Q2 triumph isn’t mere luck—it’s the culmination of strategic execution in a sector primed for explosive growth. With profitability surging, geographic expansion on the horizon, and institutional demand at all-time highs, the company is primed for a breakout. Investors adding at current levels could see 25-40% returns in six months, with $80-90 as a realistic milestone en route to even loftier peaks. In the AI-meets-crypto era, Bullish isn’t just participating—it’s leading the charge.

References

• [0] Barron’s: Bullish Crushes Earnings. The Crypto Stock Pops. (September 19, 2025)

• [1] Yahoo Finance: Bullish stock jumps 10% as key approval paves way for crypto exchange US expansion. (September 19, 2025)

• [2] Investing.com: Earnings call transcript: Bullish Inc Q2 2025 sees stock drop after earnings miss. (September 18, 2025)

• [3] AInvest: Bullish Just Had A Strong Q2, But Numbers Are Not The Most Important Part. (September 19, 2025)

• [4] Seeking Alpha: Bullish: Strong Bet On Institutional Crypto Growth (NYSE:BLSH). (September 19, 2025)

• [5] Benzinga: Bullish Stock Climbs After Q2 Results: Details. (September 18, 2025)

• [6] Yahoo Finance: Bullish (BLSH) Analyst Ratings, Estimates & Forecasts. (Accessed September 19, 2025)

• [8] 24/7 Wall St.: Bullish (BLSH) First Ever Quarterly Earnings: What To Watch. (September 18, 2025)

• [9] StockAnalysis: Bullish (BLSH) Stock Price & Overview. (Updated September 13, 2025)