Bullish Q4 Revenue Tops $92.5M as Analysts Cut Price Targets to $41 and $42
On Feb. 6, JPMorgan cut Bullish’s price target to $41 from $42 and kept a Neutral rating after Q4 adjusted revenue of $92.51 million beat the $87.26 million consensus. Clear Street trimmed its target to $42 from $50 while retaining a Buy rating, citing weaker investor sentiment and legislative uncertainty.
1. Analyst Price Target Changes
On February 6, JPMorgan reduced its price target on Bullish to $41 from $42 and maintained a Neutral rating. Clear Street also cut its target to $42 from $50 while reiterating a Buy rating, pointing to a risk-off environment, softer investor sentiment and uncertainty around market structure legislation timing.
2. Q4 Financial Performance
On February 5, Bullish reported Q4 adjusted revenue of $92.51 million, surpassing the $87.26 million consensus. CEO Tom Farley noted the industry’s evolution toward on-chain capital, and CFO David Bonanno highlighted record adjusted revenue growth and expanding operating leverage in fiscal 2025, with plans to build on that momentum in 2026.
3. Business Model and Outlook
Bullish offers market infrastructure and information services through its digital assets spot and derivatives platform, combining a central limit order book with automated market making to deliver liquidity. While revenue growth remains strong, investor sentiment and regulatory timing risks will be key to valuation and future performance.