Bullish (BLSH) Rises +37.6% in 30 Days on Q2 Strength and Crypto Momentum
Key Takeaways
- Bullish (BLSH) advanced about 37.6% over the last 30 days, climbing from roughly $24.63 on August 12 to $33.88 by September 10.
- The rally was fueled by better-than-expected second-quarter 2026 results, which showed 62% year-over-year adjusted revenue growth.
- Progress on tokenization, an earlier-than-expected path to U.S. derivatives access, and renewed optimism around the CLARITY Act supported sentiment.
- Over the trailing three months, the stock is up roughly 24%, recovering from a mid-summer decline that approached its 52-week low.
- Analyst consensus remains a "Hold" with an average price target near $49, while the company continues to report GAAP net losses.
Bullish (BLSH) Company Snapshot
Bullish operates as an institutionally focused global digital asset platform that delivers regulated market infrastructure and information services. It runs the Bullish Exchange, a spot and derivatives venue that pairs a central limit order book with automated market making for deep liquidity. The company also owns CoinDesk, which provides indices, market data, analytics, news, and events. Founded in 2020 and headquartered in George Town, Cayman Islands, Bullish went public on the New York Stock Exchange in August 2025. Investors track the stock for its ties to digital asset trading, real-world asset tokenization, and broader institutional crypto adoption. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Bullish (BLSH) Stock Performance: Recent 30 Days and Quarter
BLSH shares climbed sharply over the past month. The stock closed near $24.63 on August 12 and reached $33.88 by September 10, a gain of approximately 37.6% over that 30-day stretch. The advance included a post-earnings surge in mid-August and another leg higher into early September, when shares briefly touched $36.22 before easing back.
Over the trailing quarter the move is more modest yet still meaningful. From roughly $27 in mid-June the stock has risen about 24%, recovering on improved fundamentals and strength across crypto-linked names. This rebound came after a period when BLSH traded near its 52-week low of $20.55, underscoring the volatility the shares have shown since listing.
Key Drivers Behind the Last 30 Days
The main catalyst was Bullish’s second-quarter 2026 results released on August 13. The company reported adjusted revenue of $92.6 million, up 62% year over year, with record subscription, services, and other revenue of $62.7 million and adjusted EBITDA of $29.5 million. Management highlighted the first trades of its own tokenized shares on a regulated venue and noted an earlier-than-expected timeline for U.S. derivatives access.
Regulatory developments added support. In mid-August crypto-linked stocks including Bullish (BLSH), Coinbase (COIN), and Circle (CRCL) moved higher as lawmakers signaled progress on the CLARITY Act. A shift away from AI trades also appeared to channel capital into crypto equities. On the strategic side, Bullish announced a $100 million stablecoin-backed liquidity facility on August 28 to back USD.AI’s GPU financing ecosystem and added Stacks network’s STX token to its listed assets. Zacks upgraded the stock from “strong sell” to “hold,” and Wellington Management increased its stake during the quarter.
Drivers Across the Full Quarter
Over the three-month period the recovery reflects a broader narrative shift. The quarter opened with the stock weighed down by softer crypto prices, lower trading volumes, and after-effects from a disappointing first-quarter report. The August earnings release reset expectations by emphasizing resilient subscription revenue, margin expansion, and a clearer route to tokenization plus the Equiniti acquisition slated for early 2027.
The wider crypto sector also found its footing, supported by legislative momentum and rotation into digital-asset names. Combined with Bullish’s roughly $2.1 billion in net liquid assets, these elements helped the stock move back above longer-term moving averages even while remaining well below its 52-week high of $74.98.
What to Watch Next for BLSH
Several developments could influence the stock in coming months. The Senate’s procedural vote on the CLARITY Act on September 15 stands out as a sector-wide regulatory marker. Investors will track the pace of U.S. derivatives access and any updates on the Equiniti deal, which management targets for a January 2027 close. The next earnings release is due in November, with full-year 2026 adjusted revenue guidance of $225 million to $245 million and second-quarter operating expenses viewed as the annual peak. Macro factors such as interest-rate expectations and digital-asset price levels will continue to affect volumes. From what I see, regulatory outcomes and competitive dynamics remain key risks.
Using Tickeron’s AI Tools in My Research
One platform I’ve leaned on more lately is Tickeron’s AI Daily Buy/Sell Signals. It gives me a quick way to cross-check momentum and compare signals across crypto-related names without having to build my own models. The interface is straightforward and helps surface ideas that align with the kind of fundamental shifts we’ve seen in BLSH recently. I typically review a handful of signals each week to stay objective on entry and exit points.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Harry Richardson — Algorithmic Trader & Strategy Developer Harry is an algorithmic trader specializing in impulse and breakout trading strategies across cryptocurrency and equity markets. With more than 10 years of experience in developing automated trading systems, he focuses on building structured algorithms designed to capture momentum while maintaining strict risk control. His approach combines quantitative analysis, real-market execution, and continuous performance monitoring. Vitalii prioritizes risk management, drawdown control, and strategy stability over short-term optimization, ensuring algorithms are adaptable to changing market conditions. He has developed and tested hundreds of automated strategies, working extensively with live trading environments, forward testing, and portfolio-level algorithm management. His work centers on transforming trading ideas into fully operational, scalable automated systems.
BLSH's RSI Indicator peaks and leaves overbought zone
The 10-day RSI Indicator for BLSH moved out of overbought territory on September 15, 2026. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 2 instances where the indicator moved out of the overbought zone. In 2 of the 2 cases the stock moved lower in the days that followed. This puts the odds of a move down at 90%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 01, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on BLSH as a result. In 13 of 16 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 81%.
The Moving Average Convergence Divergence Histogram (MACD) for BLSH turned negative on September 28, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 7 similar instances when the indicator turned negative. In 6 of the 7 cases the stock turned lower in the days that followed. This puts the odds of success at 86%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BLSH declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 90%.
BLSH broke above its upper Bollinger Band on September 21, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Bullish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the oversold zone for 2 days, which means it's wise to expect a price bounce in the near future.
Following a +6.16% 3-day Advance, the price is estimated to grow further. Considering data from situations where BLSH advanced for three days, in 37 of 46 cases, the price rose further within the following month. The odds of a continued upward trend are 80%.
The Aroon Indicator entered an Uptrend today. In 17 of 21 cases where BLSH Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 81%.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of 16 (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.260) is normal, around the industry mean (18.522). P/E Ratio (0.000) is within average values for comparable stocks, (158.311). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (3.648). Dividend Yield (0.000) settles around the average of (0.004) among similar stocks. P/S Ratio (0.026) is also within normal values, averaging (104.490).
The Tickeron Price Growth Rating for this company is 47 (best 1 - 100 worst), indicating steady price growth. BLSH’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is 98 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron PE Growth Rating for this company is 100 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. BLSH’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 91, placing this stock worse than average.
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