Ghisallo Capital Management LLC Takes Position in Bullish $BLSH

Key Points

• Ghisallo Capital Management bought 110,000 shares of Bullish in Q3 (≈$6.997M), about 0.08% of the company, and other institutions including Invesco and UBS also opened or increased sizable positions.
• Bullish reported a big EPS miss for the February quarter (loss of $3.73 vs. $0.16 expected) despite 67.6% revenue growth to $92.5M, leaving negative net margin and ROE and highlighting profitability and valuation concerns.
• Analysts' consensus is "Hold" with an average price target of $52.08, while Bullish's claim to be the third-largest spot crypto exchange (~$76B February volume) has boosted short-term momentum even as the stock trades below its 200-day average.

Ghisallo Capital Management LLC purchased a new stake in shares of Bullish (NYSE:BLSH - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 110,000 shares of the company's stock, valued at approximately $6,997,000. Ghisallo Capital Management LLC owned approximately 0.08% of Bullish at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in Bullish in the 3rd quarter worth $201,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Bullish during the third quarter valued at about $10,911,000. Invesco Ltd. purchased a new stake in shares of Bullish during the third quarter worth about $74,658,000. Sei Investments Co. acquired a new position in shares of Bullish in the third quarter worth about $361,000. Finally, UBS Group AG purchased a new position in Bullish in the third quarter valued at about $14,211,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BLSH shares. Citigroup lowered their price objective on Bullish from $77.00 to $67.00 and set a "buy" rating for the company in a research note on Monday, December 22nd. JPMorgan Chase & Co. reduced their target price on Bullish from $42.00 to $41.00 and set a "neutral" rating for the company in a research note on Friday, February 6th. Sanford C. Bernstein reissued a "market perform" rating and set a $50.00 price target on shares of Bullish in a research report on Tuesday, January 6th. Rosenblatt Securities dropped their price target on shares of Bullish from $52.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, February 6th. Finally, Canaccord Genuity Group cut their price target on shares of Bullish from $68.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, November 24th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Bullish presently has a consensus rating of "Hold" and an average price target of $52.08.

More Bullish News

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Bullish officially claimed the third-largest spot crypto exchange ranking for February, reporting roughly $76 billion in spot volume — a direct catalyst for higher trading-volume expectations and fee revenue upside. Bullish Becomes Third-Largest Crypto Exchange
• Positive Sentiment: Independent crypto press and market sites echoed the ranking, noting Bullish overtook Coinbase in spot volume — coverage that likely amplified buying interest and short-term sentiment. Bullish (BLSH) Stock Climbs as Exchange Claims Third Spot in Global Trading Volume
• Positive Sentiment: Market commentary and equity pages reported the move higher after the exchange ranking was publicized, reinforcing short-term momentum for BLSH shares. Bullish Stock (BLSH) Ticks Up as Exchange Becomes Third-Largest, Beating Coinbase
• Neutral Sentiment: Broader crypto market moves (geopolitical-driven spikes and volatility) can raise platform volumes but also increase short-term churn; impact on sustained revenue depends on whether volumes persist. Bitcoin, Ethereum, XRP, Dogecoin Spike As Iran's New Leader Signals Continued Hormuz Strait Closure
• Neutral Sentiment: Institutional accumulation narratives for major tokens (e.g., Ethereum) may support exchange volumes over time but don't guarantee improved margins for trading platforms. Institutional Conviction Fuels Bullish Ethereum Outlook Despite Brutal Crypto Selloff
• Negative Sentiment: Fundamentals remain a concern: Bullish reported a large EPS miss for its Feb quarter (reported -$3.73 vs. est. $0.16), negative net margin and negative ROE despite revenue growth — reasons for caution on valuation and sustainable profitability. Bullish Stock Profile & Recent Results
• Negative Sentiment: Valuation and technicals: the stock trades well below its 200-day average and at a high P/E, which makes it sensitive to any reversal in crypto volumes or margin pressure. Bullish Stock Profile & Recent Results

Bullish Stock Up 1.2%

Shares of Bullish stock opened at $36.69 on Friday. The business has a 50-day moving average price of $34.43 and a 200 day moving average price of $45.43. Bullish has a fifty-two week low of $24.79 and a fifty-two week high of $118.00. The firm has a market cap of $5.36 billion and a P/E ratio of 366.87. The company has a quick ratio of 27.69, a current ratio of 29.28 and a debt-to-equity ratio of 0.15.

Bullish (NYSE:BLSH - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported ($3.73) EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($3.89). The firm had revenue of $92.50 million for the quarter. Bullish had a negative return on equity of 10.58% and a negative net margin of 0.95%.The firm's revenue was up 67.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 earnings per share.

Bullish Profile

Bullish NYSE: BLSH is a company that develops and operates digital asset market infrastructure, including a cryptocurrency trading platform and related technology services. The firm's stated activities focus on providing exchange services, market structure and trading technology designed to support the listing, execution and clearing of digital assets. Bullish positions itself as a bridge between traditional capital markets practices and the evolving cryptocurrency ecosystem.

The business was announced in connection with Block.one, the software developer known for its work on the EOS blockchain, and was formed with the intent of creating a regulated, institutional-grade marketplace for digital assets.

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