Why Shares of Bullish Are Surging Today

Group 1 - Bullish shares traded 8% higher following the release of second-quarter earnings, the acquisition of a U.S. operating license, and positive Wall Street sentiment [1] - The company went public in August with an initial share price of $37, which peaked at $118 on the first trading day, but has since stabilized around $57.50 [2] - In Q2, Bullish reported a net income of approximately $108 million on adjusted revenue of $57 million, with trading volume reaching nearly $180 billion, a 35% year-over-year increase [4] Group 2 - Bullish obtained a BitLicense from the New York Department of Financial Services, allowing it to operate in the U.S., making it one of only three companies to receive both a BitLicense and a New York Money Transmitter License since 2023 [5] - Cantor Fitzgerald raised its price target for Bullish to $59 while maintaining an overweight rating on the stock [5] - The company has a market capitalization of $8.6 billion, indicating high valuation multiples, which raises concerns about dependency on crypto market volatility [6]