Canaccord Cuts Bullish (BLSH) PT, Keeps Buy Rating

Core Viewpoint - Bullish (NYSE:BLSH) is identified as a promising tech stock, with recent performance indicating strong growth potential despite a lowered price target by Canaccord from $68 to $50, maintaining a Buy rating on the shares [1]. Financial Performance - In Q3 2025, Bullish reported total adjusted revenue of $76.5 million, a 71.5% increase year-over-year, exceeding expectations by $5.36 million [2]. - Adjusted EBITDA rose significantly to $28.6 million from $7.7 million in Q3 2024, leading to an adjusted net income of $13.8 million, a recovery from an adjusted net loss of $3.1 million in the prior year [2]. - GAAP EPS improved to $0.10 per diluted share, up from a loss of $0.59 per diluted share in Q3 2024, although it fell short of analyst estimates by $1.49 [3]. Market Activity - The company's digital asset sales for the quarter totaled $41.6 billion, a decrease from $54.2 billion in the same quarter of the previous year [3]. - Bullish anticipates subscription and services revenue for Q4 to be between $47.0 million and $53.0 million [3]. Company Overview - Bullish operates as a market infrastructure and information services provider in the US, with its Bullish Exchange offering a digital assets spot and derivatives exchange that features a central limit order book matching engine and automated market making for enhanced liquidity [4].