Bullish (NYSE:BLSH) is one of the best new tech stocks to buy right now. On November 24, Canaccord lowered the firm’s price target on Bullish to $50 from $68 with a Buy rating on the shares. Canaccord noted the company’s Q3 2025 achievements in business model and TAM expansion, alongside stellar margins. In its Q3 2025 earnings report, the company achieved record performance with total adjusted revenue surging by 71.5% year-over-year to reach $76.5 million, surpassing expectations by $5.36 million. Adjus ...

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​Bullish (NYSE:BLSH) is one of the Best Up and Coming Tech Stocks to Buy. Wall Street has a positive outlook on the stock since its fiscal Q3 2025 earnings beat on November 19. On November 23, Joseph Vafi from Canaccord Genuity reiterated a Buy rating on Bullish (NYSE:BLSH) but lowered the price target from $68 to $50. Earlier on November 20, Owen Lau from Clear Street had reiterated a Buy rating on the stock with a $57 price target. ​During the fiscal Q3 2025, the company grew its revenue by 71.52% year- ...

Core Insights - Bullish reported a successful third quarter for 2025, launching new trading services and achieving significant trading volumes, indicating strong institutional interest in digital assets [2][7][8]. Financial Performance - Adjusted revenue for Q3 2025 reached $76.5 million, up from $44.6 million in Q3 2024, marking a 71.5% increase [8]. - Adjusted EBITDA was $28.6 million compared to $7.7 million in the previous year, reflecting a substantial improvement in profitability [8]. - The company achieved a net income of $18.5 million, a significant turnaround from a net loss of $67.3 million in Q3 2024 [8][22]. Trading Activities - Bullish launched its crypto options trading, surpassing $1 billion in trading volume shortly after launch [2][8]. - Spot trading volume increased by 77% compared to Q3 2025, indicating robust growth in trading activities [2]. Business Expansion - The company expanded its liquidity services partnerships significantly, more than doubling the number of partners in Q3 compared to Q2 [8]. - Bullish successfully launched U.S. spot trading following the approval of its NY BitLicense in September 2025 [8]. Market Positioning - Bullish is positioned at the intersection of key trends in the crypto market, including regulatory clarity, institutional adoption, and the tokenization of real-world assets [2][8]. - The company is focused on providing market infrastructure and information services, catering to institutional clients in the digital asset space [4].

The past 24 hours in the cryptocurrency market felt like watching a grand chandelier wobble before finally letting a few crystals fall. The market cap shrank 3.8% to $3.42 trillion, wiping out nearly $130 billion in what looked like an industry-wide cooldown. Bitcoin (BTCUSD) did not escape the turbulence either. It slipped below the $100K mark and ended its latest session down 3.9% at $94,859.63. Stocks were not immune either. The U.S. government’s messy restart has raised concerns among economists, who ...

Core Insights - Bullish, an institutionally focused global digital asset platform, released its monthly metrics for October 2025, highlighting trading volumes and market performance for Bitcoin and Ethereum [1][2]. Monthly Metrics Summary - **Trading Volume**: - Total Spot Trading Volume for October 2025 reached $77.5 billion, with Bitcoin at $38.2 billion, Ethereum at $15.1 billion, and stablecoins at $19.6 billion [6]. - The total trading volume, including perpetual contracts, was $80.5 billion [6]. - **Average Trading Spread**: - The average trading spread for spot trading was 1.75 basis points in October 2025, showing a decrease from previous months [8]. - **Volatility**: - Monthly average volatility for Bitcoin was 38%, while Ethereum's volatility was 58% in October 2025 [8]. Company Overview - Bullish operates a regulated digital asset platform providing market infrastructure and information services, including a digital assets exchange and market data analytics [3][4]. - The company is regulated in multiple jurisdictions, including the United States, European Union, and Hong Kong [3]. Additional Information - Investors can access detailed monthly metrics and other relevant information through Bullish's Investor Relations website [5][11]. - The company plans to release its financial results for the third quarter of 2025 on November 19, 2025 [16].

Core Insights - Bullish has launched spot trading in the United States, aiming to provide precision, efficiency, and compliance for institutional and advanced traders [1][2] - The platform has achieved over $1.5 trillion in cumulative trading volume since late 2021 and ranks among the top ten exchanges for Bitcoin and Ether trading [2] - The launch is supported by regulatory approvals from the New York State Department of Financial Services, allowing trading in 20 states [1][4] Company Features - Bullish offers 0% maker fees and ultra-low taker fees for institutional accounts, along with 0% trading fees for individual accounts [6] - The platform combines a central limit order book with Automated Market Maker technology to ensure deep liquidity and efficient trade execution [4][6] - High-throughput APIs are available for programmatic trading strategies, enhancing the trading experience for users [6] Market Position - The U.S. launch is seen as a significant milestone for Bullish, positioning it as a trusted venue for high-performance trading tailored to institutional needs [2][3] - The platform is designed to meet the unique demands of hedge funds, proprietary trading firms, market makers, and high-frequency traders [2][3] - Bullish's focus on liquidity, compliance, and execution quality aligns with the needs of institutional investors, as highlighted by partners like Nonco and BitGo [3][4] Availability - Bullish is currently operational in states including Arizona, California, Florida, New York, and Washington, D.C., with plans for further expansion [5][6] - Interested parties in other states can join a waitlist for future access [5]

Core Insights - Bullish reported strong financial results for Q2 2025, highlighting growth in liquidity services and successful execution of a Consensus conference, contributing to positive momentum heading into Q3 2025 [2][5] - The company received the New York DFS Bitlicense, enhancing its regulatory standing and facilitating entry into the U.S. market in Q4 2025 [5][6] Financial Performance - Digital asset sales reached $58.6 billion, up from $49.6 billion year-over-year, with net income of $108.3 million compared to a loss of $116.4 million in Q2 2024 [5][6] - Adjusted revenue was $57.0 million, a decrease from $60.7 million, while adjusted EBITDA was $8.1 million, down from $14.7 million [6] - Trading volume increased to $179.6 billion from $133.0 billion, with average daily volume rising to 1.974 billion from 1.462 billion [6] Business Highlights - Subscription, Services and Other (SS&O) revenue grew to $32.9 million, reflecting a 61.4% sequential increase and 27.4% year-over-year growth [5][6] - CoinDesk Indices reported $41 billion in assets under management, marking an increase of over $9 billion from Q1 2025 [5][6] - The company signed multi-year agreements with partners like Igloo Inc., showcasing successful cross-selling strategies [5][6] Future Guidance - For Q3 2025, Bullish anticipates adjusted revenue between $69.0 million and $76.0 million, with adjusted EBITDA expected to range from $25.0 million to $28.0 million [5][7]

Company Overview - Bullish operates in the digital assets space, providing services such as the Bullish Exchange and CoinDesk Indices, which cater to both digital assets and traditional finance [1] - The company has experienced a volatile trading history, yet analysts have maintained a consistent price target of $56, indicating a steady outlook on its market performance [1] Financial Performance - Despite a drop of over 50% from its initial peak, the stability in Bullish's price target suggests analysts believe the company can maintain its market position [2] - Bullish's revenue is heavily reliant on its crypto holdings, contributing to its volatility, and while CoinDesk services have seen growth, they lack substantial scale [2] - The company is not yet profitable, with Q2 profit attributed entirely to the appreciation of crypto assets, masking underlying operational losses [3] Analyst Insights - Analyst Brian Bedell from Deutsche Bank has set a lower price target of $51 for Bullish, reflecting the company's challenges [3] - Some analysts, like Charles Moon from Prosper Trading Academy, predict a potential breakout for Bullish, possibly returning to its IPO highs [3] - Investors are advised to consider these factors alongside broader market trends and economic conditions [3]

Company Overview - MIAX operates multiple trading exchanges, including MIAX Options, Miami International Securities Exchange, Bermuda Stock Exchange, and International Stock Exchange, with a focus on electronic trading in various markets [1][3] - The company was founded in 2007 and is recognized for its innovative technology in digital trading, providing low latency and customizable risk protections [2][3] IPO Activity - MIAX went public on August 14, 2023, with an IPO priced at $23 per share, raising $396.75 million in gross proceeds by offering 15 million shares [7] - The stock opened at $31 and has since gained over 18% [7] Market Position and Growth - MIAX's market share in the US options market has increased from 7% in 2015 to 16% in 2025, attributed to superior technology and product innovation [8] - The company is expected to sustain approximately 20% top-line growth and significant margin expansion potential [8] Analyst Ratings - Analyst Chris Brendler from Rosenblatt has given MIAX a Buy rating with a price target of $50, indicating a potential upside of 36% [8] - The stock currently has a Moderate Buy consensus rating based on 7 reviews, with 4 Buys and 3 Holds, and is trading at $36.81 [8] Bullish Overview - Bullish is a fintech company providing a global digital asset trading platform, focusing on institutional investors, and operates regulated trading exchanges [10][11] - The company launched in 2021 and has a reserve of Bitcoin, Ethereum, and stablecoins valued at $3.5 billion, positioning it to compete with Coinbase [11] Bullish IPO Details - Bullish priced its IPO at $37 per share, raising over $1 billion, with shares opening at $90 and closing at $68 on the first day of trading [13] - Despite a 40% decline since the IPO, Bullish maintains a market cap of $7.8 billion [13] Analyst Outlook for Bullish - Brendler sees potential for Bullish to benefit from improved political conditions and increasing institutional adoption of cryptocurrencies [15] - The analyst has given Bullish a Buy rating with a price target of $60, suggesting a 12% upside potential [16] - The stock has a Moderate Buy consensus rating with 4 Buys and 6 Holds, currently trading at $53.39 [17]