10 Major Stocks Collapse

4. Bullish (NYSE:BLSH)

Crypto exchange Bullish dropped its share prices for a second straight day on Thursday, shedding 9.68 percent to end at $49.01 apiece after earning a cautious outlook from an investment firm.

In its market note, Compass Point gave the company a “neutral” rating with a price target of $45. The figure marked a 17-percent downside from its closing price prior to the report.

In its initial coverage of the stock, Compass Point said it does not expect Bullish (NYSE:BLSH) to enter the US market until Congress passes crypto market structure legislation, which could take until next year.

“We think there could be a better buying opportunity within 1-2 quarters,” Compass Point said, underscoring Bullish’s (NYSE:BLSH) current 110x multiple on 2026 projected EBITDA.

Bullish (NYSE:BLSH) debuted on the stock market on August 13, successfully raising $1.1 billion in fresh funds from the sale of 30 million shares or 19.9 percent of its total stock.

Bullish (NYSE:BLSH) joins the roster of publicly listed cryptocurrency exchange platforms, taking advantage of President Donald Trump’s favorable attitude towards the cryptocurrency industry.

Unlike most crypto exchanges, Bullish (NYSE:BLSH) primarily caters to institutional clients, offering spot trading, margin trading, and crypto derivatives, targeting the stable and recurring revenue stream that institutional investors provide.