Bullish (BLSH) Q3 Performance and Imminent US/Options Launches Suggest Conservative Forward Estimates

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 that the company’s Q3 2025 achievements in business model and TAM expansion, alongside stellar margins. The firm informed investors that their forward estimates are likely too conservative, as they have not yet fully accounted for the anticipated transaction volume from the imminent launches of the US business and options trading.

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. Adjusted EBITDA also showed significant improvement, rising to $28.6 million from $7.7 million in the prior-year quarter. This adjusted performance translated into an adjusted net income of $13.8 million, a turnaround from an adjusted net loss of $3.1 million in Q3 2024.

Bullish (BLSH) Q3 Performance and Imminent US/Options Launches Suggest Conservative Forward Estimates

Despite the record adjusted metrics, GAAP EPS was $0.10 per diluted share, a substantial improvement from a loss of $0.59 per diluted share in Q3 2024, but reportedly fell short of analyst estimates by $1.49. The company’s overall digital asset sales for the quarter totaled $41.6 billion, down from $54.2 billion in the previous year’s quarter. Looking ahead, Bullish anticipates subscription and services revenue to range between $47.0 and $53.0 million for Q4.

Bullish (NYSE:BLSH) provides market infrastructure and information services in the US. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity.

While we acknowledge the potential of BLSH to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BLSH and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.