Bernstein reiterates Market Perform rating on Bullish stock amid volume drop

Investing.com - Bernstein SocGen Group has reiterated its Market Perform rating and $60.00 price target on cryptocurrency exchange Bullish (NYSE:BLSH), currently trading at $54.35, following the company’s second-quarter 2025 results. According to InvestingPro data, analyst targets range from $45 to $68, with the company’s market cap standing at approximately $8 billion.

The cryptocurrency exchange reported total trading volumes decreased approximately 29% quarter-over-quarter, while blended take rates compressed about 20% in the same period.

Bernstein attributed the weak quarterly volumes to low market volatility in the second quarter, noting these results aligned with broader industry volume trends.

The research firm highlighted that industry volumes have already begun to recover in the third quarter of 2025, potentially signaling improved conditions for Bullish and its competitors.

Bullish remains on track for its U.S. market launch after securing a BitLicense in September 2025, with cryptocurrency options trading expected to roll out in the fourth quarter of 2025, which Bernstein identified as key growth catalysts for upcoming quarters.

In other recent news, Bullish Inc reported its financial results for the second quarter of 2025, revealing a mixed performance. The company announced an earnings per share (EPS) of -$0.0273 and revenue of $55.8 million, which did not meet expectations. Despite the earnings miss, Keefe, Bruyette & Woods maintained its Market Perform rating for Bullish, setting a price target of $55.00. The results were in line with the guidance range outlined in Bullish’s initial public offering prospectus, slightly surpassing the estimates of Keefe, Bruyette & Woods. These recent developments have sparked varied reactions from investors and analysts alike.

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