Catenaa, November 24, 2025- JPMorgan held its neutral rating on Bullish after the crypto exchange posted third-quarter results that topped revenue and EBITDA forecasts.
The bank lowered its December 2026 price target to $45 from $46 as analysts removed income linked to the firm’s $1.2 billion IPO proceeds. Bullish closed at $36.50 on Thursday.
The exchange reported adjusted diluted earnings of $0.10 per share, matching consensus. Revenue reached $77 million, above forecasts.
Adjusted EBITDA came in at $29 million, also above estimates. Analysts said subscription services and other revenue rose to $50 million from $12 million a year earlier, helping push quarterly results higher even as events slowed.
JPMorgan analysts reduced earnings projections for 2025 and 2026. They said their earlier models counted high-margin payments tied to stablecoins held from the IPO. Roughly $6.2 million of third-quarter revenue came from those payments.
Without that boost, adjusted EBITDA would have been closer to $22.4 million.
The bank expects Bullish to book about $12 million in similar revenue in the fourth quarter, equal to about $37 million on an annual basis in 2027. That income will remain outside the firm’s core valuation.
