Bullish (BLSH) Stock: Strong Revenue, Heavy GAAP Losses and Mixed 2026 Signals

TLDR

• BLSH beats revenue targets but GAAP losses widen on crypto volatility
• Record adjusted growth fails to offset heavy digital asset losses
• BLSH expands trading footprint as profits clash with accounting hit
• January slowdown tempers optimism after strong quarterly growth
• 2026 outlook steady, but near-term momentum remains uneven

Bullish (BLSH) shares ended the session lower as new earnings data showed solid adjusted results but steep GAAP losses. The stock closed at $27.20 after falling 1.59% into the session’s end. The update outlined firm revenue growth yet highlighted uneven momentum heading into 2026.

Bullish, BLSH

BLSH Posts Record Adjusted Revenue but Reports Large GAAP Losses

BLSH reported adjusted revenue of $92.5 million for the quarter, surpassing internal expectations. The platform also posted adjusted EPS of $0.19, which exceeded analyst forecasts. However, the company recorded a GAAP loss of $3.73 per share due to digital-asset remeasurement losses.

BLSH expanded its U.S. trading footprint after launching spot crypto services in September. The platform generated $64.3 billion in spot trading volume during the period. Moreover, it recorded continued adoption after introducing an options business that reached $9 billion in quarterly activity.

Full-year performance showed similar patterns as BLSH maintained adjusted revenue growth while reporting another GAAP loss. The company posted full-year adjusted revenue of $288.5 million, up from 2024. Yet GAAP losses widened to $785.5 million as asset volatility pressured reported results.

BLSH Sees Expanding Operations but Signals Mixed Momentum

BLSH advanced its market position as it strengthened liquidity services and broadened its institutional offerings. The company secured a leading indexer role for digital-asset ETPs during the fourth quarter. It also expanded its regulatory stack after securing transfer agent registration in the United States.

BLSH increased activity in derivatives markets and reached the second position for BTC options open interest. Open interest climbed to $4 billion as the business gained early traction. This shift marked a key step in the company’s plan to diversify beyond spot markets.

Nevertheless, recent data showed a weaker start to 2025 as revenue dropped month over month. January revenue fell 17% from December and trailed the fourth-quarter average by 32%. This trend reduced near-term clarity even as the firm prepared for next-year targets.

BLSH Offers 2026 Outlook With Limited Visibility

BLSH issued initial guidance for its Subscriptions, Services and Other revenue line for 2026. The forecast landed slightly above internal expectations and signaled more stability than some peers. The company maintained this view despite uneven trading income entering the new year.

BLSH did not provide quarterly revenue or EBITDA targets for 2026. The absence of detailed metrics created uncertainty around short-term forecasts. Even so, the company emphasized expansion plans as it continued to build operating leverage.

BLSH entered the public markets through a direct listing in August. The firm previously focused on institutional clients before broadening its reach. That background reinforced its long-term positioning as new products shaped its roadmap.

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