Bullish Stock 2x To $140?

Bullish (NYSE:BLSH) stock surged after its IPO earlier this month. The listing was priced at $37 per share, and the stock jumped nearly 3x in early trading before pulling back on volatility. It now trades at about $70 per share. In this analysis, we outline a scenario where Bullish could roughly double to $140. The case rests on three factors: rapid growth, rising institutional adoption of crypto, and the massive market opportunity. We note that the math is simplified, but it could still give users an intuition about how this could pan out.

Bullish Story

Bullish isn’t just another crypto exchange. It is built for institutional investors, combining decentralized finance protocols with the safeguards of a centralized platform. The company also owns crypto focused news outlet Coin Desk, giving it media influence and the ability to integrate market intelligence with trading services – a perk that matters to institutional clients. With a focus on compliance, licensing, and governance, Bullish has positioned itself quite differently from retail-heavy rivals like Coinbase. The growth numbers have also been impressive. Revenues jumped to $97 million in 2024 from $39 million in 2023, up over 140%. Trading volumes surged to $250 billion in 2024, up from $72.7 billion in 2022, and volumes in Q1 2025 alone rose another 78%. Since launch, the company has seen over $1.25 trillion in total trading activity. While Bullish posted a net loss in Q1, it is guiding to profitability in Q2, projecting net income between $106 million and $109 million. This inflection from being a loss-making company to profit-generating one is often a big catalyst for the re-rating of a stock. Separately, will Bigbear.ai Stock Fall To $1?

So How Does The Stock Double?

Bullish stock is already pretty richly valued. The stock trades at about 100x 2024 sales. However, the long term potential becomes clearer when comparing Bullish to peers. Coinbase, a retail-focused player, trades at about an $80 billion market cap, roughly eight times Bullish. However, the institutional crypto market can eventually be much bigger than the retail space. In equities and bonds, for example, institutional trades account for over 70% to 80% of turnover. Historically, crypto adoption has been retail-driven, but the trend is shifting with the rollout of crypto ETFs, custody solutions, clearer regulation, and risk frameworks opening the door to pension funds, hedge funds, and endowments. The Trump administration’s favorable stance toward crypto and the passage of supportive legislation could also add momentum.

Big money managers, pensions, endowments, and hedge funds are increasingly adding digital assets to their strategies, bringing deeper liquidity and longer investment horizons. Crypto markets remain unpredictable, with price swings in Bitcoin and Ethereum directly impacting results. That said, unlike retail-focused exchanges, Bullish operates for institutions, focusing on Bitcoin and Ethereum trading. The demand from long-term investors with serious capital could make the company much less prone to swings compared to other brokers.

Coming back to BLSH stock’s potential, the math works like this: if revenues rise about 50% annually over the next four years, the company could reach around $500 million by 2028. With net margins at roughly 40%, that would translate into about $200 million in net income. For perspective, in 2024 Coinbase saw revenue of $6.6 billion and a net income of $2.6 billion, translating into net margins of about 40%. At 100x earnings, a level not unreasonable for high-growth fintech and crypto names, Bullish could trade at a $20 billion valuation, or roughly $140 per share. For context, Robinhood trades at about 60x forward earnings despite slower growth of about 30%, while Snowflake commands 175x multiples while growing at only 25%.

So what about the timeline for this high-return scenario? While our example indicates a time frame of around four years, in reality, the distinction between three years and four years won’t be significant, as long as BLSH continues on this revenue expansion path with margins picking up; the stock price could respond similarly.

While BLSH stock has potential, investing in a single stock can be risky. On the other hand, the Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming the S&P 500 over the last 4-year period. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.