Analyzing Bullish (NYSE:BLSH) and Wealthfront (NASDAQ:WLTH)

Bullish (NYSE:BLSH) and Wealthfront (NASDAQ:WLTH) are both computer and technology companies, but which is the better investment? We will contrast the two companies based on the strength of their earnings, dividends, risk, valuation, profitability, analyst recommendations and institutional ownership.

Analyst Recommendations

This is a summary of current ratings and target prices for Bullish and Wealthfront, as reported by MarketBeat.

	Sell Ratings	Hold Ratings	Buy Ratings	Strong Buy Ratings	Rating Score
Bullish	1	7	5	0	2.31
Wealthfront	0	1	1	0	2.50

Bullish presently has a consensus target price of $52.08, indicating a potential upside of 64.12%. Wealthfront has a consensus target price of $13.75, indicating a potential upside of 74.27%. Given Wealthfront’s stronger consensus rating and higher probable upside, analysts clearly believe Wealthfront is more favorable than Bullish.

Profitability

This table compares Bullish and Wealthfront’s net margins, return on equity and return on assets.

	Net Margins	Return on Equity	Return on Assets
Bullish	-0.95%	-10.58%	-8.62%
Wealthfront	N/A	N/A	N/A

Earnings & Valuation

This table compares Bullish and Wealthfront”s gross revenue, earnings per share and valuation.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
Bullish	$288.45 million	16.08	-$764.68 million	$0.10	317.35
Wealthfront	$351.54 million	3.37	N/A	N/A	N/A

Wealthfront has higher revenue and earnings than Bullish.

Summary

Wealthfront beats Bullish on 6 of the 8 factors compared between the two stocks.

About Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. Our objective is to provide mission critical products and services that are designed to help institutions grow their businesses, empower individual customers, and drive the adoption of stablecoins, digital assets, and blockchain technology. Bullish was founded in 2020 with the vision to build an institutional-grade global exchange enabling optimized execution powered by a customizable, compliance-first infrastructure. Through the acquisition of CoinDesk in 2023, we expanded our product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through our flagship Consensus conference. Our October 2024 acquisition of CCData significantly expanded our data and information services capabilities, integrating one of the industry’s foremost digital asset data and index providers and further cementing our best-in-class product suite. This strategic acquisition enhances our ability to deliver cutting-edge data solutions and analytics, further solidifying our position as a leader in the digital assets industry and enabling us to offer valuable insights and indices to our global customers. Operating under the brands “Bullish” and “CoinDesk”, we provide several distinct but complementary services that span the digital assets industry: • Trading and Liquidity Infrastructure (branded as Bullish Exchange): At our core, we operate the Bullish Exchange, an institutionally focused and regulated global digital assets exchange business. The Bullish Exchange is regulated in the United States, Germany, Hong Kong and Gibraltar, and is taking steps to secure licenses in several other jurisdictions. Our operations span multiple countries, providing a robust trading and liquidity infrastructure that supports a global customer base via a single global order book. We provide a comprehensive trading platform, inclusive of spot, margin, and derivatives trading, along with services for liquidity and risk management. We believe our competitive advantages include reliable liquidity, diverse product selection, institutional grade infrastructure, global order book, our unconflicted business model, regulatory licenses, and capital efficiency, that together enable institutions, professional investors, active traders, and individual investors to manage their digital assets exposures comprehensively. We also offer subscription-based liquidity and stablecoin services whereby we provision liquidity to a client’s desired asset. Reflecting our strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025. Furthermore, our total global spot trading volume market share for Bitcoin (BTC/USDx) and Ethereum (ETH/USDx) was approximately $284.8 billion and $144.5 billion, respectively, in 2024, which we believe based on available information represented approximately 35% and 44%, respectively, among the peer set of exchanges with which we compare ourselves. • Information Services (branded as CoinDesk): Information Services encompasses our indices, data, and insights businesses. • Indices: CoinDesk Indices provides a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global traditional finance and digital assets institutions including trading firms, hedge funds, asset managers, exchanges, banks, and financial product manufacturers. Since 2014, we believe CoinDesk Indices has been a leader in digital asset indexing, measured by the Assets Under Management (AUM) of underlying products. Our offerings include proprietary multi-asset indices that track the broad digital assets market, specific sectors, and systemic strategies, and single-asset reference indices that track individual digital assets, like Bitcoin. Notable products are the CoinDesk 20 Index, representing the performance of 20 selected digital assets (with eligibility driven through a multi-step process and weighted predominantly on market capitalization for liquid, non-stablecoin digital assets), and the CoinDesk Bitcoin Price Index (XBX), a US$ reference rate for Bitcoin with a long track record in the industry, serving as a benchmark for over $21 billion in AUM. In aggregate, we provide reference rates for products with over $41 billion of AUM and over $15 billion of trading volume as of June 30, 2025. • Data: CoinDesk Data provides a comprehensive suite of digital assets market data and analytics, offering real-time and historic insights into prices, trends, and market dynamics. Serving as a key resource for more than 11,000 investors and industry professionals on a monthly basis, it delivers accurate information to navigate the digital asset ecosystem. Beyond spot and derivatives market data, CoinDesk Data provides in-depth research reports and analytics, empowering users to make informed decisions. Our L1 and L2 order book data is captured at full depth for all major exchanges, and our on-chain data covers BTC, ETH, and others. The acquisition of CCData enhanced the CoinDesk Data product by expanding data coverage and analytics capabilities and fostering innovative products to broaden market reach. • Insights: CoinDesk Insights provides news, analysis and real-time information on digital assets and blockchain technology and holds large-scale conferences for industry professionals. CoinDesk Insights’s products and services reached an estimated global audience of 82.1 million people in 2024. By generating engagement through news articles, newsletters, social media, podcasts, live streaming videos, live events, research reports, and our Consensus conferences, we believe CoinDesk Insights plays a pivotal role in informing and connecting the global investment community, championing the contributions of digital assets to the financial system, and driving awareness and credibility in this rapidly innovating space. We have organized our global business into interconnected divisions, supported by common unified infrastructure, services and personnel. We believe this structure creates a synergistic flywheel effect that promotes cross-utilization of our products and services, such as tradable products powered by CoinDesk Indices being listed by the Bullish Exchange, supported by a unified and efficient cost base across the enterprise. Additionally, the integration between CoinDesk Data and CoinDesk Indices enhances this flywheel effect, as CoinDesk Data provides the comprehensive market insights and analytics that underpin the indices, while CoinDesk Indices, in turn, leverages this data to develop index solutions, thereby reinforcing each other’s business. Our group businesses offer diversified revenue streams within the digital assets ecosystem but, more importantly offer significant lead generation and cross-selling opportunities between the different product lines with an ultimate objective of increasing the surface area of client relationships and the value delivered, thus driving Bullish’s relevance as a diversified service provider. Consolidated group-wide functions include finance, human resources, cybersecurity, legal, engineering and internal technology systems. With our extensive base of institutional customers, we see a significant opportunity to increase the number of customers utilizing two or more products or services offered across our various businesses. We intend to drive broader cross-utilization through further integration and collaboration in our sales strategies, as well as enhancements to our customer relationship technology. This integrated operating model allows us to leverage our unified internal expertise and corporate resources across all businesses in a cost-effective manner. Our principal executive office is located in Camana Bay, George Town, Grand Cayman, Cayman Islands.

About Wealthfront

We’re a different kind of FinTech. We are a technology company that built a financial solutions platform for “digital natives,” defined as those born after 1980 (i.e., Millennials, Gen Z, and later generations). Our platform is designed to address the needs of the wealth builders within these generations. We have differentiated, trusted relationships with our clients due to our unique and fundamentally aligned incentives. Simply put, we succeed because our clients succeed. We were among the first digital-only financial solutions platforms(1), and we pioneered using automation to offer low-cost diversified portfolios. We built our platform using software to deliver our solutions quickly, conveniently, and at low cost. These principles align with the preferences of digital natives, who use digital platforms for the vast majority of their everyday services ranging from entertainment and commerce to food delivery and ride sharing. Our technology-driven financial solutions help clients turn savings into long-term wealth. Our broad suite of products, including cash management, investment advisory, borrowing and lending, and financial planning solutions, address the diverse financial needs of our clients regardless of the economic environment. We believe the opportunity we are pursuing is unique and massive. Digital natives are entering the prime wealth accumulation phase of their lives and are expected to be the wealthiest generations ever. According to a study we commissioned from Oxford Economics, the wealth of digital natives is estimated to grow at an annual rate of 11.3% from $12 trillion in 2022 to $140 trillion in 2045. During the Global Financial Crisis (“GFC”), digital natives lost trust in traditional financial institutions which they blamed for high unemployment and an economic downturn. Meanwhile, they embraced and became increasingly empowered by technology through intuitive, mobile, and software-focused experiences. This backdrop created an opportunity for Wealthfront to disrupt traditional brick-and-mortar, in-person, and high-cost financial product experiences. Our clients are primarily digital-native high earners who prioritize savings and wealth accumulation. Since inception, our platform assets have grown in-line with the wealth accumulation of these generations. As of July 31, 2025, we had over 1.3 million funded clients, and $88.2 billion in platform assets. Digital natives typically have large liquid savings with long time horizons ahead, and they are undeterred by corrections and bear markets. Clients typically come to Wealthfront seeking a specific solution and, as our trust-based relationship deepens, we gain insights into their evolving needs, in many cases through the data associated with third-party financial accounts they link to our financial planning software. Client engagement and feedback drive our product-led growth strategy and business flywheel. This continuous feedback loop constantly optimizes our platform for our clients’ evolving needs, fueling our historical organic growth. Over the past two fiscal years, over 50% of new clients were referred by existing clients and our annual client retention rate was approximately 95% for each of fiscal 2024 and fiscal 2025. We are led by a technically proficient management team, including our CEO, who served as our CTO for many years. We built our products on a proprietary technology infrastructure. We have a strong, somewhat contrarian preference for building over buying or partnering. This allows us to automate to an extent not seen in the industry. Automation not only allows us to launch and iterate products faster, lower costs to clients, and offer a better overall client experience, but also lowers our cost of support. Automation is a core principle underpinning everything we do—the way we design our products, organize our company, and foster employee culture. Our business model is designed to optimize for our clients’ success. Our focus on delivering fully automated services results in being one of the lowest cost producers in each category in which we participate. We share the savings directly with our clients, significantly reducing their fees, improving their financial outcomes, and enhancing their trust in us. This trust leads clients to add more money to our platform as they save, adopt new products and refer their friends. Our cost structure and our organic growth are business model advantages, and have enabled us to achieve our historic profitability, which allows us to further invest in our platform. Reinvesting in our platform drives further automation and powers the continuous cycle of our flywheel. We seek to make money with, not from, our clients along their wealth accumulation journey. The alignment of incentives helps retain clients and drives more predictability in our business, as our clients trust us with an increasing amount of their wealth and adopt more than one product. Since inception, we have experienced significant growth. We rapidly scaled our number of clients and platform assets, all while sustaining high retention rates. Our platform assets increased from $57.6 billion as of January 31, 2024 to $80.2 billion as of January 31, 2025, representing 39% year-over-year growth, and from $71.4 billion as of July 31, 2024 to $88.2 billion as of July 31, 2025, representing 24% year-over-year growth. (1) Based on multiple industry sources, we are commonly cited as being one of the first platforms to provide algorithmic investment services. — We were incorporated in the State of Delaware in January 2007 as “MAJ I, Inc.” We changed our name to “Kaching Group Inc.” in January 2008 and then to “Wealthfront Inc.” in October 2010. In August 2018, we changed our name to “Wealthfront Corporation.” Wealthfront Corporation is the parent company of a number of operating subsidiaries, including (i) Wealthfront Brokerage LLC, a Delaware limited liability company, which is a licensed broker-dealer that primarily provides brokerage services and related products, (ii) Wealthfront Advisers LLC, a Delaware limited liability company, which is an SEC-registered investment adviser that primarily provides investment management and advisory services, and (iii) Wealthfront Strategies LLC, a Delaware limited liability company, which is an SEC-registered investment adviser. Our principal executive offices are located in Palo Alto, California.