Bullish (NYSE:BLSH) Shares Down 5.3% Following Analyst Downgrade

Bullish (NYSE:BLSH) shares dropped 5.3% on Tuesday after Citigroup lowered their price target on the stock from $77.00 to $67.00. Citigroup currently has a buy rating on the stock. Bullish traded as low as $43.00 and last traded at $43.1170. Approximately 107,986 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 3,722,439 shares. The stock had previously closed at $45.52.

A number of other equities analysts also recently issued reports on the stock. Keefe, Bruyette & Woods started coverage on shares of Bullish in a report on Monday, September 15th. They issued a “market perform” rating and a $55.00 price objective on the stock. Canaccord Genuity Group cut their price target on shares of Bullish from $68.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, November 24th. Rosenblatt Securities decreased their price target on Bullish from $62.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Compass Point reaffirmed a “neutral” rating on shares of Bullish in a research note on Thursday, September 18th. Finally, New Street Research set a $56.00 price target on shares of Bullish in a research note on Thursday, September 18th. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bullish currently has an average rating of “Hold” and a consensus price target of $54.67.

Key Stores Impacting Bullish

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Citigroup kept a “buy” rating on BLSH, reaffirming analyst conviction in the company’s outlook despite other changes — this supports buying interest. Citigroup maintains bullish (BLSH) buy recommendation
• Positive Sentiment: Macro/sector tailwinds: Bitwise says structural demand for Ethereum, Solana and stablecoins (ETF accumulation, regulatory momentum) could drive crypto market growth into 2026 — a healthier crypto market would be positive for Bullish’s business. Bitwise Turns ‘Really Bullish’ on Ethereum and Solana as Stablecoins Drive Structural Demand Shift
• Neutral Sentiment: Citi lowered Bullish’s price target from $77 to $67 but kept its “buy” rating — that reduces upside expectations versus prior models while still signaling confidence in the company’s fundamentals. Benzinga coverage of Citi price target cut
• Negative Sentiment: Valuation concerns: a Yahoo Finance analysis flags that BLSH is trading at a premium after a 16% one‑month rebound, raising questions about whether current multiples are justified and increasing short-term downside risk. Bullish (NYSE:BLSH): Assessing a Premium Valuation After a 16% One-Month Rebound
• Negative Sentiment: Broader analyst re-rating: coverage noting Citi cut targets on several crypto-related stocks (framed as valuation—not risk-driven) adds selling pressure across the group, which can weigh on BLSH sentiment alongside peer moves. Citi cuts targets on four crypto stocks, says move is about valuation — not risk

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Exchange Traded Concepts LLC acquired a new position in Bullish during the third quarter worth $10,423,000. Freestone Grove Partners LP bought a new position in shares of Bullish during the 3rd quarter valued at approximately $9,542,000. Davidson Kempner Capital Management LP bought a new stake in Bullish during the 3rd quarter worth approximately $7,061,000. Balyasny Asset Management L.P. purchased a new position in shares of Bullish in the 3rd quarter worth about $42,963,000. Finally, Two Sigma Investments LP purchased a new stake in shares of Bullish during the third quarter worth about $36,112,000.

Bullish Price Performance

The company’s 50 day moving average is $46.72. The company has a current ratio of 38.78, a quick ratio of 36.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.30 billion and a price-to-earnings ratio of 2,155.85.

Bullish Company Profile

Bullish (NYSE: BLSH) is a company that develops and operates digital asset market infrastructure, including a cryptocurrency trading platform and related technology services. The firm’s stated activities focus on providing exchange services, market structure and trading technology designed to support the listing, execution and clearing of digital assets. Bullish positions itself as a bridge between traditional capital markets practices and the evolving cryptocurrency ecosystem.

The business was announced in connection with Block.one, the software developer known for its work on the EOS blockchain, and was formed with the intent of creating a regulated, institutional-grade marketplace for digital assets.