• Bullish reported October 2025 metrics in the past week, highlighting total trading volume of US$80.50 billion and renewed profitability following its recent IPO.

• The company has focused on institutional investors and restricted trading to Bitcoin and Ethereum, distinguishing its platform during a period of broad crypto market volatility.

• We’ll explore how Bullish’s surge in trading activity drives its current investment narrative and outlook for institutional crypto adoption.

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Bullish’s story hinges on confidence in institutional crypto adoption, the company’s ability to grow trading volumes, and ongoing innovations such as crypto options and spot trading. The recent announcement of US$80.50 billion in October trading volume and a return to profitability underscores strong customer engagement despite high volatility and share price declines of more than 30% over the past month. This spike in trading activity may support short-term catalysts, especially as it comes ahead of the Q3 2025 results, though the broader crypto market’s turbulence still poses real risks. The refreshed focus on institutional investors and expanded regulatory approvals could drive future performance, but investors will need to weigh persistent revenue growth forecasts against near-term unpredictability and the company’s elevated price-to-sales ratio. The recent news reinforces the investment thesis but doesn’t resolve questions around market volatility and future earnings sustainability. However, volatility in both crypto markets and Bullish shares still demands close attention from investors.

Our expertly prepared valuation report on Bullish implies its share price may be too high.

Estimates from six members of the Simply Wall St Community see Bullish’s fair value ranging from just over US$3,000 to nearly US$31,000 per share. This spectrum reflects how opinions can vary, especially following robust trading headlines but ongoing volatility and pricing risks. You can explore these different outlooks to see how other investors approach Bullish’s potential.

Explore 6 other fair value estimates on Bullish – why the stock might be worth just $3088!

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