Bullish (BLSH), a crypto trading platform backed by big-name investors, lost 13% today as people sold off their holdings and attention reverted back to high valuations. Shares have been falling since they went public on the NYSE for the first time in August at $37 and then rose to $118 on the first day. This month, this stock has been one of the most volatile in the crypto market because analysts are urging individuals to be careful and institutional investors are rebalancing.
What Happened and Why It Matters
The stock price dropped drastically when early investors sold their shares after BLSH’s tremendous IPO run. People who observe the market also worried about its very high price, which is presently more than 110 times what it is expected to be in 2026.
Compass Point gave the stock a neutral rating and a price objective of $45. They added that U.S. expansion is having trouble with regulations and that Bullish’s market-making methodology still has some dangers.
The market is losing faith in crypto-focused platforms as competition and regulatory uncertainties develop. This is shown by heavy trading and huge price movements.
Market & Sector
In August 2025, Bullish went public in a heated IPO that brought in $1.1 billion and got institutional investors like BlackRock and Ark Invest interested as Wall Street’s interest in regulated crypto rose.
The company targets institutional investors with a centralised platform, and since it launched, it has handled more than $1.25 trillion in trading volume. However, it confronts severe competition and regulatory challenges, especially in the U.S.
The whole cryptocurrency market is becoming more unstable as consumers wait for clearer rules and get used to fluctuating fees, market dominance, and risk tolerance.
Breakdown
Since the IPO, the trading history has been shaky. BLSH rose to $118 before falling back, and today the stock price ranged from $54 to $61 on roughly 4 million shares.
Compass Point’s coverage made people worry about the company’s worth and made it evident that the company’s possible entry into the U.S. market hinges on what Congress does in the future, which could take years.
The company’s book worth is still strong, with $2.7 billion in crypto treasury assets, most of which are BTC. However, the way to making money and getting permission from the government is still not obvious.
BLSH is still up 42% this year, but recent adjustments highlight how hard it is to keep the momentum going in a new, very competitive field.