Bullish: Mixed 1Q Due to SS&O Reset; Tokenization Initiative Advances - Reiterate Buy

Research evidence excerpt

Bullish: Mixed 1Q Due to SS&O Reset; Tokenization Initiative Advances - Reiterate Buy

Deutsche Bank

Research

Rating Company Date

Buy Bullish 15 May 2026

North America Reuters Bloomberg Rating Buy

United States BLSH.N BLSH US Price target (USD) 61.00 Price at 14 May 26 39.46

40-week range 74.63 – 24.90

Financial

Brokers, Asset Managers & Valuation & Risks

Exchanges

Mixed 1Q Due to SS&O Reset; Tokenization

Initiative Advances - Reiterate Buy BrianResearchBedell,AnalystCFA

+1-212-250-6600

Key takeaway: Mixed 1Q, though tokenization initiative advances

Erika Nelson We view BLSH's 1Q26 results as being mixed overall, with adj. diluted EPS of Research Associate

$0.13 below our $0.17 est. and the $0.15 Consensus. The EPS miss was driven +1-212-250-9986

by lower SS&0 revenue at $55mn vs. our $63mn estimate (primarily due to the

discontinuation of certain legacy liquidity services that are no longer priorities), Son Nguyen

Research Associate while total adjusted expenses came in slightly below our forecast. Despite the 1Q

+1-212-250-9311

headwind on SS&O, mgmt. reaffirmed its prior 2026 guidance, which includes

SS&O revenue to be in a $220-$250mn range this year (see our 1Q26 Initial

Thoughts for more details).

Key changes

On the earnings call, mgmt. discussed Bullish’s transformative acquisition of the Price target (USD) 63 61 -3%

transfer agent Equiniti (see our note, “Bullish Acquisition of Equiniti Changes

Business Mix & Accelerates Tokenization”), as having one unified transfer agent Source: Deutsche Bank

ledger “working hand-in-hand with the issuers” provides the essential

infrastructure to unlock the tokenization of the securities market. Mgmt. noted

significant volume of inbound interest from major issuers and financial firms since