Bullish CEO Tom Farley on Q4 results, bitcoin price trends and crypto consolidation

Watch on YouTube ↗  |  February 05, 2026 at 15:09  |  7:19  |  CNBC
Speakers
Tom Farley — CEO, Bullish
Joe Kernen — Co-Anchor, Squawk Box
Becky Quick — Co-Anchor, Squawk Box

Summary

Tom Farley, CEO of Bullish, joins CNBC's Squawk Box to discuss the company's Q4 results, the crypto bear market, and industry consolidation. He says Bullish is executing well with record revenue, adjusted EBITDA, and customer growth despite weak crypto prices. Farley argues crypto is near a bottom, tokenization is a long-term secular trend, and the industry is about to consolidate. He is very bullish on his own company but says near-term Bitcoin price direction remains uncertain.

  • Bullish reported Q4 revenue above $92 million and a $3.73 per share loss.
  • CEO Tom Farley says Bullish had record revenue, adjusted EBITDA, and all-time-high customers.
  • Farley describes crypto as in a capitulation phase and says we are near a bottom.
  • He expects institutional adoption and tokenization to drive a 25-year trend.
  • He predicts massive crypto industry consolidation similar to exchanges.
  • He remains very bullish on Bullish despite the tough crypto backdrop.
  • He notes Bitcoin and software stocks have been highly correlated.
  • He says he does not know where Bitcoin price stops in the near term.
Ideas
Tom Farley CEO, Bullish 1:28
Bitcoin near bottom, long-term bullish.
Tom Farley thinks crypto is in the catastrophic downside/capitulation phase of the cycle and says we are near a bottom in the latest crypto winter. He is bullish in a bear market because institutions are coming and tokenization is a long-term trend, and Bullish owns about 24,000 Bitcoin. However, he also says he does not know where Bitcoin price stops, so near-term timing is uncertain.
BTC MED
Tom Farley CEO, Bullish 1:36
Bullish is a long-term institutional winner.
Tom Farley is very bullish on Bullish despite a tough crypto backdrop, arguing the company is in the right spot for a 25-year tokenization trend. He cites record revenue, record adjusted EBITDA, all-time-high customer numbers, a fast-growing options platform, and an institutional/compliant model that is hard for other crypto companies to replicate. He also says bear markets are when to make long-term organic and inorganic growth decisions, and Bullish is adding institutional customers like SocGen and listing Fidelity's stablecoin.
BLSH HIGH
Tom Farley CEO, Bullish 2:05
Tokenization is a 25-year growth trend.
Tom Farley argues the future of finance is on-chain and tokenization is a real 25-year secular growth trend, not just talk. He expects a market structure bill in Congress and more major asset classes to move onto publicly available blockchains, which should bring institutions into crypto and support the ecosystem.
Tokenization HIGH
Tom Farley CEO, Bullish 7:01
Crypto industry consolidation is starting now.
Tom Farley says the crypto industry is super fragmented and will undergo massive consolidation starting now, similar to the exchange sector's historical consolidation. The price decline is forcing the process, and companies that held out hoping for 2020 valuations should have sold a year or two ago. This is a setup for consolidation/M&A in crypto, though he does not name specific winners.
BITQ MED
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This CNBC video, published February 05, 2026, features Tom Farley discussing BTC, BLSH, Tokenization, BITQ. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Tom Farley  · Tickers: BTC, BLSH, Tokenization, BITQ