BLSH — Bullish

NYSE · Financials · Consumer Finance · CIK 1872195 · Cayman Islands
Last close
$21.79
Market Cap
$3.30B
52W High
$48.93
52W Low
$20.55
ADV30
1,584,913
Next earnings
2026-08-13
Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. It also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets to leading traditional finance institutions, including exchanges and asset managers; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights offers news, analysis, information, conferences and networking opportunities related to digital assets, blockchain technology and the broader financial technology industry. Bullish was founded in 2020 and is based in George Town, Cayman Islands.

Quarterly Fundamentals

Revenues vs Net Income (last 4 Q)

Assets vs Liabilities (last 4 Q)

PeriodRevenuesGrossProfit OpIncomeNetIncomeAssets CashLiabilities
Mar 2026 51,870,229,000 29,794,000 7,772,000 -581,713,000 3,324,056,000 76,052,000 620,849,000
Dec 2025 64,401,273,000 -85,452,000 27,035,000 -546,597,000 3,956,504,000 87,892,000 658,175,000
Sep 2025 41,649,657,000 65,052,000 19,343,000 18,397,000 4,623,382,000 69,307,000 645,330,000
Jun 2025 58,662,937,000 47,664,000 -12,715,000 107,513,000 3,239,510,000 35,560,000 688,196,000

Cashflow TTM (yfinance, fills SEC gap)

Operating CF
$28,633,000
Investing CF
$2,104,000
Financing CF
$42,395,000
CapEx
$-51,789,000
Dividends Paid
$0
Buybacks
EPS Diluted TTM
$-5.25
As of
2026-05-10

Balance + Analyst (yfinance extras)

Retained Earnings
$-2,668,100,000
Inventory
$206,178,000
Receivables
$475,040,000
ST Investments
$1,442,059,000
EBIT TTM
$-734,044,000
Pretax Income TTM
$-786,413,000
Interest Exp TTM
$52,369,000
Analysts
10

Yahoo Snapshot (yfinance, live)

Total Revenue
$267,908,000
EBITDA
$-494,022,016
Free Cash Flow
$-847,196,352
Enterprise Value
$3,511,762,432
Total Cash
$342,692,000
Total Debt
$507,099,008
Shares Out
151,648,346
Trailing EPS
$-7.49
Book Value
$17.53
ROE
-44.6%
ROA
-10.4%
Div Yield

Annual Trend (SEC EDGAR, last 4y)

Revenues vs Net Income (last 4y)

FY endRevenuesOpIncome NetIncomeAssetsLiabilities EquityOCF
Dec 2025 244,970,328,000 50,659,000 -764,681,000 3,956,504,000 658,175,000 28,632,000
Dec 2024 250,263,249,000 31,922,000 78,527,000 3,047,412,000 646,753,000 -29,979,000
Dec 2023 116,507,500,000 10,211,000 1,299,167,000 1,804,519,000 522,225,000 -126,668,000
Dec 2022 72,895,276,000 15,669,000 -4,245,884,000 3,406,090,000 1,523,254,000 194,925,000

TTM Snapshot

Revenues TTM
NetIncome TTM
OpCashFlow TTM
Assets (Latest)
Forward EPS
$0.85

Max Pain — expiry 2026-09-18

max pain strike: $30.00 · spot: $21.79 · call oi: 3,762 · put oi: 2,281
Expected Move to 2026-09-18: ±$5.29 (24.28%) — implied range $16.50$27.08 · ATM straddle on $22.50 strike

Peers — same industry

TickerNameMarket CapLastDaily %
NNI NELNET INC $3.44B $135.87
CLSK CLEANSPARK, INC. $3.53B $13.76
FMCC FEDERAL HOME LOAN MORTGAGE CORP $3.58B $5.51
GPGI GPGI, Inc. $3.83B $13.20
PFSI PennyMac Financial Services, Inc. $3.92B $75.41

News headlines (Yahoo Finance, 1h cache)

Ark Invest Rotates $43.5M Into Coinbase and Circle as Bullish and Bitmine Exit
2026-08-02 06:33 · Yahoo
Trillion Dollar Tokenization Opportunity: Equiniti CEO Dan Kramer, Live at Nasdaq
2026-07-31 15:03 · Yahoo
Cathie Wood's Ark Invest Sells Bitmine While Adding to Coinbase and Circle Holdings
2026-07-30 16:35 · Yahoo
Investor Cathie Wood Buys Crypto Stocks As Prices Fall
2026-07-30 13:56 · Yahoo
Ark Invest Rotates Within Crypto Equities, Adding Coinbase and Circle While Trimming Other Names
2026-07-30 11:57 · Yahoo
Bullish (BLSH) Stock Looks Overvalued On Sales Even After A 39% Fall
2026-07-25 04:19 · Yahoo
Siris to Acquire Equiniti's Retirement Solutions, Customer Resolutions and Lenvi Businesses
2026-07-24 10:50 · Yahoo
New Strong Sell Stocks for July 24th
2026-07-24 10:07 · Yahoo
CleanSpark Lands First HPC Lease Worth Nearly $7 Bil. Bitcoin Leads CPI-Fueled Crypto Surge.
2026-07-14 20:40 · Yahoo
A Month After SpaceX IPO, Tesla’s Stock Keeps Holding Its Ground
2026-07-10 11:00 · Yahoo

Recent Insider Activity

No insider activity indexed for this ticker.