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Bullish(NYSE) BLSH

Market Cap$3.28BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2025)-68%
5 YearN/A
1 YearN/A
1 Month-14%
$21.89
-3.12%
-0.71Today
After hours$21.76-$0.12 (-0.57%)
Bullish last closing stock price
MetricPriceDate
Last closeUSD 21.792026-07-31
Bullish stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-9.06%USD 23.962026-07-24
1 month-13.63%USD 25.232026-07-01
3 month-44.58%USD 39.322026-05-01
Year to date-42.46%USD 37.872025-12-31
Since inception-67.96%USD 68.002025-08-13

Bullish Financials at a Glance

Market Cap

$3.28BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$216.53B

Net Income (TTM)

-$1.00B

EPS (TTM)

-$6.41

P/E Ratio

-3.41

Dividend

$0.00

Beta (Volatility)

3.49 (High)

Price

$21.89

Volume

3,256,343.867

Open

$22.07

Previous Close

$21.79

Daily Range

$20.55 - $22.21

52-Week Range

$20.55 - $118.00

Estimated Earnings Date

Aug 13, 2026

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About Bullish

Bullish is a global digital asset platform that provides market infrastructure and information services. The company operates Bullish Exchange, a digital assets spot and derivatives exchange, and offers various data and analytics services related to digital assets.

Products and Services
  • Bullish Exchange for trading digital assets
  • CoinDesk Indices for tracking digital asset performance
  • CoinDesk Data for real-time market insights
Growth Outlook
  • Revenue increased to $51.81 billion in Q1 2026
  • Operating income improved significantly in Q3 2025
  • Strong cash flow generation with $77.15 million in Q1 2026
Financial Highlights
  • Market capitalization stands at approximately $3.4 billion
  • Current ratio of 26.42 indicates strong liquidity
  • Net income for Q1 2026 reported at -$581.71 million
Bullish has established itself as a key player in the digital asset space, leveraging advanced technology to provide a robust trading platform. The company's focus on liquidity and market-making capabilities positions it well for future growth. Recent financial performance shows a significant increase in revenue, indicating a positive trend in market demand. The strong liquidity ratio suggests that Bullish is well-equipped to manage its short-term obligations, which is crucial in the volatile digital asset market. Despite reporting a net loss in the latest quarter, the overall financial health and growth trajectory present an intriguing opportunity for potential investors.
AI Generated • Jul 20, 2026

Industry

Capital Markets

Employees

414

CEO

Thomas W. Farley, CFA

Headquarters

George Town, GT 9005, KY

BLSH Financials

Key Financial Metrics (TTM)

Gross Margin

0.02%

Operating Margin

-0.01%

Net Income Margin

-0.46%

Return on Equity

-32.54%

Return on Capital

1.33%

Return on Assets

-30.16%

Earnings Yield

-29.33%

Dividend Yield

0.00%

Payout Ratio

0.00%

Stock Overview

Market Cap

$3.28BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

150.30M

Volume

3.26M

Avg. Volume

1.63M

Financials (TTM)

Gross Profit

$45.04M

Operating Income

-$24.19M

EBITDA

-$978.81M

Operating Cash Flow

$47.53M

Capital Expenditure

-$2.73M

Free Cash Flow

$44.79M

Cash & ST Invst.

$359.70M

Total Debt

$507.10M

Bullish Performance Analysis

Bullish annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 72,890,186,001N/A
20232023-12-31USD 116,492,159,00159.8%
20242024-12-31USD 250,201,282,003114.8%
20252025-12-31USD 244,811,387,003-2.2%
Bullish sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-30-26.9%
Q32025-09-30-29.0%
Q42025-12-3154.6%
Q12026-03-31-19.5%
Bullish annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD -18.87N/A
20232023-12-31USD 5.32N/A
20242024-12-31USD 0.34-93.6%
20252025-12-31USD -5.07N/A
Bullish sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-30131.5%
Q32025-09-30-82.4%
Q42025-12-31-2884.6%
Q12026-03-31-6.4%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q1 2026YOY CHG

Revenue

$51.81B

-35.4%

Gross Profit

$17.78M

+384.9%

Gross Margin

0.03%

N/A

Market Cap

$3.28BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

$7.91M

N/A

Employees

414

N/A

Net Income

-$581.71M

-69.1%

EBITDA

-$588.32M

-74.8%

Quarterly Fundamentals

Name
Q1 2026YOY CHG

Total Cash

$359.70M

-14.5%

Total Debt

$507.10M

-16.2%

Accounts Receivable

$429.91M

+56.3%

Inventory

$142.70M

-25.9%

Long Term Debt

$500.55M

+1.1%

Short Term Debt

$6.55M

-94.0%

Return on Assets

-30.16%

N/A

Return on Invested Capital

-0.75%

N/A

Free Cash Flow

$76.73M

+269.5%

Operating Cash Flow

$77.15M

+2255.5%

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Questions About BLSH

What is the current price of Bullish?

Bullish is trading at $21.79 per share.

What is the 52-week range for Bullish?

Over the past 52 weeks, Bullish has traded between $20.55 and $118.00.

How much debt does Bullish have?

As of the most recent reporting period, Bullish reported total debt of $507.10M.

How much cash does Bullish have on hand?

Bullish reported $93.06M in cash and cash equivalents in its most recent financial results.

What is Bullish’s dividend yield?

Bullish does not currently have a dividend yield.

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