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Bullish(NYSE) BLSH

Market Cap$4.39BMarket 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)-57%
5 YearN/A
1 Year-45%
1 Month-28%
Premium Feature
Moneyball Superscore
54/100
$28.03
-3.97%
-1.16Today
Bullish last closing stock price
MetricPriceDate
Last closeUSD 29.192026-10-22
Bullish stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-8.41%USD 31.872026-10-15
1 month-28.28%USD 40.702026-09-22
3 month+21.83%USD 23.962026-07-24
Year to date-22.92%USD 37.872025-12-31
1 year-44.54%USD 52.632025-10-22
Since inception-57.07%USD 68.002025-08-13

Bullish Financials at a Glance

Market Cap

$4.39BMarket 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)

$157.96B

Net Income (TTM)

-$1.38B

EPS (TTM)

-$9.13

P/E Ratio

-3.20

Dividend

$0.00

Beta (Volatility)

3.49 (High)

Price

$28.03

Volume

468,255.479

Open

$28.84

Previous Close

$29.19

Daily Range

$27.68 - $29.05

52-Week Range

$20.55 - $56.92

Estimated Earnings Date

Nov 18, 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 exchange that integrates advanced technology to deliver liquidity and trading solutions.

Products and Services
  • Bullish Exchange for spot and derivatives trading
  • CoinDesk Indices for tracking digital asset performance
  • CoinDesk Data for real-time market analytics
Growth Outlook
  • Revenue of $92.59 million reported in Q2 2026
  • Strong liquidity with a current ratio of 23.52
  • Market cap of approximately $4.47 billion indicates robust investor interest
Financial Highlights
  • Net income of -$270.19 million in Q2 2026
  • Operating income margin of 6.60% in Q2 2026
  • Cash and short-term investments total $329.96 million
Bullish is positioned in the rapidly evolving digital asset sector, leveraging technology to enhance trading experiences. The company's focus on liquidity and market data services aims to attract institutional clients and retail investors alike. Despite recent net losses, the substantial revenue growth and strong liquidity ratios suggest potential for recovery and expansion in the digital finance landscape.
AI Generated • Oct 18, 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

0.04%

Operating Margin

-0.00%

Net Income Margin

-0.87%

Return on Equity

-45.26%

Return on Capital

1.33%

Return on Assets

-44.57%

Earnings Yield

-31.25%

Dividend Yield

0.00%

Payout Ratio

0.00%

Stock Overview

Market Cap

$4.39BMarket 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

468.26K

Avg. Volume

1.48M

Financials (TTM)

Gross Profit

$62.51M

Operating Income

-$5.36M

EBITDA

-$1.10B

Operating Cash Flow

$108.82M

Capital Expenditure

-$11.83M

Free Cash Flow

$96.99M

Cash & ST Invst.

$329.96M

Total Debt

$518.15M

Bullish Performance Analysis

Bullish annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 191,313,000N/A
20232023-12-31USD 148,233,000-22.5%
20242024-12-31USD 213,025,00043.7%
20252025-12-31USD 286,093,00034.3%
Bullish sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q32025-09-30-29.0%
Q42025-12-3154.6%
Q12026-03-31-19.5%
Q22026-06-30-99.8%
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
Q32025-09-30-82.4%
Q42025-12-31-2884.6%
Q12026-03-31-6.4%
Q22026-06-3053.8%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q2 2026YOY CHG

Revenue

$92.59M

-99.8%

Gross Profit

$65.13M

+36.6%

Gross Margin

70.35%

N/A

Market Cap

$4.39BMarket 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

$10.60M

N/A

Employees

414

N/A

Net Income

-$270.19M

-351.3%

EBITDA

$8.15M

-93.5%

Quarterly Fundamentals

Name
Q2 2026YOY CHG

Total Cash

$329.96M

-41.5%

Total Debt

$518.15M

-12.5%

Accounts Receivable

$315.53M

-2.0%

Inventory

$139.13M

-40.0%

Long Term Debt

$511.63M

-0.5%

Short Term Debt

$6.52M

-91.6%

Return on Assets

-44.57%

N/A

Return on Invested Capital

-0.18%

N/A

Free Cash Flow

$2.06M

-87.7%

Operating Cash Flow

$2.69M

-84.2%

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Questions About BLSH

What is the current price of Bullish?

Bullish is trading at $28.00 per share.

What is the 52-week range for Bullish?

Over the past 52 weeks, Bullish has traded between $20.55 and $56.92.

How much debt does Bullish have?

As of the most recent reporting period, Bullish reported total debt of $518.15M.

How much cash does Bullish have on hand?

Bullish reported $103.72M 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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