Company Overview
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.
Why Investors Should Care
Revenue has grown at a 49.8% CAGR over the past five years.
Carries low leverage with a debt-to-equity ratio of 0.21.
Recent Developments
- Dec 2025 Revenue of $244.97B (-2.1% YoY); net profit $-764.68M.
- Trailing 12 Months Year-on-year growth — revenue +68.8%, earnings -1073.8%.
- 5-Year Trend Long-term compounding — revenue CAGR 49.8%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | 49.79% |
| 1 Year: | 68.80% |
Compounded Profit Growth
| 5 Years: | - |
| 1 Year: | -1,073.78% |
Stock Price Performance
| 1 Year: | -47.75% |
| 6 Months: | -1.47% |
| 3 Months: | +30.58% |
| 1 Month: | +50.42% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
- Price vs 50-DMAAbove
- Price vs 200-DMAAbove
- RSI (14)69.61 · Neutral
Auto-generated from price history and fundamentals; not investment advice.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
- Compounding revenue at 49.8% over 5 years.
CONS
- Trading 52.4% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BLSH Bullish R3KTECH | 35.53 | -3.55 | $5.39B | 0.00% | 1.32% | -57.07% | 49.79% | - |
| 2 | NVDA NVIDIA Corporation NDXSPXR3KAITECH | 225.73 | 28.50 | $5.45T | 0.46% | 74.66% | 117.21% | 24.64% | 32.12% |
| 3 | AAPL Apple Inc. NDXSPXR3KTECH | 316.22 | 36.22 | $4.61T | 0.34% | 68.72% | 148.75% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXR3KAITECH | 493.95 | 27.49 | $3.67T | 0.79% | 26.33% | 34.04% | 9.93% | 11.90% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AITECH | 439.00 | 32.71 | $2.28T | 0.95% | 30.20% | 39.97% | 18.94% | 19.57% |
| 6 | AVGO Broadcom Inc. NDXSPXR3KAITECH | 368.56 | 46.95 | $1.75T | 0.71% | 16.70% | 44.25% | 17.04% | 54.08% |
| 7 | MU Micron Technology, Inc. NDXSPXR3KAITECH | 1,000.26 | 22.59 | $1.13T | 0.05% | 13.69% | 66.64% | 13.68% | 26.02% |
| 8 | AMD Advanced Micro Devices, Inc. NDXSPXR3KAITECH | 505.74 | 128.36 | $825.61B | 0.00% | 5.47% | 10.20% | 11.81% | 66.28% |
| 9 | ASML ASML Holding N.V. NDXAITECH | 1,764.85 | 59.89 | $677.88B | 0.51% | 42.97% | 53.94% | 15.55% | 19.55% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in USD.
| Metric | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 80.26B | 58.66B | 41.65B | 64.40B | 51.87B |
| Cost of Revenue | 80.25B | 58.62B | 41.58B | 64.49B | 51.84B |
| Gross Profit | 3.67M | 47.66M | 65.05M | -85.45M | 29.79M |
| Operating Expenses | 407.00K | 60.38M | 45.71M | -112.49M | 22.02M |
| Operating Income | 3.26M | -12.71M | 19.34M | 27.04M | 7.77M |
| EBITDA | -336.49M | 124.62M | 34.10M | -549.21M | -588.32M |
| Interest Expense | 10.24M | 13.29M | 13.91M | 14.93M | 14.09M |
| Pretax Income | -348.84M | 109.14M | 18.38M | -565.09M | -604.64M |
| Tax Provision | -221.00K | 876.00K | -76.00K | -1.52M | 226.00K |
| Net Income | -343.99M | 107.51M | 18.40M | -546.60M | -581.71M |
| Diluted EPS | -2.35 | 0.74 | 0.10 | -3.73 | -3.85 |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | - | 72.90B | 116.51B | 250.26B | 244.97B |
| Cost of Revenue | - | 72.90B | 116.53B | 250.26B | 244.90B |
| Gross Profit | - | -6.55M | -21.67M | 5.28M | 74.08M |
| Operating Expenses | - | -22.22M | -31.88M | -26.64M | 23.43M |
| Operating Income | - | 15.67M | 10.21M | 31.92M | 50.66M |
| EBITDA | - | -4.12B | 1.31B | 131.65M | -725.85M |
| Interest Expense | - | 122.73M | 2.98M | 38.53M | 52.37M |
| Pretax Income | - | -4.24B | 1.30B | 84.57M | -786.41M |
| Tax Provision | - | 1.20M | 1.46M | 5.00M | -944.00K |
| Net Income | - | -4.25B | 1.30B | 78.53M | -764.68M |
| Diluted EPS | - | -29.04 | 8.89 | 0.54 | -6.15 |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Total Assets | - | 3.41B | 1.80B | 3.05B | 3.96B |
| Current Assets | - | 3.38B | 1.71B | 2.91B | 3.80B |
| Cash & Equivalents | - | 1.38B | 112.90M | 31.54M | 87.89M |
| Inventory | - | 1.66B | 1.29B | 573.88M | 206.18M |
| Receivables | - | 0 | 2.65M | 9.15M | 24.62M |
| Total Liabilities | - | 1.52B | 522.23M | 646.75M | 658.17M |
| Current Liabilities | - | 1.51B | 37.74M | 85.05M | 129.91M |
| Long Term Debt | - | - | 428.91M | 503.06M | 510.87M |
| Total Debt | - | 14.13M | 440.40M | 543.07M | 581.09M |
| Total Equity | - | 1.88B | 1.28B | 2.39B | 3.22B |
| Shares Outstanding | - | 146.18M | 146.18M | 146.18M | 150.83M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | - | 194.93M | -126.67M | -29.98M | 28.63M |
| Investing Cash Flow | - | -1.29M | 3.92M | -45.08M | 2.10M |
| Financing Cash Flow | - | -7.73M | -1.21B | -980.00K | 42.40M |
| Capital Expenditure | - | -1.29M | -966.00K | -3.71M | -51.79M |
| Free Cash Flow | - | 193.64M | -127.63M | -33.69M | -23.16M |
| Net Change in Cash | - | 185.91M | -1.34B | -76.04M | 73.13M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Gross Margin % | - | -0.0% | -0.0% | 0.0% | 0.0% |
| Operating Margin % | - | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin % | - | -5.8% | 1.1% | 0.0% | -0.3% |
| ROE % | - | -225.5% | 101.4% | 3.3% | -23.8% |
| ROCE % | - | 0.8% | 0.6% | 1.1% | 1.3% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | FMR, LLC | 6.93% | 10.46M | $400.89M |
| 2 | ARK Investment Management, LLC | 4.47% | 6.75M | $258.65M |
| 3 | Sumitomo Mitsui Trust Group, Inc. | 2.69% | 4.05M | $155.39M |
| 4 | Amova Asset Management Americas Inc | 2.68% | 4.04M | $154.93M |
| 5 | Stephens Investment Management Group LLC | 0.90% | 1.36M | $51.99M |
| 6 | Van Eck Associates Corporation | 0.83% | 1.25M | $47.89M |
| 7 | Blackrock Inc. | 0.80% | 1.20M | $46.01M |
| 8 | T. Rowe Price Investment Management, Inc. | 0.77% | 1.16M | $44.65M |
| 9 | Jupiter Topco LLC | 0.69% | 1.04M | $39.93M |
| 10 | Morgan Stanley | 0.44% | 664.21K | $25.47M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for BLSH
Bullish (BLSH) Stock Forum and Discussion - Moomoo
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Bullish (BLSH) Stock May Sit Above Fair Value Even After A 38% Fall - finance.yahoo.com
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Bullish reports second quarter 2026 results - Bullish
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ARK Trims BLSH, NVDA, COIN As Cathie Wood Rebalances Portfolio - Stocktwits
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Bullish Announces Second Quarter 2026 Earnings Release Date and Conference Call | BLSH Stock News - Quiver Quantitative
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Bullish (BLSH), Coinbase (COIN), Circle (CRCL) slide as SEC delay weighs on tokenization trade - CoinDesk
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BLSH — Frequently Asked Questions
What is the current share price of Bullish (BLSH)?
As of 2026-09-19 21:16 PDT, Bullish (BLSH) trades at $35.53 on NYSE. Its 52-week range is $21.79 to $74.63.
What is the market capitalisation of BLSH?
Bullish (BLSH) has a market capitalisation of $5.39B on NYSE.
What is the P/E ratio of BLSH?
BLSH trades at a trailing price-to-earnings (P/E) ratio of -3.55. The industry average P/E is 29.22. Its price-to-book (P/B) ratio is 2.16.
What is the return on equity (ROE) of BLSH?
BLSH has a return on equity (ROE) of -57.07%. Its return on capital employed (ROCE) is 1.32%.
Is BLSH a good stock to buy?
This page provides a data-driven analysis of Bullish (BLSH), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.