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Bullish

BLSH

NYSETechnologySoftware - Application

Open in GoAI

Previous close

$30.41

+$1.97 · +6.93%

Aug 21, 4:00 PM ET

Pre-market

$29.50

−$0.91 · -2.99%

Aug 24, 7:40 AM ET

BLSH company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

47

Fair Value

Momentum

20

Strong Down

Sentiment

62

Bullish

Risk resilience

40

Elevated Risk

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Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Company website

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.

Industry
Software - Application
Sector
Technology
Headquarters
KY
CEO
Thomas W. Farley
Listed since
Aug 13, 2025
Employees
414

Market position

Day range

Current $30.41

52-week range

Current $30.41

Open
$29.75
Previous close
$28.44
Volume
2.16M
1.39× average
Average volume
1.56M
Average daily volume
Market cap
4.61B USD
Beta
0.33
Market reference 1
50-day average
$24.5692
+23.77% above average
200-day average
$34.5644
-12.02% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
5.31B USD
P/E (TTM)
-3.34×
P/B (TTM)
1.91×
P/S (TTM)
0.03×
EV / EBITDA
-7.32×
Earnings yield
-15.81%
Free cash flow yield
0.00%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
0.04%
Operating margin
-0.00%
Net margin
-0.87%
Return on equity
-23.69%
Return on assets
-19.33%
Return on invested capital
1.30%

Financial health

Debt / equity
0.21×
Current ratio
29.28×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends12%-31%-74%-117%Gross margin, FY2021: -78.96%Gross margin, FY2022: -0.01%Gross margin, FY2023: -0.02%Gross margin, FY2024: 0.00%Gross margin, FY2025: 0.03%Operating margin, FY2021: -96.53%Operating margin, FY2022: 0.02%Operating margin, FY2023: 0.01%Operating margin, FY2024: 0.01%Operating margin, FY2025: 0.02%Net margin, FY2021: -106.03%Net margin, FY2022: -5.82%Net margin, FY2023: 1.12%Net margin, FY2024: 0.03%Net margin, FY2025: -0.31%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 -78.96%. Gross margin FY2022 -0.01%. Gross margin FY2023 -0.02%. Gross margin FY2024 0.00%. Gross margin FY2025 0.03%. Operating margin FY2021 -96.53%. Operating margin FY2022 0.02%. Operating margin FY2023 0.01%. Operating margin FY2024 0.01%. Operating margin FY2025 0.02%. Net margin FY2021 -106.03%. Net margin FY2022 -5.82%. Net margin FY2023 1.12%. Net margin FY2024 0.03%. Net margin FY2025 -0.31%.

Income trends

Revenue

244.97B USD-2.11%

Operating income

50.66M USD+58.70%

Net income

−764.68M USD−843.21M USD
Income trends across reported periods275.71B USD173.91B USD72.11B USD−29.7B USDRevenue, FY2021: 1.32B USDRevenue, FY2022: 72.9B USDRevenue, FY2023: 116.51B USDRevenue, FY2024: 250.26B USDRevenue, FY2025: 244.97B USDOperating income, FY2021: −1.28B USDOperating income, FY2022: 15.67M USDOperating income, FY2023: 10.21M USDOperating income, FY2024: 31.92M USDOperating income, FY2025: 50.66M USDNet income, FY2021: −1.4B USDNet income, FY2022: −4.25B USDNet income, FY2023: 1.3B USDNet income, FY2024: 78.53M USDNet income, FY2025: −764.68M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.32B USD. Revenue FY2022 72.9B USD. Revenue FY2023 116.51B USD. Revenue FY2024 250.26B USD. Revenue FY2025 244.97B USD. Operating income FY2021 −1.28B USD. Operating income FY2022 15.67M USD. Operating income FY2023 10.21M USD. Operating income FY2024 31.92M USD. Operating income FY2025 50.66M USD. Net income FY2021 −1.4B USD. Net income FY2022 −4.25B USD. Net income FY2023 1.3B USD. Net income FY2024 78.53M USD. Net income FY2025 −764.68M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue244.97B USD250.26B USD116.51B USD72.9B USD1.32B USD
Cost of goods sold244.9B USD250.26B USD116.53B USD72.9B USD2.37B USD
Gross profit74.08M USD5.28M USD−21.67M USD−6.56M USD−1.04B USD
Selling, general, and administrative53.81M USD24.79M USD15.31M USD53.67M USD99.68M USD
Operating expenses23.43M USD−26.64M USD−31.88M USD−22.22M USD232.2M USD
Interest income————1.51M USD
Interest expense52.37M USD38.53M USD2.98M USD122.73M USD126.84M USD
Depreciation and amortization8.2M USD8.55M USD5.42M USD3.6M USD471K USD
Operating income50.66M USD31.92M USD10.21M USD15.67M USD−1.28B USD
Net income−764.68M USD78.53M USD1.3B USD−4.25B USD−1.4B USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
67%
4 beats, 2 misses, 0 met estimates
Average EPS surprise
+66.96%
6 comparable reports
Latest EPS result
0.1
Estimate 0.09 · Beat by 14.21%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.160.730.29-0.14Q4 '24No estimateQ3 '25BeatQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q4 2024, reported Dec 31, 2024: actual 1.07, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Jul 18, 2025: actual 0.07, estimate -0.027, surprise +361.49%, Beat. Q3 2025, reported Sep 17, 2025: actual -0.05, estimate -0.051, surprise +2.40%, Beat. Q4 2025, reported Nov 19, 2025: actual 0.1, estimate 0.103, surprise -3.01%, Miss. Q1 2026, reported Feb 5, 2026: actual 0.195, estimate 0.14, surprise +39.57%, Beat. Q2 2026, reported May 14, 2026: actual 0.13, estimate 0.149, surprise -12.93%, Miss. Q3 2026, reported Aug 13, 2026: actual 0.1, estimate 0.088, surprise +14.21%, Beat. Q4 2026, reported Nov 18, 2026: actual —, estimate 0.07, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates71.32B47.56B23.8B47.38MQ4 '24No estimateQ3 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q4 2024, reported Dec 31, 2024: actual 66.04B USD, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Jul 18, 2025: actual 71.33M USD, estimate 56.08M USD, surprise +27.18%, Beat. Q3 2025, reported Sep 17, 2025: actual 57M USD, estimate 55.74M USD, surprise +2.26%, Beat. Q4 2025, reported Nov 19, 2025: actual 76.5M USD, estimate 72.92M USD, surprise +4.90%, Beat. Q1 2026, reported Feb 5, 2026: actual 92.51M USD, estimate 87.58M USD, surprise +5.63%, Beat. Q2 2026, reported May 14, 2026: actual 92.8M USD, estimate 94.95M USD, surprise -2.27%, Miss. Q3 2026, reported Aug 13, 2026: actual 92.6M USD, estimate 87.42M USD, surprise +5.93%, Beat. Q4 2026, reported Nov 18, 2026: actual —, estimate 81.76M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$44.75

47.16% upside
Past 12 months12-month forecastHigh $61.00Average $44.75Low $30.00

Rating distribution

7 ratings
Strong buy00%
Buy571%
Hold229%
Sell00%
Strong sell00%

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ETFs holding BLSH

Funds reporting this stock among their holdings, ordered by reported position size.

ARK Innovation ETF logoARK Innovation ETFARKK
Market value
125.04M
Weight
1.88%
AUM
5.56B USD
Expense ratio
0.75%
Price / 1D
$86.21+3.53%
ARK Next Generation Internet ETF logoARK Next Generation Internet ETFARKW
Market value
26.4M
Weight
1.45%
AUM
1.61B USD
Expense ratio
0.76%
Price / 1D
$155.49+2.72%
ARK Blockchain & Fintech Innovation ETF logoARK Blockchain & Fintech Innovation ETFARKF
Market value
22.68M
Weight
2.81%
AUM
700.8M USD
Expense ratio
0.75%
Price / 1D
$45.72+3.51%
VanEck Digital Transformation ETF logoVanEck Digital Transformation ETFDAPP
Market value
11.7M
Weight
3.89%
AUM
307.41M USD
Expense ratio
0.52%
Price / 1D
$19.48+2.36%
Global X - Blockchain ETF logoGlobal X - Blockchain ETFBKCH
Market value
7.15M
Weight
2.64%
AUM
271.05M USD
Expense ratio
0.50%
Price / 1D
$70.34+1.53%
Schwab Crypto Thematic ETF logoSchwab Crypto Thematic ETFSTCE
Market value
5.31M
Weight
2.30%
AUM
230.74M USD
Expense ratio
0.30%
Price / 1D
$65.92+1.84%
Nicholas Crypto Income ETF logoNicholas Crypto Income ETFBLOX
Market value
4.89M
Weight
1.63%
AUM
301.02M USD
Expense ratio
0.99%
Price / 1D
$13.65-0.29%
Bitwise Crypto Industry Innovators ETF logoBitwise Crypto Industry Innovators ETFBITQ
Market value
4.88M
Weight
1.16%
AUM
422.45M USD
Expense ratio
0.85%
Price / 1D
$25.17+2.36%

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