BLSH Chart
About

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.

Fundamentals
Scroll to Statements
Sector Technology Industry Software - Infrastructur Market Cap 6.03B
Enterprise Value 6.13B Income -764.68M Sales 237.24M
Book/sh 21.32 Cash/sh 3.27 Dividend Yield
Payout 0.00% Employees 414 IPO
P/E Forward P/E 38.43 PEG
P/S 25.41 P/B 1.88 P/C
EV/EBITDA -33.84 EV/Sales 25.82 Quick Ratio 4.01
Current Ratio 29.28 Debt/Eq 17.62 LT Debt/Eq
EPS (ttm) -5.99 EPS next Y 1.04 EPS Growth
Revenue Growth 97.90% Earnings 2026-04-23 ROA -3.26%
ROE -27.57% ROIC Gross Margin 100.00%
Oper. Margin -244.72% Profit Margin 0.00% Shs Outstand 150.30M
Shs Float 40.31M Short Float 17.65% Short Ratio 3.30
Short Interest 52W High 118.00 52W Low 24.79
Beta Avg Volume 1.98M Volume 873.57K
Target Price $45.60 Recom Buy Prev Close $39.62
Price $40.10 Change 1.22%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$45.60
Mean price target
2. Current target
$40.10
Latest analyst target
3. DCF / Fair value
$-75.81
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$40.10
Low
$29.00
High
$67.00
Mean
$45.60

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-06 main JP Morgan Neutral → Neutral $41
2026-02-06 main Rosenblatt Buy → Buy $39
2026-01-27 main JP Morgan Neutral → Neutral $42
2026-01-15 main Rosenblatt Buy → Buy $52
2025-12-22 main Citigroup Buy → Buy $67
2025-11-24 main Canaccord Genuity Buy → Buy $50
2025-11-21 main JP Morgan Neutral → Neutral $45
2025-11-20 main Rosenblatt Buy → Buy $55
2025-11-19 up Deutsche Bank Hold → Buy $51
2025-11-18 main JP Morgan Neutral → Neutral $46
2025-11-11 up Clear Street Hold → Buy $57
2025-09-18 main Citigroup Buy → Buy $70
2025-09-18 main Cantor Fitzgerald Overweight → Overweight $59
2025-09-18 main Canaccord Genuity Buy → Buy $68
2025-09-18 main Rosenblatt Buy → Buy $62
2025-09-15 init Keefe, Bruyette & Woods — → Market Perform $55
2025-09-08 init Deutsche Bank — → Hold $51
2025-09-08 init Bernstein — → Market Perform $60
2025-09-08 init Citigroup — → Buy $66
2025-09-08 init Oppenheimer — → Perform
Insider Transactions

No recent insider transactions.

Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems-917.82K7.96M1.45M-868.90M
TaxRateForCalcs0.000.060.000.21
NormalizedEBITDA38.76M-2.88M15.63M19.27M
TotalUnusualItems-764.60M134.53M1.29B-4.14B
TotalUnusualItemsExcludingGoodwill-764.60M134.53M1.29B-4.14B
NetIncomeFromContinuingOperationNetMinorityInterest-764.68M78.53M1.30B-4.25B
ReconciledDepreciation7.07M8.55M5.42M3.60M
ReconciledCostOfRevenue244.90B250.26B116.53B72.90B
EBITDA-725.85M131.65M1.31B-4.12B
EBIT-734.04M123.10M1.30B-4.12B
NetInterestIncome-52.37M-38.53M-2.98M-122.73M
InterestExpense52.37M38.53M2.98M122.73M
InterestIncome9.22M1.51M
NormalizedIncome-995.82K-48.04M6.37M-977.16M
NetIncomeFromContinuingAndDiscontinuedOperation-764.68M78.53M1.30B-4.25B
TotalExpenses244.92B250.23B116.50B72.88B
TotalOperatingIncomeAsReported-1.28B
DilutedAverageShares146.18M146.18M146.18M146.18M
BasicAverageShares146.18M146.18M146.18M146.18M
DilutedEPS0.548.89-29.04-9.59
BasicEPS0.548.89-29.04-9.59
DilutedNIAvailtoComStockholders-781.65M78.53M1.30B-4.25B
AverageDilutionEarnings-16.97M0.000.00
NetIncomeCommonStockholders-764.68M78.53M1.30B-4.25B
NetIncome-764.68M78.53M1.30B-4.25B
MinorityInterests20.79M-1.04M-848.00K0.00
NetIncomeIncludingNoncontrollingInterests-785.47M79.56M1.30B-4.25B
NetIncomeContinuousOperations-785.47M79.56M1.30B-4.25B
TaxProvision-944.00K5.00M1.46M1.20M
PretaxIncome-786.41M84.57M1.30B-4.24B
OtherIncomeExpense-784.70M91.18M1.29B-4.14B
OtherNonOperatingIncomeExpenses-20.10M-43.35M3.67M-4.04B
SpecialIncomeCharges-497.44M-25.56M0.000.00
ImpairmentOfCapitalAssets497.44M25.56M0.000.00
GainOnSaleOfSecurity-267.16M160.08M1.29B-4.14B
NetNonOperatingInterestIncomeExpense-52.37M-38.53M-2.98M-122.73M
InterestExpenseNonOperating52.37M38.53M2.98M122.73M
InterestIncomeNonOperating9.22M1.51M
OperatingIncome50.66M31.92M10.21M15.67M
OperatingExpense23.43M-26.64M-31.88M-22.22M
OtherOperatingExpenses-38.59M-59.98M-52.62M-79.50M
DepreciationAmortizationDepletionIncomeStatement8.20M8.55M5.42M3.60M
DepreciationAndAmortizationInIncomeStatement8.20M8.55M5.42M3.60M
Amortization2.24M2.35M0.000.00
AmortizationOfIntangiblesIncomeStatement2.24M2.35M0.000.00
DepreciationIncomeStatement5.96M6.20M5.42M3.60M
SellingGeneralAndAdministration53.81M24.79M15.31M53.67M
SellingAndMarketingExpense4.82M3.33M1.73M9.26M
GeneralAndAdministrativeExpense48.99M21.47M13.58M44.42M
OtherGandA48.36M21.47M13.58M44.42M
SalariesAndWages628.00K0.000.0059.31M
GrossProfit74.08M5.28M-21.67M-6.55M
CostOfRevenue244.90B250.26B116.53B72.90B
TotalRevenue244.97B250.26B116.51B72.90B
OperatingRevenue244.83B250.21B116.50B72.90B
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber150.83M146.18M146.18M146.18M
ShareIssued150.83M146.18M146.18M146.18M
NetDebt473.29M496.52M316.01M
TotalDebt581.09M543.07M440.40M14.13M
TangibleBookValue3.12B2.29B1.21B1.88B
InvestedCapital3.78B2.92B1.71B1.88B
WorkingCapital3.67B2.83B1.67B1.87B
NetTangibleAssets3.12B2.29B1.21B1.88B
CapitalLeaseObligations19.90M15.00M11.49M14.13M
CommonStockEquity3.22B2.39B1.28B1.88B
TotalCapitalization3.73B2.89B1.71B1.88B
TotalEquityGrossMinorityInterest3.30B2.40B1.28B1.88B
MinorityInterest82.14M10.98M848.00K0.00
StockholdersEquity3.22B2.39B1.28B1.88B
OtherEquityInterest68.76M62.58M44.80M
GainsLossesNotAffectingRetainedEarnings774.22M858.80M142.74M0.00
OtherEquityAdjustments73.98M
RetainedEarnings-2.67B-2.31B-2.67B-2.21B
AdditionalPaidInCapital5.11B3.84B18.40M245.80M
CapitalStock301.00K226.00K3.79B3.79B
CommonStock301.00K226.00K3.79B3.79B
TotalLiabilitiesNetMinorityInterest658.17M646.75M522.23M1.52B
TotalNonCurrentLiabilitiesNetMinorityInterest528.26M561.70M484.49M11.09M
OtherNonCurrentLiabilities145.00K
PreferredSecuritiesOutsideStockEquity0.0047.88M47.88M0.00
EmployeeBenefits3.00M0.00
NonCurrentDeferredLiabilities18.00K6.00K25.00K42.00K
NonCurrentDeferredTaxesLiabilities18.00K6.00K25.00K42.00K
LongTermDebtAndCapitalLeaseObligation525.25M513.82M436.58M10.91M
LongTermCapitalLeaseObligation14.38M10.76M7.67M10.91M
LongTermDebt510.87M503.06M428.91M
CurrentLiabilities129.91M85.05M37.74M1.51B
OtherCurrentLiabilities20.04M6.38M62.00K1.42B
CurrentDeferredLiabilities10.56M9.50M4.57M0.00
CurrentDeferredRevenue10.56M9.50M4.57M0.00
CurrentDebtAndCapitalLeaseObligation55.84M29.25M3.82M3.22M
CurrentCapitalLeaseObligation5.52M4.25M3.82M3.22M
CurrentDebt50.32M25.00M
OtherCurrentBorrowings50.32M25.00M
PensionandOtherPostRetirementBenefitPlansCurrent20.36M16.07M15.76M
PayablesAndAccruedExpenses23.11M23.84M13.53M92.97M
CurrentAccruedExpenses19.33M16.92M4.87M
InterestPayable8.76M8.76M0.00
Payables3.77M6.93M8.66M92.97M
OtherPayable2.97M5.15M3.04M18.89M
DuetoRelatedPartiesCurrent807.00K1.78M4.38M7.72M
TotalTaxPayable1.71M1.25M274.00K2.04M
AccountsPayable62.00K66.08M33.58M
TotalAssets3.96B3.05B1.80B3.41B
TotalNonCurrentAssets152.44M135.03M98.65M28.55M
OtherNonCurrentAssets5.73M1.97M3.77M3.77M
NonCurrentPrepaidAssets17.43M21.01M1.80M855.00K
NonCurrentDeferredAssets5.68M2.09M3.70M5.18M
NonCurrentDeferredTaxesAssets2.87M2.09M3.70M5.18M
NonCurrentAccountsReceivable1.06M1.07M354.00K97.00K
GoodwillAndOtherIntangibleAssets94.17M94.77M75.17M1.34M
OtherIntangibleAssets31.10M33.30M34.94M1.34M
Goodwill63.06M61.48M40.23M0.00
NetPPE28.37M14.12M13.86M17.32M
AccumulatedDepreciation-19.26M-14.24M-9.48M-4.06M
GrossPPE47.63M28.36M23.34M21.38M
Leases1.78M1.72M1.71M1.34M
ConstructionInProgress1.87M0.00
OtherProperties21.53M16.90M
MachineryFurnitureEquipment9.27M5.11M4.73M3.96M
BuildingsAndImprovements34.71M21.53M16.90M16.08M
Properties0.000.000.000.00
CurrentAssets3.80B2.91B1.71B3.38B
OtherCurrentAssets1.54B1.88B117.55M133.01M
HedgingAssetsCurrent0.000.00
RestrictedCash36.88M22.27M14.86M79.58M
PrepaidAssets18.94M8.62M9.48M6.74M
Inventory206.18M573.88M1.29B1.66B
OtherInventories573.88M1.29B1.66B6.11B
FinishedGoods573.88M1.29B1.66B6.11B
Receivables475.04M178.98M24.52M87.46M
OtherReceivables3.93M3.45M4.17M3.87M
DuefromRelatedPartiesCurrent0.00
TaxesReceivable12.00K
LoansReceivable446.48M166.39M17.70M83.59M
AccountsReceivable24.62M9.15M2.65M0.00
CashCashEquivalentsAndShortTermInvestments1.53B250.36M367.67M1.41B
OtherShortTermInvestments1.44B218.82M254.77M28.89M
CashAndCashEquivalents87.89M31.54M112.90M1.38B
CashFinancial87.89M31.54M112.90M1.38B
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow-23.16M-33.69M-127.63M193.64M
RepaymentOfDebt-150.37M-4.88M-718.02M-227.30M
IssuanceOfDebt174.30M25.00M43.00M225.00M
IssuanceOfCapitalStock59.19M0.000.000.00
CapitalExpenditure-51.79M-3.71M-966.00K-1.29M
EndCashPosition130.50M55.78M131.53M1.47B
BeginningCashPosition55.78M131.53M1.47B1.28B
EffectOfExchangeRateChanges1.59M300.00K0.000.00
ChangesInCash73.13M-76.04M-1.34B185.91M
FinancingCashFlow42.40M-980.00K-1.21B-7.73M
CashFlowFromContinuingFinancingActivities42.40M-980.00K-1.21B-7.73M
NetOtherFinancingCharges-285.00K
InterestPaidCFF-40.73M-21.10M-2.98M-5.43M
CashDividendsPaid0.000.00-534.64M0.00
CommonStockDividendPaid0.000.00-534.64M0.00
NetCommonStockIssuance59.19M0.000.000.00
CommonStockIssuance59.19M0.000.000.00
NetIssuancePaymentsOfDebt23.93M20.12M-675.02M-2.30M
NetLongTermDebtIssuance23.93M20.12M-675.02M-2.30M
LongTermDebtPayments-150.37M-4.88M-718.02M-227.30M
LongTermDebtIssuance174.30M25.00M43.00M225.00M
InvestingCashFlow2.10M-45.08M3.92M-1.29M
CashFlowFromContinuingInvestingActivities2.10M-45.08M3.92M-1.29M
NetOtherInvestingChanges-250.00K-12.00M
InterestReceivedCFI1.51M
NetInvestmentPurchaseAndSale23.59M-24.83M3.57M0.00
SaleOfInvestment48.21M167.00K3.57M0.00
PurchaseOfInvestment-24.62M-25.00M0.000.00
NetBusinessPurchaseAndSale0.00-4.62M1.29M0.00
SaleOfBusiness1.29M0.00
PurchaseOfBusiness0.00-4.62M0.00
NetIntangiblesPurchaseAndSale-11.31M-3.23M0.000.00
SaleOfIntangibles30.55M86.00K0.000.00
PurchaseOfIntangibles-41.86M-3.32M0.000.00
NetPPEPurchaseAndSale-9.93M-391.00K-934.00K-1.29M
SaleOfPPE0.000.0032.00K0.00
PurchaseOfPPE-9.93M-391.00K-966.00K-1.29M
OperatingCashFlow28.63M-29.98M-126.67M194.93M
CashFlowFromContinuingOperatingActivities28.63M-29.98M-126.67M194.93M
InterestReceivedCFO9.13M11.76M11.87M4.82M
ChangeInWorkingCapital45.77M13.08M-87.02M252.43M
ChangeInOtherWorkingCapital-765.00K1.59M1.46M-3.33M
ChangeInOtherCurrentLiabilities13.66M6.32M-66.02M32.50M
ChangeInOtherCurrentAssets-299.51M83.00M-227.64M46.90M
ChangeInPayablesAndAccruedExpense7.61M44.00K96.00K-66.86M
ChangeInPayable7.61M44.00K96.00K-66.86M
ChangeInAccountPayable0.000.00-3.00K33.58M
ChangeInInventory324.77M-49.34M139.19M326.80M
ChangeInReceivables0.00-28.53M65.90M-83.59M
OtherNonCashItems37.13M26.29M-9.06M4.16B
StockBasedCompensation16.20M22.59M6.17M17.79M
UnrealizedGainLossOnInvestmentSecurities20.10M43.35M0.000.00
AssetImpairmentCharge678.71M-235.54M-1.35B0.00
DepreciationAmortizationDepletion7.07M8.55M5.42M3.60M
DepreciationAndAmortization7.07M8.55M5.42M3.60M
AmortizationCashFlow2.25M2.35M0.000.00
AmortizationOfIntangibles2.25M2.35M0.000.00
Depreciation4.82M6.20M5.42M3.60M
OperatingGainsLosses390.00K123.00K63.00K61.00K
NetForeignCurrencyExchangeGainLoss0.00390.00K123.00K26.00K
GainLossOnSaleOfPPE0.000.0037.00K12.00K
NetIncomeFromContinuingOperations-785.47M79.56M1.30B-4.25B
SEC Filings

No SEC filings found for this symbol (may be non-US or ticker not in SEC index).

Public Trades for BLSH
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status