S&P 500 7,493.50 ▲ 73.40 (+0.99%) DOW 51,675.58 ▲ 183.03 (+0.36%) NASDAQ 26,382.53 ▲ 360.88 (+1.39%) US Markets Open â€ĸ 11:59 AM ET

BLSH

Bullish

Price Chart
Latest Quote

$24.05

+0.19 (+0.78%)
Current Price
Previous Close $23.86
Open $24.05
Day High $24.93
Day Low $23.58
Volume 968,814
Fetched: 2026-06-18T15:59:16
Stock Information
Shares Outstanding 151.65M
Total Debt $507.10M
Cash Equivalents $342.69M
Revenue $267.91M
Net Income $-1.00B
Sector Technology
Industry Software - Infrastructure
Market Cap $3.65B
EPS (TTM) $-7.49
Exchange NYQ
🌐 Visit Website
📊 Comprehensive Analysis
Company Data
Enterprise Value$4.14B
Sales$267.91M
Income$-1.00B
Book/sh$17.53
Cash/sh$2.26
Employees414
Financial Ratios
Quick Ratio3.13
Current Ratio26.42
Debt/Eq18.76
Returns & Margins
ROA-10.35%
ROE-44.64%
Gross Margin100.00%
Operating Margin-742.47%
Ownership
Insider Ownership86.66%
Institutional Ownership24.53%
Insider & Institutional transactions data not available
Valuation Ratios
Forward P/E27.88
P/S13.61
P/B1.37
Analyst Data
Recommendationbuy
Target Price$46.95
Technical Indicators
SMA20$29.78
SMA50$36.10
SMA200$42.06
RSI23.42
ATR2.1109
Shares Float48.29M
Short Float19.35%
Short Ratio6.72
Rel Volume0.57
Performance History
Week-12.56%
Month-33.63%
Quarter-39.28%
6 Months-44.03%
YTD-38.75%
10 Years-64.64%
Stock Score: ⭐ Premium
Based on debt, profitability, growth, and cash flow metrics
⭐ Premium Feature

Sign up for free to view detailed scoring breakdown — premium is free during our trial period!

Recent Price History
Date Close Volume
2026-06-18 $24.05 968,814
2026-06-17 $23.86 2,916,900
2026-06-16 $25.96 2,402,300
2026-06-15 $28.60 1,969,600
2026-06-12 $27.21 977,800
2026-06-11 $27.50 1,349,100
2026-06-10 $26.10 1,127,400
2026-06-09 $26.90 1,546,500
2026-06-08 $27.21 1,783,900
2026-06-05 $26.96 3,039,700
2026-06-04 $29.66 2,276,500
2026-06-03 $28.10 1,610,700
2026-06-02 $30.54 1,947,300
2026-06-01 $32.12 2,299,000
2026-05-29 $34.91 1,167,900
2026-05-28 $35.82 1,244,000
2026-05-27 $34.32 1,262,800
2026-05-26 $34.68 1,429,200
2026-05-22 $35.18 1,459,100
2026-05-21 $35.96 1,474,700
2026-05-20 $36.97 1,209,800
2026-05-19 $36.23 1,660,000
2026-05-18 $35.56 1,182,000
About Bullish

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.

Period:
Loading...
Income Statement (Annual)
Metric 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Revenue
Reconciled Cost Of Revenue $244,897,376,000 $250,257,969,000 $116,529,172,000 $72,901,831,000
Cost Of Revenue $244,896,244,000 $250,257,969,000 $116,529,172,000 $72,901,831,000
Total Revenue $244,970,328,000 $250,263,249,000 $116,507,500,000 $72,895,276,000
Operating Revenue $244,826,187,000 $250,213,582,000 $116,504,159,000 $72,895,090,000
Expenses
Interest Expense $52,369,000 $38,529,000 $2,983,000 $122,726,000
Total Expenses $244,919,669,000 $250,231,327,000 $116,497,289,000 $72,879,607,000
Other Income Expense $-784,703,000 $91,176,000 $1,294,244,000 $-4,137,627,000
Other Non Operating Income Expenses $-20,100,000 $-43,350,000 $3,671,000 $-4,044,293,000
Net Non Operating Interest Income Expense $-52,369,000 $-38,529,000 $-2,983,000 $-122,726,000
Interest Expense Non Operating $52,369,000 $38,529,000 $2,983,000 $122,726,000
Operating Expense $23,425,000 $-26,642,000 $-31,883,000 $-22,224,000
Other Operating Expenses $-38,588,000 $-59,983,000 $-52,618,000 $-79,498,000
Selling And Marketing Expense $4,822,000 $3,328,000 $1,728,000 $9,256,000
General And Administrative Expense $48,992,000 $21,466,000 $13,584,000 $44,417,000
Income & Earnings
Net Income From Continuing Operation Net Minority Interest $-764,681,000 $78,527,000 $1,299,167,000 $-4,245,884,000
Net Interest Income $-52,369,000 $-38,529,000 $-2,983,000 $-122,726,000
Normalized Income $-995,820 $-48,037,423 $6,371,908 $-977,158,670
Net Income From Continuing And Discontinued Operation $-764,681,000 $78,527,000 $1,299,167,000 $-4,245,884,000
Average Dilution Earnings $-16,969,000 $0 $0 -
Net Income Common Stockholders $-764,681,000 $78,527,000 $1,299,167,000 $-4,245,884,000
Net Income $-764,681,000 $78,527,000 $1,299,167,000 $-4,245,884,000
Net Income Including Noncontrolling Interests $-785,469,000 $79,564,000 $1,300,015,000 $-4,245,884,000
Net Income Continuous Operations $-785,469,000 $79,564,000 $1,300,015,000 $-4,245,884,000
Pretax Income $-786,413,000 $84,569,000 $1,301,472,000 $-4,244,684,000
Special Income Charges $-497,443,000 $-25,557,000 $0 $0
Operating Income $50,659,000 $31,922,000 $10,211,000 $15,669,000
Depreciation Amortization Depletion Income Statement $8,199,000 $8,547,000 $5,423,000 $3,601,000
Depreciation And Amortization In Income Statement $8,199,000 $8,547,000 $5,423,000 $3,601,000
Amortization Of Intangibles Income Statement $2,244,000 $2,348,000 $0 $0
Depreciation Income Statement $5,955,000 $6,199,000 $5,423,000 $3,601,000
Gross Profit $74,084,000 $5,280,000 $-21,672,000 $-6,555,000
Interest Income - - $9,224,000 -
Interest Income Non Operating - - $9,224,000 -
Total Operating Income As Reported - - - -
Per Share
Diluted EPS $-6.15 $0.54 $8.89 $-29.04
Basic EPS $-6.15 $0.54 $8.89 $-29.04
Other
Tax Effect Of Unusual Items $-917,820 $7,961,577 $1,448,908 $-868,901,670
Tax Rate For Calcs $0 $0 $0 $0
Normalized EBITDA (Bullshit earnings) $38,758,000 $-2,881,000 $15,634,000 $19,270,000
Total Unusual Items $-764,603,000 $134,526,000 $1,294,244,000 $-4,137,627,000
Total Unusual Items Excluding Goodwill $-764,603,000 $134,526,000 $1,294,244,000 $-4,137,627,000
Reconciled Depreciation $7,067,000 $8,547,000 $5,423,000 $3,601,000
EBITDA (Bullshit earnings) $-725,845,000 $131,645,000 $1,309,878,000 $-4,118,357,000
EBIT $-734,044,000 $123,098,000 $1,304,455,000 $-4,121,958,000
Diluted Average Shares $127,723,000 $146,183,739 $146,183,739 $146,183,739
Basic Average Shares $127,723,000 $146,183,739 $146,183,739 $146,183,739
Diluted NI Availto Com Stockholders $-781,650,000 $78,527,000 $1,299,167,000 $-4,245,884,000
Minority Interests $20,788,000 $-1,037,000 $-848,000 $0
Tax Provision $-944,000 $5,005,000 $1,457,000 $1,200,000
Impairment Of Capital Assets $497,443,000 $25,557,000 $0 $0
Gain On Sale Of Security $-267,160,000 $160,083,000 $1,294,244,000 $-4,137,627,000
Amortization $2,244,000 $2,348,000 $0 $0
Selling General And Administration $53,814,000 $24,794,000 $15,312,000 $53,673,000
Other Gand A $48,364,000 $21,466,000 $13,584,000 $44,417,000
Salaries And Wages $628,000 $0 $0 -
Fetched: 2026-06-17
Balance Sheet (Annual)
Metric 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Assets
Net Tangible Assets $3,122,021,000 $2,294,907,000 $1,206,275,000 $1,881,500,000
Total Assets $3,956,504,000 $3,047,412,000 $1,804,519,000 $3,406,090,000
Total Non Current Assets $152,438,000 $135,034,000 $98,647,000 $28,555,000
Other Non Current Assets $5,727,000 $1,968,000 $3,768,000 $3,768,000
Non Current Prepaid Assets $17,432,000 $21,014,000 $1,798,000 $855,000
Non Current Deferred Assets $5,682,000 $2,088,000 $3,698,000 $5,178,000
Non Current Deferred Taxes Assets $2,865,000 $2,088,000 $3,698,000 $5,178,000
Non Current Accounts Receivable $1,062,000 $1,073,000 $354,000 $97,000
Goodwill And Other Intangible Assets $94,166,000 $94,773,000 $75,171,000 $1,336,000
Other Intangible Assets $31,104,000 $33,298,000 $34,936,000 $1,336,000
Current Assets $3,804,066,000 $2,912,378,000 $1,705,872,000 $3,377,535,000
Other Current Assets $1,537,071,000 $1,878,268,000 $117,553,000 $133,012,000
Hedging Assets Current $0 $0 - -
Restricted Cash $36,883,000 $22,275,000 $14,857,000 $79,577,000
Prepaid Assets $18,943,000 $8,616,000 $9,483,000 $6,744,000
Inventory $206,178,000 $573,876,000 $1,289,346,000 $1,658,274,000
Receivables $475,040,000 $178,981,000 $24,519,000 $87,457,000
Other Receivables $3,934,000 $3,447,000 $4,169,000 $3,865,000
Loans Receivable $446,481,000 $166,388,000 $17,696,000 $83,592,000
Accounts Receivable $24,625,000 $9,146,000 $2,654,000 $0
Cash Cash Equivalents And Short Term Investments $1,529,951,000 $250,362,000 $367,667,000 $1,412,471,000
Cash And Cash Equivalents $87,892,000 $31,540,000 $112,901,000 $1,383,577,000
Cash Financial $87,892,000 $31,540,000 $112,901,000 $1,383,577,000
Taxes Receivable - - - -
Debt
Net Debt $473,291,000 $496,523,000 $316,013,000 -
Total Debt $581,085,000 $543,065,000 $440,401,000 $14,128,000
Long Term Debt And Capital Lease Obligation $525,245,000 $513,819,000 $436,583,000 $10,906,000
Long Term Debt $510,867,000 $503,063,000 $428,914,000 -
Current Debt And Capital Lease Obligation $55,840,000 $29,246,000 $3,818,000 $3,222,000
Current Debt $50,316,000 $25,000,000 - -
Other Current Borrowings $50,316,000 $25,000,000 - -
Liabilities
Total Liabilities Net Minority Interest $658,175,000 $646,753,000 $522,225,000 $1,523,254,000
Total Non Current Liabilities Net Minority Interest $528,263,000 $561,704,000 $484,487,000 $11,093,000
Non Current Deferred Liabilities $18,000 $6,000 $25,000 $42,000
Non Current Deferred Taxes Liabilities $18,000 $6,000 $25,000 $42,000
Current Liabilities $129,912,000 $85,049,000 $37,738,000 $1,512,161,000
Other Current Liabilities $20,044,000 $6,382,000 $62,000 $1,415,968,000
Current Deferred Liabilities $10,557,000 $9,504,000 $4,568,000 $0
Payables And Accrued Expenses $23,108,000 $23,845,000 $13,531,000 $92,971,000
Interest Payable $8,764,000 $8,764,000 $0 -
Payables $3,775,000 $6,928,000 $8,664,000 $92,971,000
Other Payable $2,968,000 $5,148,000 $3,038,000 $18,894,000
Total Tax Payable - $1,705,000 $1,251,000 $274,000
Accounts Payable - - $62,000 $66,084,000
Other Non Current Liabilities - - - $145,000
Equity
Common Stock Equity $3,216,187,000 $2,389,680,000 $1,281,446,000 $1,882,836,000
Total Equity Gross Minority Interest $3,298,329,000 $2,400,659,000 $1,282,294,000 $1,882,836,000
Stockholders Equity $3,216,187,000 $2,389,680,000 $1,281,446,000 $1,882,836,000
Gains Losses Not Affecting Retained Earnings $774,224,000 $858,797,000 $142,736,000 $0
Retained Earnings $-2,668,100,000 $-2,309,053,000 $-2,666,797,000 $-2,212,658,000
Preferred Securities Outside Stock Equity $0 $47,879,000 $47,879,000 $0
Other Equity Interest - - $68,757,000 $62,584,000
Other Equity Adjustments - - $73,979,000 -
Other
Ordinary Shares Number $150,833,916 $146,183,739 $146,183,739 $146,183,739
Share Issued $150,833,916 $146,183,739 $146,183,739 $146,183,739
Tangible Book Value $3,122,021,000 $2,294,907,000 $1,206,275,000 $1,881,500,000
Invested Capital $3,777,370,000 $2,917,743,000 $1,710,360,000 $1,882,836,000
Working Capital $3,674,154,000 $2,827,329,000 $1,668,134,000 $1,865,374,000
Capital Lease Obligations $19,902,000 $15,002,000 $11,487,000 $14,128,000
Total Capitalization $3,727,054,000 $2,892,743,000 $1,710,360,000 $1,882,836,000
Minority Interest $82,142,000 $10,979,000 $848,000 $0
Additional Paid In Capital $5,109,762,000 $3,839,710,000 $18,399,000 $245,802,000
Capital Stock $301,000 $226,000 $3,787,108,000 $3,787,108,000
Common Stock $301,000 $226,000 $3,787,108,000 $3,787,108,000
Employee Benefits $3,000,000 $0 - -
Long Term Capital Lease Obligation $14,378,000 $10,756,000 $7,669,000 $10,906,000
Current Deferred Revenue $10,557,000 $9,504,000 $4,568,000 $0
Current Capital Lease Obligation $5,524,000 $4,246,000 $3,818,000 $3,222,000
Pensionand Other Post Retirement Benefit Plans Current $20,363,000 $16,072,000 $15,759,000 -
Current Accrued Expenses $19,333,000 $16,917,000 $4,867,000 -
Dueto Related Parties Current $807,000 $1,780,000 $4,375,000 $7,719,000
Goodwill $63,062,000 $61,475,000 $40,235,000 $0
Net PPE $28,369,000 $14,118,000 $13,858,000 $17,321,000
Accumulated Depreciation $-19,257,000 $-14,242,000 $-9,481,000 $-4,058,000
Gross PPE $47,626,000 $28,360,000 $23,339,000 $21,379,000
Leases $1,781,000 $1,715,000 $1,710,000 $1,344,000
Construction In Progress $1,867,000 $0 - -
Machinery Furniture Equipment $9,270,000 $5,113,000 $4,727,000 $3,959,000
Buildings And Improvements $34,708,000 $21,532,000 $16,902,000 $16,076,000
Properties $0 $0 $0 $0
Other Short Term Investments $1,442,059,000 $218,822,000 $254,766,000 $28,894,000
Other Properties - $21,532,000 $16,902,000 -
Other Inventories - $573,876,000 $1,289,346,000 $1,658,274,000
Finished Goods - $573,876,000 $1,289,346,000 $1,658,274,000
Duefrom Related Parties Current - - - -
Fetched: 2026-06-17
Cash Flow Statement (Annual)
Metric 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Free Cash Flow
Free Cash Flow $-23,157,000 $-33,690,000 $-127,634,000 $193,639,000
Operating Activities
Operating Cash Flow $28,632,000 $-29,979,000 $-126,668,000 $194,925,000
Cash Flow From Continuing Operating Activities $28,633,000 $-29,979,000 $-126,668,000 $194,925,000
Operating Gains Losses - $390,000 $123,000 $63,000
Investing Activities
Capital Expenditure $-51,789,000 $-3,711,000 $-966,000 $-1,286,000
Investing Cash Flow $2,104,000 $-45,084,000 $3,924,000 $-1,286,000
Cash Flow From Continuing Investing Activities $2,104,000 $-45,084,000 $3,924,000 $-1,286,000
Net Other Investing Changes $-250,000 $-12,001,000 - -
Financing Activities
Issuance Of Capital Stock $59,194,000 $0 $0 -
Financing Cash Flow $42,395,000 $-980,000 $-1,212,652,000 $-7,732,000
Cash Flow From Continuing Financing Activities $42,395,000 $-980,000 $-1,212,652,000 $-7,732,000
Cash Dividends Paid $0 $0 $-534,644,000 $0
Common Stock Dividend Paid $0 $0 $-534,644,000 $0
Net Common Stock Issuance $59,194,000 $0 $0 -
Common Stock Issuance $59,194,000 $0 $0 -
Net Other Financing Charges - - - -
Other
Repayment Of Debt $-150,366,000 $-4,884,000 $-718,025,000 $-227,297,000
Issuance Of Debt $174,300,000 $25,000,000 $43,000,000 $225,000,000
End Cash Position $130,502,000 $55,783,000 $131,526,000 $1,466,922,000
Beginning Cash Position $55,783,000 $131,526,000 $1,466,922,000 $1,281,015,000
Effect Of Exchange Rate Changes $1,588,000 $300,000 $0 $0
Changes In Cash $73,131,000 $-76,043,000 $-1,335,396,000 $185,907,000
Interest Paid Cff $-40,733,000 $-21,096,000 $-2,983,000 $-5,435,000
Net Issuance Payments Of Debt $23,934,000 $20,116,000 $-675,025,000 $-2,297,000
Net Long Term Debt Issuance $23,934,000 $20,116,000 $-675,025,000 $-2,297,000
Long Term Debt Payments $-150,366,000 $-4,884,000 $-718,025,000 $-227,297,000
Long Term Debt Issuance $174,300,000 $25,000,000 $43,000,000 $225,000,000
Net Investment Purchase And Sale $23,594,000 $-24,833,000 $3,568,000 $0
Sale Of Investment $48,213,000 $167,000 $3,568,000 $0
Purchase Of Investment $-24,619,000 $-25,000,000 $0 $0
Net Business Purchase And Sale $0 $-4,625,000 $1,290,000 $0
Purchase Of Business $0 $-4,625,000 - $0
Net Intangibles Purchase And Sale $-11,309,000 $-3,234,000 $0 $0
Sale Of Intangibles $30,549,000 $86,000 $0 $0
Purchase Of Intangibles $-41,858,000 $-3,320,000 $0 $0
Net PPE Purchase And Sale $-9,931,000 $-391,000 $-934,000 $-1,286,000
Sale Of PPE $0 $0 $32,000 $0
Purchase Of PPE $-9,931,000 $-391,000 $-966,000 $-1,286,000
Interest Received Cfo $9,129,000 $11,755,000 $11,869,000 $4,815,000
Change In Working Capital $45,765,000 $13,080,000 $-87,018,000 $252,426,000
Change In Other Working Capital $-765,000 $1,591,000 $1,463,000 $-3,327,000
Change In Other Current Liabilities $13,662,000 $6,320,000 $-66,022,000 $32,504,000
Change In Other Current Assets $-299,507,000 $83,000,000 $-227,638,000 $46,901,000
Change In Payables And Accrued Expense $7,608,000 $44,000 $96,000 $-66,855,000
Change In Payable $7,608,000 $44,000 $96,000 $-66,855,000
Change In Inventory $324,767,000 $-49,341,000 $139,187,000 $326,795,000
Change In Receivables $0 $-28,534,000 $65,896,000 $-83,592,000
Other Non Cash Items $37,132,000 $26,288,000 $-9,063,000 $4,162,115,000
Stock Based Compensation $16,201,000 $22,587,000 $6,173,000 $17,789,000
Unrealized Gain Loss On Investment Securities $20,101,000 $43,350,000 $0 $0
Asset Impairment Charge $678,706,000 $-235,540,000 $-1,354,190,000 $0
Depreciation Amortization Depletion $7,067,000 $8,547,000 $5,423,000 $3,601,000
Depreciation And Amortization $7,067,000 $8,547,000 $5,423,000 $3,601,000
Amortization Cash Flow $2,245,000 $2,348,000 $0 $0
Amortization Of Intangibles $2,245,000 $2,348,000 $0 $0
Depreciation $4,822,000 $6,199,000 $5,423,000 $3,601,000
Net Foreign Currency Exchange Gain Loss $0 $390,000 $123,000 $26,000
Net Income From Continuing Operations $-785,469,000 $79,564,000 $1,300,015,000 $-4,245,884,000
Change In Account Payable - $0 $0 $-3,000
Gain Loss On Sale Of PPE - $0 $0 $37,000
Sale Of Business - - $1,290,000 -
Interest Received Cfi - - - -
Fetched: 2026-06-17