Bullish

Bullish

BLSH
BullishUS flagNew York Stock Exchange
30.54
USD
-1.58
- -
4.63BMarket Cap
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
- -
9.04
498.66
796.99
1,711.98
- -
1,490.29
Basic EPS, GAAP
- -
-9.59
-29.04
8.89
0.54
- -
-6.9
Free Cash Flow per Basic Share
- -
-3.11
1.32
-0.87
-0.23
- -
0.77
Dividend per Share
- -
2.54
- -
3.66
- -
- -
- -
Book Value per Share
- -
39.82
10.77
7.66
-15.79
- -
-19.68
Tangible Book Value per Share
- -
41.79
12.87
8.26
15.77
- -
17.96
Basic Weighted Avg Shares
- -
146
146
146
146
- -
145
Sales/Revenue/Turnover
- -
1,322
72,895
116,508
250,263
244,970
216,584
Operating Margin (%)
- -
-96.52
0.02
0.01
0.01
0.02
0.02
Depreciation Expense
- -
- -
4
5
9
7
7
Net Income, GAAP
- -
-1,401
-4,246
1,299
79
-765
-1,002
Effective Tax Rate (%)
- -
- -
- -
0.11
5.92
- -
0.8
Profit Margin (%)
- -
-106.03
-5.82
1.12
0.03
-0.31
-0.46
Working Capital
264
7,271
1,865
1,668
2,827
3,674
3,058
LT Debt
- -
6
11
437
514
525
501
Total Equity
4,012
6,111
1,883
1,282
2,401
3,298
2,703
Return on Invested Capital (%)
- -
- -
- -
0.56
1.29
- -
- -
Return on Capital (%)
- -
- -
- -
82.62
-117.73
- -
8.32
Return on Common Equity (%)
- -
-29.23
-114.83
96.42
5.97
- -
-28.84

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
53
56
7
LT Borrowings
522
511
488
LT Finance Leases
8
14
13
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
151
151
152
Market Capitalization
9,021
5,457
5,193

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
4,489
3,804
3,178
Cash, Cash Equivalents & STI
1,634
1,530
1,206
Accounts Receivable, Net
20
25
21
Inventories
254
206
143
Total Current Liabilities
116
130
120
Payables & Accruals
26
23
39
ST Debt
53
56
7
Deferred Revenue
8
11
12

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
15.17%
37.39%
Free Cash Flow
- -
- -
-31.26%
Net Income, GAAP
- -
- -
-1,073.78%
Sales/Revenue/Turnover
- -
- -
-2.11%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
80,414
49,604
54,204
66,041
250,263
2025
80,256
58,663
41,650
64,401
244,970
2026
51,870
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.71
-0.79
-0.46
- -
0.54
2025
-2.35
0.74
0.14
-3.62
- -
2026
-3.85
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Thomas W. Farley
Full Time Employees
400
Sector
Technology
Industry
Software - Infrastructure
Address
10A Building A George Town United States of America 9005
IPO Date
Aug 13, 2025
Business
Bullish Bullish (NYSE: BLSH) operates a regulated digital asset exchange and provides market infrastructure and data services focused on institutional investors. The company offers spot and derivatives trading, including cryptocurrencies such as Bitcoin, Ethereum, and Solana, through its Bullish Exchange platform, which integrates a central limit order book matching engine with proprietary automated market making technology to deliver deep liquidity and tight spreads; CoinDesk Indices, a suite of tradable proprietary and single-asset benchmarks tracking digital asset performance for institutions in crypto and traditional finance; CoinDesk Data, real-time market data and analytics on prices, trends, and dynamics; and CoinDesk Insights via Coindesk.com, a leading media platform covering digital asset news, markets, policy, and blockchain technology. Bullish targets professional and institutional clients globally, with operations supported by a well-capitalized treasury and regulatory compliance frameworks including a New York BitLicense; it maintains offices in George Town, Cayman Islands; New York, United States; and Hong Kong. Founded in 2020 and headquartered in George Town, Cayman Islands, Bullish completed its initial public offering on the New York Stock Exchange in August 2025 at $37 per share, valuing the company above $5 billion; in 2023, it acquired CoinDesk to bolster its data and indices offerings; and in 2025, it launched crypto options trading surpassing $1 billion in volume, U.S. spot trading following New York DFS approval in September, and expanded liquidity services partnerships that more than doubled in Q3.

Company News

APIChat
  • Cathie Wood Goes Bargain Hunting: 2 Stocks She Just Bought

  • Crypto's Next Phase Is Bigger Than Bitcoin

  • Bullish Posts Strong Q1 Against Strong Headwinds, But Uncertainty Remains, Say Analysts

  • These Analysts Revise Their Forecasts On Bullish After Q1 Results

  • Bullish Q1 Earnings Call Highlights

  • Bullish (BLSH) Q1 2026 Earnings Call Transcript

  • Bullish reports first quarter 2026 results

  • Bullish reports first quarter 2026 results

  • Bullish: Offensive Crypto Growth Play (Rating Upgrade)

  • Bullish Bets $4.2B on Tokenized Securities With Equiniti Deal

  • Bullish: Ensnaring Token Market Share

  • Bullish files applications with the CFTC for DCM and DCO registration

  • Bullish releases April 2026 monthly metrics

  • Why Bullish Stock Zoomed Almost 12% Higher Today

  • Bullish (BLSH) M&A Call Transcript

  • Bullish stock jumps 10%: Why Equiniti deal could be pivotal?

  • Siris Announces Sale of Equiniti to Bullish

  • Bullish to acquire Equiniti from Siris in $4.2 billion transaction, creating the global transfer agent for tokenized securities

  • Crypto Exchange Bullish Strikes $4.2 Billion Deal for Transfer Agent in Tokenization Push

  • Ripple (XRP) News: Ripple Prime Just Plugged Into Bullish's BTC Options Market