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Bullish (BLSH)

23.90 -4.57 (-16.05%)
At close: October 30 at 4:00:02 PM EDT
24.18 +0.28 (+1.17%)
After hours: October 30 at 7:50:50 PM EDT
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What's happening with BLSH?

29m ago
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Bullish reported 62% year-over-year adjusted revenue growthin the second quarter, supported by subscriptions, services, data, and liquidity products. Tokenization is progressing, but management expects meaningful transaction revenue from tokenized equities mainly in 2027, while the Equiniti acquisition remains scheduled for January 2027.

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  • Previous Close 28.47
  • Open 27.12
  • Bid 24.03 x 40000
  • Ask 23.80 x 30000
  • Day's Range 23.76 - 26.90
  • 52 Week Range 20.55 - 51.94
  • Volume 2,531,823
  • Avg. Volume 1,418,260
  • Market Cap (intraday) 3.624B
  • Beta (5Y Monthly) --
  • PE Ratio (TTM) --
  • EPS (TTM) -9.70
  • Earnings Date Nov 18, 2026
  • Forward Dividend & Yield -- (0.00%)
  • 1y Target Est 40.82
  • Moby Rating Neutral

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.

www.bullish.com

394

Full Time Employees

December 31

Fiscal Year Ends

Technology

Sector

Performance Overview

Trailing total returns as of 10/30/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC) .

YTD Return

BLSH
36.89%
S&P 500 (^GSPC)
10.73%

1-Year Return

BLSH
52.15%
S&P 500 (^GSPC)
11.11%

3-Year Return

BLSH
75.02%
S&P 500 (^GSPC)
81.91%

5-Year Return

BLSH
75.02%
S&P 500 (^GSPC)
64.59%

Earnings Trends

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Earnings Per Share

GAAP
Normalized
GAAP
Normalized

Revenue vs. Earnings

Annual
Quarterly
Annual
Quarterly
Q2 FY26
Revenue 92.6M
Earnings -270.19M
Profit Margin -291.79%

Q3

FY25

Q4

FY25

Q1

FY26

Q2

FY26

-600M
-400M
-200M
0
-600.0%
-400.0%
-200.0%
0.0%

Analyst Insights

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Top Analyst

Canaccord Genuity
46/100
Latest Rating
Buy

Analyst Price Targets

25.00
40.82 Average
23.90 Current
53.00 High

Analyst Recommendations

  • Strong Buy
  • Buy
  • Hold
  • Underperform
  • Sell

Latest Rating

Date 10/14/2026
Analyst Wells Fargo
Rating Action Maintains
Rating Equal-Weight
Price Action Lowers
Price Target 38 -> 35

Statistics

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Valuation Measures

Annual
As of 10/29/2026
  • Market Cap

    4.32B

  • Enterprise Value

    3.62B

  • Trailing P/E

    --

  • Forward P/E

    49.51

  • PEG Ratio (current)

    --

  • Price/Sales (ttm)

    0.02

  • Price/Book (mrq)

    1.79

  • Enterprise Value/Revenue

    0.02

  • Enterprise Value/EBITDA

    --

Financial Highlights

Profitability and Income Statement

  • Profit Margin

    0.00%

  • Return on Assets (ttm)

    -15.71%

  • Return on Equity (ttm)

    -57.07%

  • Revenue (ttm)

    300.72M

  • Net Income Avi to Common (ttm)

    -1.38B

  • Diluted EPS (ttm)

    -9.70

Balance Sheet and Cash Flow

  • Total Cash (mrq)

    312.85M

  • Total Debt/Equity (mrq)

    21.06%

  • Levered Free Cash Flow (ttm)

    -408.92M

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Company Insights

Fair Value

23.90 Current

Dividend Score

0 Low
Sector Avg.
100 High

Hiring Score

0 Low
Sector Avg.
100 High

Insider Sentiment Score

0 Low
Sector Avg.
100 High

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