YOLFTbeta
Bullish

Bullish

BLSH · NYSE · Technology / Software - Infrastructure

22.49USD-0.68 (-2.93%)

Price History

Full chart

Market Stats

Previous Close23.17
Open22.96
Day Range21.73 – 23.21
52-Week Range20.06 – 48.93
Volume1.23M
Market Cap3.14B
P/E (TTM)0.00
Forward P/E40.00
EPS-9.70
Dividend Yield0.00%
50-Day Avg32.62
200-Day Avg32.10

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.

Company Details

  • SectorTechnology
  • IndustrySoftware - Infrastructure
  • CEOMr. Thomas W. Farley
  • Employees394
  • HeadquartersOffice 101, 103, 105 Suite 70202, George Town, Cayman Islands, 9005, USA
  • Websitehttps://www.bullish.com

Leadership

  • Mr. Thomas W. FarleyCEO & Chairman · b. 1976
  • Mr. David Whalen BonannoChief Financial Officer · b. 1981
  • Mr. George GaffneyChief Operating Officer
  • Jose A. TorresChief Accounting Officer
  • Mr. Mothusi MajindaChief Technology Officer
  • Mr. Nicholas ArmstrongGeneral Counsel
  • Liam FoleyDirector of Corporate Development
  • Mr. James MendesChief People Officer
  • Mr. Chris TyrerPresident of Bullish Exchange
  • Mr. Jay YarowPresident of CoinDesk Media & Events

Financials

Income Statement

Currency: USD2020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Revenue-1.32B72.90B116.51B250.26B244.97B
Growth (%)--+5415.83%+59.83%+114.80%-2.11%
Cost of Revenue-2.37B72.90B116.53B250.26B244.90B
Gross Profit--1.04B-6.55M-21.67M5.28M74.08M
Gross Margin--78.96%-0.01%-0.02%0.00%0.03%
Operating Expense-232.19M-22.22M-31.88M-26.64M23.43M
Operating Income-119.04M-1.28B15.67M10.21M31.92M50.66M
Operating Margin--96.53%0.02%0.01%0.01%0.02%
EBITDA--1.27B-4.12B1.31B131.65M-725.85M
EBITDA Margin--96.38%-5.65%1.12%0.05%-0.30%
Net Income-119.02M-1.40B-4.25B1.30B78.53M-764.68M
Net Income Margin--106.03%-5.82%1.12%0.03%-0.31%
Interest Expense-126.83M122.73M2.98M38.53M52.37M
Interest Expense % of Total Revenue-9.60%0.17%0.00%0.02%0.02%

Balance Sheet

Currency: USD2020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Assets5.05B7.46B3.41B1.80B3.05B3.96B
Total Liabilities1.04B1.34B1.52B522.23M646.75M658.17M
Total Equity4.01B6.11B1.88B1.28B2.39B3.23B
Cash239.38M1.23B1.38B112.90M31.54M104.73M
Total Debt1.01B1.17B1.30B440.40M543.07M581.09M
Net Debt770.00M-61.95M-86.49M327.50M511.52M476.35M

Cash Flow

Currency: USD2020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Operating Cash Flow-150.00K-120.95M194.93M-126.67M-29.98M28.63M
Investing Cash Flow128.41M1.50B-1.29M3.92M-45.08M2.10M
Financing Cash Flow1.31B-340.36M-7.73M-1.21B-980.00K42.40M
Capital Expenditure0334.31M1.29M966.00K3.71M51.79M
Free Cash Flow-150.00K-455.26M193.64M-127.63M-33.69M-23.16M
Dividends Paid-371.25M0534.64M00
FCF to OCF100.00%376.41%99.34%100.76%112.38%-80.88%
Dividend Paid to FCF--81.55%0.00%-418.89%0.00%0.00%

Earnings

Report DateMay 28, 2025Sep 17, 2025Nov 19, 2025Feb 5, 2026May 14, 2026Aug 13, 2026Nov 18, 2026
EPS Estimate0.00-0.050.100.160.170.090.06
EPS Actual0.07-0.050.100.190.130.10-
Surprise-0.00%0.00%18.75%-23.53%11.11%-
Timing-After-hoursPre-marketPre-marketPre-marketPre-marketPre-market

Key Statistics & Ratios

Market Cap3.14B
Enterprise Value2.73B
Trailing P/E0.00
Forward P/E40.00
Price / Sales10.44
Price / Book1.44
EPS-9.70
Book Value15.92
Revenue (TTM)300.72M
Gross Profit (TTM)300.72M
EBITDA-794.55M
Profit Margin0.00%
Operating Margin-314.27%
Return on Equity-57.07%
Return on Assets-15.71%
Shares Outstanding151.65M
Shares Float38.69M
Dividend Yield0.00%
Dividend Rate0.00
Payout Ratio0.00%

Analyst Ratings

Buy
Based on 12 analystsTarget 40.82
  • Strong Buy
    5
  • Hold
    7

Ownership Breakdown

Institutions
26.31%
Insiders
91.12%
Retail / Other
0.00%

Top Institutional Holders

  • FMR Inc
    10.46M6.90%
  • ARK Investment Management LLC
    6.75M4.45%
  • Sumitomo Mitsui Trust Group Inc
    4.05M2.67%
  • Amova Asset Management Americas, Inc
    4.04M2.66%
  • Stephens Inv Mgmt Group LLC
    1.36M0.89%
  • Van Eck Associates Corporation
    1.25M0.82%
  • BlackRock Inc
    1.20M0.79%
  • T. Rowe Price Investment Management,Inc.
    1.16M0.77%
  • Jupiter Topco LLC
    1.04M0.69%
  • Morgan Stanley - Brokerage Accounts
    664.21K0.44%
  • UBS Group AG
    659.58K0.43%

Top Fund Holders

  • Fidelity Contrafund
    6.48M4.28%
  • ARK Innovation ETF
    3.89M2.56%
  • Amova ARK Disruptive Innovation A USD
    1.77M1.16%
  • Fidelity Contrafund K6
    1.44M0.95%
  • Janus Henderson Contrarian D
    940.86K0.62%
  • ARK Next Generation Technology ETF
    812.73K0.54%
  • ARK Blockchain & Fintech Innovation ETF
    726.84K0.48%
  • Invesco CoinShares Global Blockchain ETF
    710.11K0.47%
  • VanEck Crypto&Blckchan Innovtr ETF A USD
    701.79K0.46%