BLSH
Company Description
Bullish provides market infrastructure and information services in United States. It 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. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; 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, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.
Track Record
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue | 244.97B | 250.26B | 116.51B | 72.90B | 1.32B | 0 |
| Net Income | (764.68M) | 78.53M | 1.30B | (4.25B) | (1.40B) | (119.02M) |
| EPS | -5.99 | 0.54 | 8.89 | -29.04 | -9.59 | -0.74 |
| Free Cash Flow | 0 | (33.69M) | (127.63M) | 193.64M | (455.26M) | (150,000) |
| FCF / Share | N/A | -0.23 | -0.87 | 1.32 | -3.11 | -0.00 |
| Operating CF | 0 | (29.98M) | (126.67M) | 194.93M | (120.95M) | (150,000) |
| Total Assets | 3.96B | 3.05B | 1.80B | 3.41B | 7.46B | 5.05B |
| Total Debt | 601.46M | 543.07M | 440.40M | 14.13M | 6.50M | 1.01B |
| Cash & Equiv | 104.73M | 31.54M | 112.90M | 1.38B | 1.23B | 239.38M |
| Book Value | 3.23B | 2.39B | 1.28B | 1.88B | 6.11B | 4.01B |
| Return on Equity | -0.24 | 0.03 | 1.01 | -2.26 | -0.23 | -0.03 |
| Metric | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 51.81B | 64.40B | 41.65B | 58.66B | 80.26B | 66.04B | 54.20B | 49.60B | 80.41B |
| Net Income | (581.71M) | (546.60M) | 18.40M | 107.51M | (343.99M) | 157.03M | (66.73M) | (115.35M) | 103.57M |
| EPS | -3.85 | -3.62 | 0.14 | 0.74 | -2.35 | 1.07 | -0.46 | -0.79 | 0.71 |
| Free Cash Flow | 76.73M | 0 | (48.72M) | 16.78M | (45.27M) | 35.52M | (9.95M) | 13.42M | (72.68M) |
| FCF / Share | 0.51 | N/A | -0.37 | 0.11 | -0.31 | 0.24 | -0.07 | 0.09 | -0.50 |
| Operating CF | 77.15M | 0 | (46.62M) | 17.00M | (3.58M) | 38.67M | (9.78M) | 13.46M | (72.34M) |
| Total Assets | 3.32B | 3.96B | 4.62B | 3.24B | 2.66B | 3.05B | N/A | N/A | 0 |
| Total Debt | 507.10M | 601.46M | 582.57M | 592.06M | 604.85M | 543.07M | N/A | N/A | 0 |
| Cash & Equiv | 93.06M | 104.73M | 69.31M | 35.56M | 28.30M | 31.54M | N/A | N/A | 0 |
| Book Value | 2.65B | 3.23B | 3.92B | 2.54B | 1.96B | 2.39B | N/A | N/A | 1.28B |
| Return on Equity | -0.22 | -0.17 | 0.00 | 0.04 | -0.18 | 0.07 | N/A | N/A | 0.08 |
