BLSH
Company Description
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.
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 | (23.16M) | (33.69M) | (127.63M) | 193.64M | (455.26M) | (150,000) |
| FCF / Share | -0.18 | -0.23 | -0.87 | 1.32 | -3.11 | -0.00 |
| Operating CF | 28.63M | (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 | 581.09M | 543.07M | 440.40M | 1.30B | 1.17B | 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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 92.59M | 51.81B | 64.40B | 41.65B | 58.66B | 80.26B | 66.04B | 54.20B | 49.60B | 80.41B |
| Net Income | (270.19M) | (581.71M) | (546.60M) | 18.40M | 107.51M | (343.99M) | 157.03M | (66.73M) | (115.35M) | 103.57M |
| EPS | -1.78 | -3.85 | -3.62 | 0.14 | 0.74 | -2.35 | 1.07 | -0.46 | -0.79 | 0.71 |
| Free Cash Flow | 2.06M | 89.60M | 54.05M | (48.72M) | 16.78M | (45.27M) | 35.52M | (9.95M) | 13.42M | (72.68M) |
| FCF / Share | 0.01 | 0.59 | 0.36 | -0.37 | 0.11 | -0.31 | 0.24 | -0.07 | 0.09 | -0.50 |
| Operating CF | 2.69M | 90.92M | 61.83M | (46.62M) | 17.00M | (3.58M) | 38.67M | (9.78M) | 13.46M | (72.34M) |
| Total Assets | 3.10B | 3.32B | 3.96B | 4.62B | 3.24B | 2.66B | 3.05B | N/A | N/A | 0 |
| Total Debt | 518.15M | 507.10M | 581.09M | 582.57M | 592.06M | 604.85M | 543.07M | N/A | N/A | 0 |
| Cash & Equiv | 103.72M | 93.06M | 87.89M | 69.31M | 35.56M | 28.30M | 31.54M | N/A | N/A | 114.00M |
| Book Value | 2.42B | 2.65B | 3.22B | 3.92B | 2.54B | 1.96B | 2.39B | N/A | N/A | 1.28B |
| Return on Equity | -0.11 | -0.22 | -0.17 | 0.00 | 0.04 | -0.18 | 0.07 | N/A | N/A | 0.08 |
