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BLSH · NYSE · Software - Application

Bullish

Operates a regulated institutional exchange alongside CoinDesk data, indices, media, and events.

$32.60

After-hours close−0.28 (−0.84%)

At close$32.88(−2.03%)

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Profile

BullishBLSHInformation Technology

Operates a regulated digital-asset exchange alongside CoinDesk's indices, data, media, and events businesses. Transaction fees and subscription-and-services revenue support one globally managed reportable segment, with an institutional focus.

Operates a regulated digital-asset exchange alongside CoinDesk information businesses. Bullish Exchange combines a central-limit-order-book engine and automated market making for institutional spot and derivatives trading. Its exchange is regulated in Germany, Hong Kong, and Gibraltar.

CoinDesk Indices and CoinDesk Data provide index and data services, while CoinDesk Insights includes media and events. Operations span multiple jurisdictions. Transaction fees and subscription-and-services revenue are managed within one global reportable segment reviewed by the chief operating decision maker.

Depends on digital-asset adoption, price and volatility, institutional needs, customer concentration, acquisitions and investments, and regulatory developments across jurisdictions.

Company facts

CEOThomas W. Farley

ListedAug 13, 2025

ExchangeNYSE

HeadquartersGeorge Town, Cayman Islands

CountryCayman Islands

Employees414

CIK0001872195

ISINKYG169101204

Key statistics

Market cap$4.99B

EPS (ttm)−$9.12

P/E (ttm)−3.61

ROE-45.3%

P/B2.06

P/S0.0316

Dividend yield—

Beta2.73vs XLK 0.36

Year to date −16.3% · Average volume (30d) 1.7M

Analysts

Price target, next 12 months$44.00+33.8%Median of 7 analysts · vs the Aug 28 close

ConsensusBuy5 of 7 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $32.89

High$61.00+85.5%

Median$44.00+33.8%

Low$30.00−8.8%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 18, 2026	Canaccord Genuity	Target			$50	$45
Aug 14, 2026	Rosenblatt Securities	Target				$30
May 15, 2026	Deutsche Bank	Target			$51	$61
May 15, 2026	Cantor Fitzgerald	Reiterate		Overweight	$59	$43
Apr 9, 2026	Rosenblatt	Downgrade	Buy	Neutral

Earnings

EPS

Estimate$0.07

ReportedDue Nov 18, 2026

Revenue

Estimate$81.8M

ReportedDue Nov 18, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 13, 2026Q2 FY26	$0.09	$0.10	+14.2%	$87.4M	$92.6M	+5.9%	+11.57%
May 14, 2026Q1 FY26	$0.15	$0.13	−12.9%	$95.0M	$92.8M	−2.3%	−9.63%
Feb 5, 2026Q4 FY25	$0.14	$0.08	−42.9%	$87.6M	$92.5M	+5.6%	+10.24%
Nov 19, 2025Q3 FY25	$0.10	$0.10	−3.0%	$72.9M	$76.50B	+104,803.2%	+0.30%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$80.26B	$58.66B	$41.65B	$64.40B	$51.81B	$92.6M
Gross profit	$3.7M	$47.7M	$65.1M	−$85.5M	$17.8M	$65.1M
Operating income	$3.3M	−$12.7M	$19.3M	$27.0M	−$57.8M	$6.1M
Net income	−$344.0M	$107.5M	$18.4M	−$546.6M	−$581.7M	−$270.2M
Diluted EPS	−$2.35	$0.74	$0.13	−$3.62	−$3.85	−$1.78
Gross margin	0.0%	0.1%	0.2%	-0.1%	0.0%	70.3%
Operating margin	0.0%	-0.0%	0.0%	0.0%	-0.1%	6.6%

Fiscal years (4-quarter sums)FY24 $250.26B · FY25 $244.97B

Balance sheet, Jun 30, 2026Cash & short-term investments $330.0M · Total debt $518.2M · Total assets $3.10B · Shareholders' equity $2.42B

Dividends

No dividends on record.

Ownership

Institutions 27.74%42.06M sharesInsiders 53.21%80.69M sharesOther 19.05%28.90M shares

Shares outstanding 151.65M · Float 37.56M · 24.8% free float

A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Brendan Francis Blumer · director, 10 percent owner:	39.17M	25.83%	Form 4	Mar 18, 2026
Kokuei Yuan · director, 10 percent owner:	36.45M	24.04%	Form 4	Mar 18, 2026
EFM Asset Management	17.38M	11.89%	13G	Nov 14, 2025
FMR LLC	10.46M	6.90%	13F	Aug 13, 2026
See Alexander	9.86M	6.50%	13G	May 20, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
May 11, 2026	Thomas W. Farley	director, officer: Chief Executive Officer	−80,000	$43.95
May 5, 2026	Thomas W. Farley	director, officer: Chief Executive Officer	−494
Apr 10, 2026	Thomas W. Farley	director, officer: Chief Executive Officer	−80,000	$36.41