BLSH
Bullish NYSE Listed Aug 13, 2025$23.47
After hrs
$23.74
+1.15%
Mkt Cap $3.6B
52w Low $23.20
0.3% of range
52w High $118.00
50d MA $35.65
200d MA $41.79
P/E (TTM)
—
EV/EBITDA
—
P/B
0.9x
Debt/Equity
0.2x
ROE
—
P/FCF
—
RSI (14)
33.80
ATR (14)
$1.82
Beta
-2.48
50d MA
$35.65
200d MA
$41.79
Avg Volume
1.7M
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.
10A Building A · George Town 9005 · KY
| Date | Time | Est | Rptd | Surp | Base | Gap% | D1% | D2% | D3% | D4% | D5% | Guide ▲★ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 5, 2026 | BMO | 0.14 | 0.08 | -42.9% | 24.90 | +4.9% | +10.2% | +16.8% | +0.0% | -0.5% | -0.5% | — |
| Nov 19, 2025 | BMO | 0.10 | 0.10 | -3.0% | 36.39 | +5.4% | +0.3% | +5.8% | +7.5% | -2.4% | +5.8% | — |
| Sep 17, 2025 | BMO | -0.05 | -0.05 | +2.3% | 54.35 | +10.4% | +20.7% | +5.4% | -0.1% | +0.6% | -2.7% | — |
| Mar 31, 2025 | BMO | — | -2.35 | — | — | — | — | — | — | — | — | — |
| Dec 31, 2024 | BMO | — | 1.07 | — | — | — | — | — | — | — | — | — |
| Sep 30, 2024 | BMO | — | -0.46 | — | — | — | — | — | — | — | — | — |
| Jun 30, 2024 | BMO | — | -0.79 | — | — | — | — | — | — | — | — | — |
| Mar 31, 2024 | BMO | — | 0.71 | — | — | — | — | — | — | — | — | — |
| Date | Firm | Action | Grade | Target | Base | Open | Gap% | D1% | D2% | D3% | D4% | D5% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| May 15 | Cantor Fitzgerald | Reiterates | Overweight | $43 | $39.46 | $38.96 | -1.3% | -9.6% | -0.3% | +1.9% | +2.0% | -2.7% |
| Apr 9 | Rosenblatt | Downgrade | Buy → Neutral | — | $38.63 | $37.49 | -3.0% | -6.5% | +0.3% | +7.5% | +4.3% | +2.6% |
| Mar 18 | Citigroup | Maintains | Buy → Buy | — | $39.94 | $39.56 | -1.0% | -4.2% | +3.4% | -4.1% | +4.2% | -5.5% |
| Feb 6 | Rosenblatt | Maintains | Buy → Buy | — | $24.90 | $26.12 | +4.9% | +10.2% | +16.8% | +0.0% | -0.5% | -0.5% |
| Feb 6 | JP Morgan | Maintains | Neutral → Neutral | — | $24.90 | $26.12 | +4.9% | +10.2% | +16.8% | +0.0% | -0.5% | -0.5% |
| Jan 27 | JP Morgan | Maintains | Neutral → Neutral | — | $35.66 | $35.99 | +0.9% | -2.4% | -1.4% | -4.9% | -7.5% | -4.7% |
| Jan 15 | Rosenblatt | Maintains | Buy → Buy | — | $39.66 | $39.66 | +0.0% | -4.9% | +3.5% | -0.1% | -1.5% | -4.9% |
| Dec 22 | Citigroup | Maintains | Buy → Buy | — | $44.60 | $45.00 | +0.9% | +2.1% | -6.3% | +0.4% | -4.0% | -1.5% |
| Nov 24 | Canaccord Genuity | Maintains | Buy → Buy | — | $38.60 | $39.51 | +2.4% | +7.5% | -2.4% | +5.8% | +1.8% | -5.9% |
| Nov 21 | JP Morgan | Maintains | Neutral → Neutral | — | $36.50 | $36.03 | -1.3% | +5.8% | +7.5% | -2.4% | +5.8% | +1.8% |
| Nov 20 | Rosenblatt | Maintains | Buy → Buy | — | $36.39 | $38.37 | +5.4% | +0.3% | +5.8% | +7.5% | -2.4% | +5.8% |
| Nov 19 | Deutsche Bank | Upgrade | Hold → Buy | — | $37.76 | $36.74 | -2.7% | -3.6% | +0.3% | +5.8% | +7.5% | -2.4% |
| Nov 18 | JP Morgan | Maintains | Neutral → Neutral | — | $36.75 | $36.30 | -1.2% | +2.7% | -3.6% | +0.3% | +5.8% | +7.5% |
| Nov 11 | Clear Street | Upgrade | Hold → Buy | — | $46.59 | $46.20 | -0.8% | -2.6% | +0.2% | -9.8% | -6.2% | -4.5% |
| Sep 18 | Rosenblatt | Maintains | Buy → Buy | — | $54.35 | $59.98 | +10.4% | +20.7% | +5.4% | -0.1% | +0.6% | -2.7% |
| Sep 18 | Citigroup | Maintains | Buy → Buy | — | $54.35 | $59.98 | +10.4% | +20.7% | +5.4% | -0.1% | +0.6% | -2.7% |
| Sep 18 | Cantor Fitzgerald | Maintains | Overweight → Overweight | — | $54.35 | $59.98 | +10.4% | +20.7% | +5.4% | -0.1% | +0.6% | -2.7% |
| Sep 18 | Canaccord Genuity | Maintains | Buy → Buy | — | $54.35 | $59.98 | +10.4% | +20.7% | +5.4% | -0.1% | +0.6% | -2.7% |
| Date | Insider | Title | Type | Shares | Price | Value | Owned After | D1% | D5% |
|---|---|---|---|---|---|---|---|---|---|
| May 11, 2026 | Farley Thomas W | Chief Executive Officer | Sell | 3,304 | $44.95 | $149K | — | -5.62% | +2.04% |
| May 11, 2026 | Farley Thomas W | Chief Executive Officer | Sell | 50,146 | $44.27 | $2.2M | 3,304 | -5.62% | +2.04% |
| May 11, 2026 | Farley Thomas W | Chief Executive Officer | Sell | 21,050 | $43.47 | $915K | 53,450 | -5.62% | +2.04% |
| May 11, 2026 | Farley Thomas W | Chief Executive Officer | Sell | 5,500 | $42.25 | $232K | 74,500 | -5.62% | +2.04% |
| May 5, 2026 | Farley Thomas W | Chief Executive Officer | Sell | 247 | — | — | 4,973,281 | -7.02% | -2.31% |
Institutional (13F) — Top 20
All ↗
| # | Manager | Shares | Value | Chg | Period |
|---|---|---|---|---|---|
| 1 | Fmr Llc | 6,796,376 | $243M | Added | Mar 2026 |
| 2 | Ark Investment Management Llc | 6,562,039 | $234M | Added | Mar 2026 |
| 3 | Invesco Ltd. | 1,693,571 | $61M | Reduced | Mar 2026 |
| 4 | Janus Henderson Group Plc | 1,041,216 | $37M | New | Mar 2026 |
| 5 | Galaxy Digital Inc. | 625,000 | $22M | New | Mar 2026 |
| 6 | Alyeska Investment Group, L.p. | 623,559 | $22M | — | Mar 2026 |
| 7 | Ubs Group Ag | 599,633 | $21M | Reduced | Mar 2026 |
| 8 | Morgan Stanley | 326,440 | $12M | Added | Dec 2025 |
| 9 | Susquehanna International Group, Llp | 279,058 | $10M | Reduced | Mar 2026 |
| 10 | Aqr Capital Management Llc | 249,322 | $9M | New | Mar 2026 |
| 11 | Intrinsic Edge Capital Management Llc | 219,154 | $8M | New | Mar 2026 |
| 12 | Rovida Investment Management Ltd | 200,000 | $7M | — | Mar 2026 |
| 13 | Jane Street Group, Llc | 174,881 | $7M | Reduced | Dec 2025 |
| 14 | Robeco Institutional Asset Management B.v. | 180,000 | $6M | Added | Mar 2026 |
| 15 | Scge Management, L.p. | 100,000 | $6M | New | Sep 2025 |
| 16 | Seven Grand Managers, Llc | 150,000 | $6M | — | Dec 2025 |
| 17 | Renaissance Technologies Llc | 156,833 | $6M | Added | Mar 2026 |
| 18 | Gotham Asset Management | 150,545 | $5M | Added | Mar 2026 |
| 19 | Iq Eq Fund Management (Ireland) Ltd | 137,734 | $5M | Added | Dec 2025 |
| 20 | Rathbones Group Plc | 123,253 | $4M | New | Mar 2026 |
Mutual Funds / ETFs (N-PORT) — Top 20
All ↗
Valuation
Market Cap
$3.56B
Enterprise Value
$3.20B
P/E (TTM)
—
Forward P/E
37.59x
PEG Ratio
0.01x
P/B
0.91x
P/S
0.01x
P/FCF
—
EV/EBITDA
—
Shares Out
127.7M
Financials (TTM)
Revenue
$216.53B
Net Income
-$1.00B
EBITDA
-$978.8M
Free Cash Flow
$0
Op Cash Flow
$0
EPS Basic
$-5.99
EPS Diluted
$-6.60
EPS Forward
$0.62
Gross Margin
0.0%
Op Margin
-0.0%
Net Margin
-0.5%
Balance Sheet
Total Assets
$3.96B
Total Liab.
$658.2M
Total Equity
$3.30B
Cash
$508.9M
LT Debt
$528.2M
Book Value/Sh
$25.82
Debt/Equity
0.19x
Current Ratio
29.28
Quick Ratio
27.69
Returns & Growth
ROE
—
ROA
—
ROIC
-3.8%
Rev Growth YoY
-2.2%
EPS Growth YoY
-1209.3%
Price Returns
2W
-11.5%
1M
-7.5%
3M
+11.2%
6M
-20.0%
12M
-48.7%
Technicals
52W High
$118.00
52W Low
$23.20
50d MA
$35.65
200d MA
$41.79
RSI (14)
33.80
ATR (14)
$1.82
Beta
-2.48
Avg Volume
1.7M
Dividends
Div Rate
$0.00
Div Yield
—
Frequency
—
Ex-Div Date
—
Analyst Price Targets
Consensus
$50.00
High
$50.00
Low
$50.00
Median
$50.00
Data updated apr 24, 2026 10:06pm
· Source: financialmodelingprep.com