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BLSH

Bullish

BLSH

Bullish • NYSE
$43.62 ▲ 1.82% (+0.78)
Market Cap $6.57 B
52w High $118.00
52w Low $34.24
Dividend Yield 0%
P/E -106.39
Volume 1.26M
Outstanding Shares 150.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $58.663B ▼ $60.379M ▲ $107.513M ▲ 0.183% ▲ $0.74 ▲ $124.624M ▲
Q1-2025 $80.256B ▲ $407K ▼ $-343.994M ▼ -0.429% ▼ $-2.35 ▼ $-336.489M ▼
Q2-2024 $49.604B ▼ $56.382M ▲ $-115.346M ▼ -0.233% ▼ $-0.79 ▼ $-104.735M ▼
Q1-2024 $80.414B $-9.613M $103.573M 0.129% $0.71 $115.935M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $564.05M ▲ $3.24B ▲ $688.196M ▼ $2.538B ▲
Q1-2025 $420.681M $2.665B $701.067M $1.958B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $108.268M ▲ $17.005M ▲ $-227K ▲ $-11.931M ▼ $4.971M ▲ $16.778M ▲
Q1-2025 $-348.622M ▼ $-3.579M ▼ $-12.514M ▼ $13.429M ▼ $-2.895M ▼ $-45.266M ▼
Q2-2024 $-116.394M ▼ $13.462M ▲ $-9.851M ▼ $14.756M ▲ $18.367M ▲ $13.42M ▲
Q1-2024 $104.769M $-72.336M $-707K $-1.104M $-74.147M $-72.678M

Five-Year Company Overview

Income Statement

Income Statement Bullish has ramped up its revenue very quickly in a short period of time, which shows strong market traction. However, profitability has been volatile. The company moved from sizable losses to accounting profits, but margins look very thin and somewhat unusual, suggesting one‑off items, revaluations, or other non‑core gains may be influencing the bottom line. In simple terms: the top line story is impressive growth, but the quality and stability of earnings are not yet fully proven, and underlying unit economics still need to show they can hold through a full crypto cycle.

Balance Sheet

Balance Sheet The balance sheet shows a business that started with a large capital base and has since slimmed down while still maintaining a solid equity cushion. Cash balances have come down from earlier levels, and modest debt has been added, but overall leverage does not look heavy. The structure suggests Bullish still has a reasonable buffer to absorb shocks, though it is no longer sitting on the very large balance sheet it once had. The key question going forward is whether the current asset and cash base is sufficient to support its growth and regulatory requirements without frequent new capital raises.

Cash Flow

Cash Flow Despite reporting profits in recent years, Bullish has been using, not generating, cash in its core operations. Free cash flow has been negative, and this is not driven by heavy investment spending, but rather by the underlying business and working capital needs. That means the company still relies on its balance sheet and external funding to support growth. Until operating cash flow consistently turns positive, there is an execution risk: rapid expansion and aggressive pricing could strain liquidity if market conditions turn.

Competitive Edge

Competitive Edge Bullish is trying to differentiate itself in a very crowded crypto exchange market by focusing on institutional clients, strong regulation, and a hybrid trading model. Its licenses in strict jurisdictions and full‑reserve approach give it a trust and compliance angle that many rivals lack. The acquisition of CoinDesk adds a powerful media and data arm that can feed users and brand recognition into the exchange. On the other hand, the company faces intense competition from larger, more established platforms, fee wars that pressure economics, and regulatory uncertainty across regions. Its edge will depend on converting its institutional focus and CoinDesk integration into sustainable, sticky volume rather than temporary interest.

Innovation and R&D

Innovation and R&D Innovation is a clear highlight. Bullish’s hybrid central limit order book plus automated market maker engine is designed to offer deeper, more stable liquidity, especially for institutions trading at size. The platform emphasizes security, proof of reserves, and auditability, which are critical in digital assets. The roadmap around tokenization of traditional assets and expansion into a broader derivatives suite shows an ambition to be at the center of the next phase of digital markets, not just spot crypto trading. The risk is execution: delivering secure, scalable technology, integrating CoinDesk’s data into compelling products, and navigating regulation while moving fast will all be challenging and resource‑intensive.

Summary

Bullish is an early‑stage, high‑growth infrastructure player in the digital asset space with a clear institutional and regulatory angle. Revenue growth has been very strong, but profitability and cash generation are not yet stable, and the apparent accounting profits do not fully translate into cash. The balance sheet remains supportive but is less flush than in the past, which increases the importance of turning operations into a reliable cash generator. Competitively, the combination of a specialized trading engine, strict regulatory posture, aggressive pricing, and the CoinDesk acquisition gives Bullish a distinct strategic profile in crypto markets. At the same time, it operates in a highly competitive, cyclical, and politically sensitive industry. The long‑term outcome will hinge on whether the company can convert its technological and regulatory advantages into durable, cash‑generating market share while safely executing its ambitious innovation roadmap.

NEWS

November 19, 2025 · 6:45 AM UTC

Bullish Reports Third Quarter 2025 Results

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November 11, 2025 · 8:00 PM UTC

CoinDesk and SALT Partner to Establish the World's Premier Institutional Crypto Gathering

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November 6, 2025 · 6:45 AM UTC

Bullish releases October 2025 monthly metrics

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November 5, 2025 · 7:00 AM UTC

Bullish Selects GenieAI as Portfolio and Risk Analytics Provider for Professional Trader Competition

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November 3, 2025 · 4:15 PM UTC

Bullish to announce third quarter 2025 financial results

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