Bullish BLSH

37.58 (2.11) (5.32%) as of 25 Sep
Market cap
$6.0B
P/E
0.0×

Insider Decisions

Total sells 16.35
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 2 — — — 1
Insider Ownership 75.24%

Capital & Financial Ratios

Market Cap 5,970.00
Revenue 190,571.22
Net Income (1,429.95)
Free Cash Flow 116.31
Net Debt (836.73)
Current Ratio 23.52
Debt/Equity 0.20
P/E ratio 0.00
P/S ratio 0.03
P/B ratio 2.32
Past 5Y EPS Growth —
This Y EPS Growth 46.77%
Next Y EPS Growth 89.07%
Next 5Y EPS Growth 53.75%
in millions of $

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 383 273 1,567 1,335
Receivables — — — —
Inventory 1,289 574 206 139
Other 16 1,899 1,585 1,198
1,706 2,912 3,804 2,942
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — 25 50 0
Other 0 6 20 57
38 85 130 125
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — — —
Cash Flow — — —
Earnings — — —
Book Value — — —

Revenue

Mar Jun Sep Dec Year
’26 51,870 32,650 — — —
’25 80,256 58,663 41,650 64,401 244,970
’24 80,414 49,604 54,204 66,041 250,263
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 91 17 — — —
’25 (4) 17 (47) 62 29
’24 (72) 13 (10) 39 (30)
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 94 17 — — —
’25 (15) 17 (49) 54 7
’24 (73) 4 (10) 34 (46)
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 (3.85) (1.78) — — —
’25 (3.08) 0.93 0.10 (3.73) (6.15)
’24 0.91 (1.03) (0.60) 1.41 0.69
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — — — — — — — — 34.25

Analyst estimates 2026–2028

Powerpack
Low Price
— — — — — — — — — 118.00
High Price
— — — — — — — — 388 414
Employees
— — — — — — — 0 645 592
Revenue/Emp
— — — — — — — 116,508 250,263 244,970
Revenue
— — — — — — — 0.08% 0.06% 0.10%
Gross Margin
— — — — — — — 1,301 85 (786)
EBT
— — — — — — — 1.12% 0.03% (0.32%)
EBT Margin
— — — — — — — 1,300 80 (785)
Net Income
— — — — — — — 5 9 7
Depreciation
— — — — — — — 1,035.62 2,221.32 1,917.98
Revenue/Sh
— — — — — — — 11.56 0.71 (6.15)
Earnings/Sh
— — — — — — — (1.13) (0.27) 0.22
Cash Flow/Sh
— — — — — — — (0.01) (0.14) (0.17)
Capex/Sh
— — — — — — — (1.13) (0.40) 0.06
Free CF/Sh
— — — — — — — 11.40 21.31 25.82
Book Value/Sh
— — — — — — — 113 113 128
Shares
— — — — — — — 0.00 0.00 0.00
PE Ratio
— — — — — — — 0.03 0.03 0.02
PS Ratio
— — — — — — — 3.02 3.02 1.47
PB Ratio
— — — — — — — 0.03 0.03 0.02
EV/Sales
— — — — — — — 300.24 300.24 536.39
EV/FCF
— — — — — — — (127) (30) 29
Op' Cash Flow
— — — — — — — (1) (16) (21)
Capex
— — — — — — — (128) (46) 7
FCF
— — — — — — — 1,668 2,827 3,674
Working Cap'
— — — — — — — 429 528 561
Total Debt
— — — — — — — 46 255 (1,006)
Net Debt
— — — — — — — 1,282 2,401 3,298
Sh' Equity
— — — — — — — 0.00% 3.24% (21.84%)
ROA
— — — — — — — 61.36% 4.20% (19.73%)
ROIC
— — — — — — — 0.00% 4.26% (26.84%)
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Bullish peers in Software Infrastructure

Company Market cap P/E Compare
CORZ Core Scientific, Inc. $5.9B 0.0× Compare
DOX Amdocs Limited $6.2B 13.7× Compare
WEX WEX Inc. $6.3B 17.5× Compare
QLYS Qualys, Inc. $6.3B 29.7× Compare
Company Market cap P/E Compare
VRNS Varonis Systems, Inc. $5.5B 0.0× Compare
PATH UiPath, Inc. $6.6B 18.6× Compare
BB BlackBerry Limited $5.2B 86.9× Compare
DBX Dropbox, Inc. $7.1B 17.7× Compare

All 173 Software Infrastructure stocks →

Bullish (BLSH) key facts

  • Bullish (BLSH) is a Software Infrastructure company in the Technology sector, listed on the New York Stock Exchange.
  • Bullish’s revenue for fiscal 2025 (year ended December 2025) was $245.0 billion, down 2.11% from fiscal 2024.
  • As of September 25, 2026, BLSH traded at $37.58, a market capitalization of $6.0 billion.
  • Return on equity was −26.8% and debt-to-equity 0.20.

Source: company filings (standardised) and stockrow calculations.

Bullish (BLSH) Latest News

News by impact score

Fine-tune

22 Sep

3

Clear Street raised Coinbase's price target to $224 from $204, keeping Buy, citing Coinbase’s filing with the CFTC to list cash-settled perpetual-style futures on 50–60 U.S. stocks (including AAPL, MSFT, NVDA, TSLA). The move could spur product launches and disrupt current market structure; perpetual futures on single stocks could come sooner than expected. Target implies about 11% upside from Monday’s close of $201; COIN rose roughly 0.8% in morning trading. Clear Street also raised Bullish (BLSH) target to $43 from $37, maintaining Buy, arguing that the CLARITY Act setback won’t slow crypto use and should speed tokenized-stock product development over two years. BLSH fell about 0.5% as Bitcoin hovered near $86,100. StockTwits sentiment around COIN improved; BLSH sentiment stayed bullish with high chatter. Tokenized-stock expansion and a raised BLSH target create a moderate upside signal, but broader crypto weakness caps gains.

17 Sep

4

Elemental Royalty introduces blockchain gold to redefine dividends for Bullish (BLSH). Blockchain gold dividends mark a major strategic innovation that can significantly reshape Bullish investor appeal and market trajectory.

14 Sep

3

Analyst states Bullish stock will succeed regardless of crypto law outcomes. Analyst view on regulatory resilience may lift Bullish investor sentiment without altering core operations.

9 Sep

4

AMC criticizes tokenized stocks while Kraken and Bullish invest significantly in them. Bullish advances tokenized stock strategy despite AMC criticism.

5 Sep

3

Cathie Wood buys shares in surging Bullish (BLSH) crypto stock despite recent controversy. Cathie Wood purchase signals investor interest that may lift BLSH sentiment and short-term trading without altering core operations.

28 Aug

4

Bullish provides $100 million to USD.AI for AI chip financing. Bullish commits $100 million in major strategic financing to USD.AI for AI chips.

26 Aug

3

Michael Saylor encounters fresh funding threat tied to MSCI-exit risk, creating direct pressure on Bullish (BLSH) liquidity and market positioning. MSCI-related funding risk introduces moderate short-term pressure on Bullish (BLSH) financing without confirmed long-term structural change.

19 Aug

4

Bullish (BLSH) has begun trading its own tokenized stock. Launching tokenized stock trading marks a major strategic expansion into blockchain securities.

17 Aug

4

Peter Thiel-backed Bullish identifies tokenized stocks as a giant growth opportunity previously overlooked. Tokenized stocks mark a major strategic focus likely to reshape Bullish growth trajectory and investor outlook.

13 Aug

4

Bullish (BLSH) highlighted tokenization milestones and early U.S. progress during its Q2 2026 earnings call. Tokenization milestone marks major strategic advance likely to shift company trajectory and investor sentiment.

4

Bullish reports $280M Q2 net loss as digital asset sales fall 44%. Q2 net loss of $280M combined with 44% sales drop signals major financial pressure that can shift company trajectory and investor sentiment.

3 transcript

Bullish (BLSH) released Q2 2026 earnings call transcript covering financial results and business outlook. Earnings call delivers quarterly updates and guidance with moderate influence on near-term stock sentiment.

3 transcript

Bullish (BLSH) presented Q2 2026 financial results and business outlook during its earnings call. Quarterly earnings updates typically produce moderate short-term effects on valuation and sentiment.

3

Bullish (BLSH) presented highlights from its Q2 earnings call. Q2 earnings highlights can moderately shift BLSH investor sentiment and near-term performance.

3

Bullish (BLSH) stock surges despite reporting a $280 million loss, with backing from Peter Thiel. Large reported loss offset by stock surge signals mixed effects on future performance and sentiment.

3

Bullish exceeded revenue estimates but reported deeper losses amid the cryptocurrency market downturn. Revenue beat offset by widening losses signals moderate effects on performance amid ongoing market weakness.

3

Bullish (BLSH) Q2 earnings and revenues surpassed analyst estimates. Q2 earnings and revenue beats signal stronger quarterly results than forecasted potentially supporting near-term stock gains.

11 Aug

3

Bullish (BLSH), backed by Peter Thiel, faces a Q2 reality check ahead of earnings. Pre-earnings scrutiny on Bullish may moderately sway investor sentiment and near-term performance.

8 Aug

3

Bullish (BLSH) investors should mark August 13 as a key date for upcoming company events or announcements. August 13 represents a scheduled event likely to affect short-term trading and sentiment around Bullish shares.

31 Jul

4

Equiniti CEO Dan Kramer discusses trillion dollar tokenization opportunity live at Nasdaq, underscoring blockchain asset opportunities relevant to Bullish (BLSH). Public tokenization commentary from a major service provider at Nasdaq points to substantial blockchain adoption that can directly expand Bullish market reach.

4 Jul

3

Bullish (BLSH) gains Gibraltar approval for tokenized securities yet stock valuation remains stretched. Gibraltar tokenized securities approval offers regulatory progress but leaves core valuation issues unaddressed.

3 Jul

4

Bullish (BLSH) wins Gibraltar approval for regulated tokenized securities trading. Gibraltar approval enables Bullish regulated tokenized securities trading expansion.

29 Jun

4

Bullish gains Gibraltar regulatory approval to launch tokenized securities trading, marking the first such regulated platform. Regulatory clearance opens tokenized securities trading for Bullish, materially expanding its product scope and competitive reach.

4

Bullish gains Gibraltar regulatory approval to launch tokenized securities trading as the first regulated platform for such activity. Regulatory clearance opens regulated tokenized securities trading for Bullish, likely driving major growth in operations and investor sentiment.

27 May

4

Wall Street bank forecasts $1 trillion boom after IPOs including Bullish (BLSH). Bank prediction of $1 trillion post-IPO boom signals major positive shift for Bullish market trajectory.

26 May

3

Cathie Wood sells AMD and TSMC holdings and buys Bullish (BLSH) shares instead. Cathie Wood buying Bullish shares may boost short-term market sentiment for the stock.

25 May

4

Cathie Wood doubles ARK stake in Peter Thiel's Bullish (BLSH). ARK sells Taiwan Semiconductor shares amid price spike. Cathie Wood doubling ARK position signals major investor support that can shift BLSH trajectory and sentiment.

22 May

3

Cathie Wood’s Ark Invest has acquired a substantial position in Bullish (BLSH) stock. ARK Invest's large purchase lifts short-term sentiment and visibility for Bullish without altering fundamentals.

21 May

4

Blockchain.com filed confidentially for a US public offering. Confidential US public offering filing represents major strategic capital raise that can shift valuation and investor access for Bullish.

3

Blockchain.com confidentially filed for an IPO as crypto listings regain momentum. Blockchain.com IPO filing signals broader crypto sector momentum that can lift Bullish sentiment and performance.

stockrow.com/BLSH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com