# Bullish (BLSH)

Source page: https://stoqly.net/companies/blsh

- **Ticker:** BLSH (NYSE)
- **Sector:** Financials / Finance Services
- **SEC CIK:** 0001872195
- **Latest annual report:** 20-F filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/1872195/000143774926007417/blsh20251231_20f.htm)
- **Data updated:** 2026-11-09

## What the company does

Bullish provides trading services and information for digital assets, such as cryptocurrencies, to institutions and individual investors. Its Bullish brand operates a regulated exchange for buying and selling digital assets, including spot and derivatives trading, and provides liquidity services that help partner assets find buyers and sellers. CoinDesk provides digital asset indices, market data, news, research and events, including the Consensus conference. Customers include fund managers, market makers, trading firms, brokerages, asset managers, investors, analysts, data providers, regulators and digital asset businesses.

Bullish has two core business areas: Market Infrastructure and Information Services. Market Infrastructure covers the Bullish Exchange and liquidity services, earning money from trading volumes, spreads and transaction fees, as well as subscriptions and other liquidity-related services. Information Services covers CoinDesk Indices, Data and Insights. Indices earns recurring fees tied to assets in products that track its benchmarks and fees for licensing them; Data earns subscription revenue; and Insights earns advertising and research subscription revenue, as well as ticket, sponsorship and booth revenue from events. CoinDesk Indices serves traditional finance institutions, while CoinDesk Data serves institutions and other market participants.

Bullish operates across multiple countries and is regulated in the United States, the European Union through Germany, Hong Kong and Gibraltar. Its exchange combines a global order book, which matches buyers and sellers, with automated market making to support trading liquidity. It also provides liquidity to partners using its proprietary AMMI technology. Bullish acquired CoinDesk in November 2023 and CCData in October 2024. Its principal executive office is in George Town, Grand Cayman.

## Key figures

- **Last close:** $22.49 on 2026-11-13 (−2.93% on the day)
- **Market cap:** $2.9B
- **EPS, trailing 12 months:** −$5.99
- **Revenue (FY2025):** $244.8B
- **Revenue growth:** −2.2%
- **Gross margin:** 0.0%
- **Net margin:** −0.3%
- **Free cash flow:** $18.7M
- **Free cash flow margin:** 0.0%
- **Return on equity:** −27.3%
- **Net debt:** $12.1M
- **Change in share count:** +10.7%
- **Piotroski F-score:** 2/9
- **Insider buys, last 90 days:** $0.0M
- **Insider sells, last 90 days:** $9.9M

Definitions: https://stoqly.net/about

## Annual results

From SEC EDGAR XBRL filings. Full table: https://stoqly.net/companies/blsh/figures.csv

| US$ millions | FY2023 | FY2024 | FY2025 |
|---|---:|---:|---:|
| Revenue | 116,492 | 250,201 | 244,811 |
| Net income | 1,299 | 79 | -765 |
| Diluted EPS (US$) | 10.63 | 0.68 | -5.99 |
| Operating cash flow | -127 | -30 | 29 |
| Free cash flow | -128 | -30 | 19 |
| Cash | 113 | 32 | 88 |
| Debt and leases | — | 50 | 100 |

---

Source: SEC EDGAR filings and end-of-day prices, via Stoqly. For information only — not investment advice or a recommendation to buy, sell or hold any security.