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Bullish

Technology Software - Infrastructure
PortfolioPortfolio WatchlistWatchlist
Company price
22.705 USD 1.40 ( 6.55%)
Last update at 2026-11-09T15:47:00Z
VOLUME
231970
Market Cap
6302.17M

Momentum Score

…

Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company 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. It also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets to leading traditional finance institutions, including exchanges and asset managers; 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 offers news, analysis, information, conferences and networking opportunities related to digital assets, blockchain technology and the broader financial technology industry. Bullish was founded in 2020 and is based in George Town, Cayman Islands.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
21.20
Low
22.85
High
52 Week Price Range
24.79
Low
118.00
High

Momentum Score

…
Loading momentum score…

A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Bullish operates a digital-asset exchange and trading infrastructure serving institutional and retail clients. Long-term growth may be driven by broader cryptocurrency adoption, rising trading volumes and demand for institutional-grade trading venues. The company may appeal to investors seeking exposure to crypto-market infrastructure that appears positioned to scale if it can attract liquidity and expand product offerings.
Major risks include substantial regulatory and legal uncertainty affecting crypto platforms, heightened market volatility, strong competition from incumbent exchanges and execution or liquidity shortfalls that could limit revenue growth.

Risk Score
High

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
21.31
Dividend Yield
-
Revenue TTM
237.24M
Revenue Per Share
1.86
Gross Profit TTM
237.24M
Debt / Equity
0.19
ROE
-27.57%
Net Debt
496.73M
ROCE
-3.88%
Diluted EPS TTM
-5.99

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax -786.41M 84.57M 1301.47M -4244.68M -1400.98M
Minority interest 20.79M -1.04M -0.85M 0.00M -
Net income -764.68M 78.53M 1299.17M -4245.88M -1401.25M
Selling general administrative 182.19M 21.47M 13.58M 44.42M 93.01M
Selling and marketing expenses - 3.33M 1.73M 9.26M 6.67M
Gross profit 70.10M 5.28M -21.67M -6.55M -1043.46M
Reconciled depreciation 7.07M 8.55M 5.42M 3.60M 0.47M
Ebit -148.59M 123.10M 1304.45M -4121.96M -1274.15M
Ebitda -140.39M 131.65M 1309.88M -4118.36M -1273.68M
Depreciation and amortization 8.20M 8.55M 5.42M 3.60M 0.47M
Operating income -148.59M 31.92M 10.21M 15.67M -1275.66M
Other operating expenses 244915.27M 250231.33M 116497.29M 72879.61M 2597.22M
Interest expense 52.37M 38.53M 2.98M 122.73M 126.83M
Tax provision -0.94M 5.00M 1.46M 1.20M 0.26M
Interest income - - 9.22M - 1.51M
Net interest income -52.37M -38.53M -2.98M -122.73M -125.32M
Income tax expense 0.94M 5.00M 1.46M 1.20M 0.26M
Total revenue 244811.39M 250263.25M 116507.50M 72895.28M 1321.57M
Total operating expenses 218.69M -26.64M -31.88M -22.22M 232.19M
Cost of revenue 244733.09M 250257.97M 116529.17M 72901.83M 2365.03M
Total other income expense net -637.83M 52.65M 1291.26M -4260.35M -125.32M
Net income from continuing ops -785.47M 79.56M 1300.02M -4245.88M -1401.25M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 3956.50M 3047.41M 1804.52M 3406.09M 7455.23M
Intangible assets 31.10M 53.34M 34.94M 1.34M 1.34M
Other current assets 2642.53M 1909.16M 24.34M 219.33M 97.96M
Total liab 658.17M 646.75M 522.23M 1523.25M 1344.30M
Total stockholder equity 3227.96M 2389.68M 1281.45M 1882.84M 6110.93M
Other current liab 74.07M 44.59M 28.04M 1442.58M 135.84M
Common stock 5110.06M 3821.54M 3787.11M 3787.11M 3787.11M
Capital stock 0.30M 3821.54M 3787.11M 3787.11M 3787.11M
Retained earnings -2656.32M -2309.05M -2666.80M -2212.66M 2033.23M
Good will 63.06M 61.48M 40.23M 0.00M -
Cash 104.73M 31.54M 112.90M 1383.58M 1234.77M
Total current liabilities 129.91M 85.05M 37.74M 1512.16M 172.42M
Current deferred revenue - 9.50M 4.57M - -
Net debt 496.73M 511.52M 327.50M -1369.45M -1228.28M
Short term debt 55.84M 29.25M 3.82M 3.22M 0.95M
Short long term debt 50.32M 25.00M - - -
Short long term debt total 601.46M 543.07M 440.40M 14.13M 6.50M
Other stockholder equity - 18.40M 18.40M 308.39M 290.60M
Total current assets 3804.07M 2912.38M 1705.87M 3377.53M 7443.54M
Short term investments 404.14M 218.82M 254.77M 28.89M -
Net receivables 446.48M 178.98M 24.52M 87.46M 0.01M
Long term debt 510.87M 503.06M 428.91M - -
Inventory 206.18M 573.88M 1289.35M 1658.27M 6110.80M
Accounts payable - - 0.06M 66.08M 33.58M
Accumulated other comprehensive income 774.22M 858.80M 142.74M - -
Non currrent assets other 24.18M 4.01M 5.92M 4.72M 0.27M
Non current assets total 152.44M 135.03M 98.65M 28.55M 11.69M
Capital lease obligations 19.90M 15.00M 11.49M 14.13M 6.50M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments 23.59M -45.08M 3.92M -1.29M 1502.94M
Total cashflows from investing activities - -45.08M 3.92M -1.29M 1502.94M
Net borrowings 23.93M 20.12M -675.02M -2.30M 31.18M
Total cash from financing activities 42.40M -0.98M -1212.65M -7.73M -340.36M
Net income -764.68M 79.56M 1300.02M -4245.88M -1401.25M
Change in cash -55.78M -75.74M -1335.40M 185.91M 1041.64M
Begin period cash flow 55.78M 131.53M 1466.92M 1281.02M 239.38M
End period cash flow 130.50M 55.78M 131.53M 1466.92M 1281.02M
Total cash from operating activities 28.63M -29.98M -126.67M 194.93M -120.95M
Issuance of capital stock 59.19M 0.00M 0.00M - 0.00M
Depreciation 7.07M 8.55M 5.42M 3.60M 0.47M
Other cashflows from investing activities - -15.23M 0.03M - 1505.03M
Dividends paid 0.00M 0.00M 534.64M 0.00M 371.25M
Change to inventory 324.77M -49.34M 139.19M 326.80M -23.71M
Change to account receivables - -28.53M 65.90M -83.59M -
Other cashflows from financing activities - -21.10M -2.98M -5.43M -0.28M
Capital expenditures 51.79M 3.71M 0.97M 1.29M 334.31M
Change in working capital 45.77M 13.08M -87.02M 252.43M 65.89M
Stock based compensation 16.20M 22.59M 6.17M 17.79M 44.80M
Other non cash items 764.68M -153.76M -1351.26M 4166.99M 1169.14M
Free cash flow -23.16M -33.69M -127.63M 193.64M -455.26M

Peer Comparison*

Sector: Technology Industry: Software - Infrastructure

Stock Name
Change
(USD)
Price
(USD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
BLSH
Bullish		 1.40
6.55%		 22.70 - 129.87 26.56 2.01 0.02
MSFT
Microsoft Corporation		 10.60
2.00%		 541.21 37.32 29.94 13.03 12.45 13.06
ORCL
Oracle Corporation		 2.37
2.04%		 118.47 21.96 17.89 5.91 7.08 7.82
CRWD
Crowdstrike Holdings Inc		 6.21
2.86%		 223.11 4849.80 188.68 46.01 47.24 43.89
FTNT
Fortinet Inc		 2.92
2.46%		 121.77 60.27 43.86 16.80 80.50 16.11

Profile*

Bullish

Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company 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. It also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets to leading traditional finance institutions, including exchanges and asset managers; 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 offers news, analysis, information, conferences and networking opportunities related to digital assets, blockchain technology and the broader financial technology industry. Bullish was founded in 2020 and is based in George Town, Cayman Islands.

Office 101, 103, 105 Suite 70202, George Town, Cayman Islands, 9005

345 949 8066

https://www.bullish.com

414

Name Title Year Born
Mr. Thomas W. Farley CEO & Chairman 1976
Mr. David Whalen Bonanno Chief Financial Officer 1981
Jose A. Torres Chief Accounting Officer NA
Liam Foley Director of Corporate Development NA
Mr. Chris Tyrer President of Bullish Exchange NA
Mr. Jay Yarow President of CoinDesk Insights NA
Michael Fedele Vice President of Finance NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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