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olivLaw · US equity research

Bullish BLSH

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

23.13USD+0.74% · 1 dayClose 04 Nov 2026

Bullish is an institutionally focused global digital asset platform that combines a regulated exchange with information services under the CoinDesk brand. It matters now because it listed on the NYSE in August 2025 and is expanding its licences and presence in the United States and the European Union as adoption of digital assets grows.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Bullish (BLSH) stock was 23.13 USD (+0.74% on the day), with market capitalisation 3.5 bn USD, dividend yield 0.00%, beta 2.96, 52-week range 21.79–48.42 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
3.5 bn USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -5.99 · TTM to 31 Dec 2025
E/P (TTM)
-25.90%
TTM to 31 Dec 2025
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
2.96
Volatility (1y) 76%
52-week range
21.7948.42

Price history

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Technical reading

RSI (14)
30.5
weak (30–45)
Bollinger (20, 2)
22.40 – 34.47
in the lower half of the band · %B 0.06 · band width 42.5%
SMA 50 / 200
32.62 / 32.14
mixed trend
MACD (12, 26, 9)
-2.48 / -1.86
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−32.7%−2.0%−30.7 pp—
3 months−3.0%−2.2%−0.8 pp—
6 months−47.8%+4.3%−52.1 pp—
Year to date−38.9%+10.6%−49.5 pp—
1 year−49.4%+10.5%−59.9 pp−53.7%
3 yearsunavailable+73.7%unavailable−66.7%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−55.0%
04 Dec 2025 → 31 Jul 2026
Max drawdown (5y)
−70.8%
14 Aug 2025 → 31 Jul 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue116.5 bn250.2 bn244.8 bn
Revenue YoYunavailable+114.8%−2.2%
Net income1.3 bn78.5 m-764.7 m
Net income YoYunavailable−94.0%−1,073.8%
Diluted EPS10.630.68-5.99
Diluted EPS YoYunavailable−93.6%−980.9%
net %1.1%0.0%-0.3%
Free cash flow-127.6 m-30.4 m18.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
87.9 m USD
Financial debt
100.0 m USD
Net debt
12.1 m USD
Equity
3.3 bn USD
Total assets
4.0 bn USD
Debt / equity
0.03x
Current ratio
29.28x
ROE
-26.8%
ROA
-21.8%
FCF margin
0.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
116.5 bn
2024
250.2 bn
2025
244.8 bn

SEC (XBRL)· 10 Mar 2026verified

Cost of revenue
2023
116.4 bn
2024
250.1 bn
2025
244.7 bn

SEC (XBRL)· 10 Mar 2026verified

Gross profit
2023
72.9 m ≈
2024
96.5 m ≈
2025
78.3 m ≈

SEC (XBRL)· 10 Mar 2026derived

Interest expense
2023
3.0 m
2024
38.5 m
2025
52.4 m

SEC (XBRL)· 10 Mar 2026verified

Pre-tax income
2023
1.3 bn
2024
84.6 m
2025
-786.4 m

SEC (XBRL)· 10 Mar 2026verified

Income tax
2023
1.5 m
2024
5.0 m
2025
-944.0 k

SEC (XBRL)· 10 Mar 2026verified

Net income
2023
1.3 bn
2024
78.5 m
2025
-764.7 m

SEC (XBRL)· 10 Mar 2026verified

Diluted EPS
2023
10.63
2024
0.68
2025
-5.99

SEC (XBRL)· 10 Mar 2026verified

Weighted average diluted shares
2023
122.2 m
2024
115.4 m
2025
127.7 m

SEC (XBRL)· 10 Mar 2026verified

Dividend per share
2023
—
2024
—
2025
0.00

SEC (XBRL)· 10 Mar 2026derived

Balance sheet · USD

Cash
2023
112.9 m
2024
31.5 m
2025
87.9 m

SEC (XBRL)· 10 Mar 2026verified

Current assets
2023
—
2024
2.9 bn
2025
3.8 bn

SEC (XBRL)· 10 Mar 2026verified

Goodwill
2023
—
2024
61.5 m
2025
63.1 m

SEC (XBRL)· 10 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
33.3 m
2025
31.1 m

SEC (XBRL)· 10 Mar 2026verified

Total assets
2023
—
2024
3.0 bn
2025
4.0 bn

SEC (XBRL)· 10 Mar 2026verified

Short-term debt
2023
—
2024
25.0 m
2025
50.0 m

SEC (XBRL)· 10 Mar 2026verified

Long-term debt
2023
—
2024
25.0 m
2025
50.0 m

SEC (XBRL)· 10 Mar 2026verified

Current liabilities
2023
—
2024
85.0 m
2025
129.9 m

SEC (XBRL)· 10 Mar 2026verified

Total liabilities
2023
—
2024
646.8 m
2025
658.2 m

SEC (XBRL)· 10 Mar 2026verified

Equity
2023
1.3 bn
2024
2.4 bn
2025
3.3 bn

SEC (XBRL)· 10 Mar 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
150.8 m

SEC (XBRL)· 10 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-126.7 m
2024
-30.0 m
2025
28.6 m

SEC (XBRL)· 10 Mar 2026verified

Capex
2023
966.0 k
2024
391.0 k
2025
9.9 m

SEC (XBRL)· 10 Mar 2026verified

Free cash flow
2023
-127.6 m ≈
2024
-30.4 m ≈
2025
18.7 m ≈

SEC (XBRL)· 10 Mar 2026derived

Investing cash flow
2023
3.9 m
2024
-45.1 m
2025
2.1 m

SEC (XBRL)· 10 Mar 2026verified

Financing cash flow
2023
-1.2 bn
2024
-980.0 k
2025
42.4 m

SEC (XBRL)· 10 Mar 2026verified

Dividends paid
2023
534.6 m
2024
0
2025
0

SEC (XBRL)· 10 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-2.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-1,073.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-980.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
0.0%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-0.3%
computed by olivLawFY 2025
FCF margin
0.0%
computed by olivLawFY 2025

Returns

ROE
-27.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-21.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
0.0%
computed by olivLawFY 2025

Balance sheet

Net debt
12.1 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
29.3x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
28.6 m USD
computed by olivLawFY 2025
Capital expenditure
9.9 m USD
computed by olivLawFY 2025
Free cash flow
18.7 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
3.5 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
3.5 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-25.9%
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
0.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
186.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
0.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 29.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

23.13 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 3.5 bn USD

Key indicators

Market capitalisation
3.5 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-27.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-0.3%
computed by olivLawFY 2025
Revenue growth (YoY)
-2.2%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawFY 2025

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 10 Mar 2026
verified 70derived 1

Score by group

29% · Insufficient data

Estimated value range

Low
4.67
USD per share
Mid
5.64
USD per share
High
7.16
USD per share
Price: 23.13 USD
The price is above the range
Potential to the central value: -75.6% (value / price − 1)
Margin of safety: -310.1% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.67 – 7.16 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)4.67 – 7.16 (Mid 5.64)
    WACC 9.2% · starting FCFF 62.7 m USD · terminal value share of EV 72%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive
Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 29.2% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-0.3%68 (vs peers)21%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet29.3x100 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation0.5%7 (on a fixed band)29%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)21%
Payout ratio (FCF) · Returns0.0%100 (on a fixed band)14%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial68/100 · 1/3 factors with a value
  • Returns40/100 · 2/2 factors with a value
  • Valuation· partial7/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Bullish (BLSH). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 244.8 bn USD in 2025; YoY growth -2.2%; net margin -0.3%; ROE -27.3%.

The estimated value range is 4.67–7.16 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.64 USD, the price of 23.13 USD leaves a potential of -75.6% (value / price − 1) and a margin of safety of -310.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 29.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 29.3x
  • Payout ratio (FCF): 0.0%

What contradicts it

  • FCF yield: 0.5%
  • Shareholder yield (distributions): 0.0%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 12.8x
EV/EBITDA
—
vertical median —
P/S
0.0x
vertical median 3.3x
below median (−99.6%)
P/B
1.1x
vertical median 1.1x
at median
ROE
-27.3%
vertical median -14.1%
below median
Net margin
-0.3%
vertical median -81.1%
above median
EBIT margin
—
vertical median -148.1%
Revenue YoY
-2.2%
vertical median 12.2%
below median (−117.7%)
Net debt/EBITDA
—
vertical median -0.4x
Dividend yield
0.0%
vertical median 3.3%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co218.3 bn18.335.9%27.9%+6.4%−11% / +91%
COINCoinbase Global, Inc.38.5 bn—-4.7%-12.5%+9.4%−47% / +17%
SOFISoFi Technologies, Inc.21.7 bn35.07.1%104.3%+23.1%−44% / +130%
KLARKlarna Group plc5.2 bn—-11.9%-7.8%+24.8%−56% / unavailable
GPGIGPGI, Inc.3.7 bn—-20.6%—−85.8%−36% / +208%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−49% / unavailable
CIFRCipher Digital Inc.3.0 bn—-156.8%-742.3%+48.0%−68% / +135%
MARAMara Holdings, Inc.2.7 bn—-107.2%-430.2%+38.2%−42% / −43%
WLTHWealthfront Corporation1.7 bn—-20.5%-19.4%+18.2%unavailable / unavailable
WDWalker & Dunlop, Inc.1.3 bn34.42.2%3.0%+9.0%−41% / −54%
KEELKeel Infrastructure Corp.1.3 bn—-87.6%-230.6%+72.0%−40% / +47%
XYFX Financial1.2 bn5.920.2%19.2%+35.8%−28% / +15%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
GDOTGreen Dot Corp727.1 m—-2.8%-1.1%+20.7%+2% / +59%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
CANGCango Inc.272.7 m—-130.8%-90.4%+524.3%−92% / −76%
BKKTBakkt, Inc.215.0 m—-15.9%-1.3%−32.1%−70% / −87%
ZSQRZ Squared Inc.192.4 m—-25.9%-642.0%unavailable−81% / −84%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
GHIGreystone Housing Impact Investors LP111.0 m——-5.1%−6.4%−33% / −72%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
YRDYiren Digital Ltd.68.9 m8.80.6%1.0%−85.9%−91% / −86%
BTCSBTCS Inc.54.6 m—-354.8%-746.3%+304.8%−67% / +6%
ZSTKZeroStack Corp.47.4 m—-1,993.6%-444.2%−0.5%−67% / −94%

1- and 3-year price returns: for BLSH from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (06 Oct 2026), 6-K (08 Sept 2026), 6-K (13 Aug 2026), 6-K (06 Aug 2026).

    In brief

    Bullish is an institutionally focused global digital asset platform that combines a regulated exchange with information services under the CoinDesk brand. It matters now because it listed on the NYSE in August 2025 and is expanding its licences and presence in the United States and the European Union as adoption of digital assets grows.

    SWOT

    Strengths

    • The company combines a regulated exchange with licences in several jurisdictions and the CoinDesk brand, giving it a broad distribution base 1.
    • The integrated model, with divisions that support one another, allows cross-selling and a shared cost structure 1.
    • Proprietary market-making technology and a single global order book support liquidity and efficient execution 1.

    Weaknesses

    • Revenue depends heavily on traded volumes and on market interest in digital assets, which are volatile 1.
    • The treasury is directly exposed to BTC and ETH, which could weigh on the financial position during price declines 1.
    • Compliance costs across a multi-jurisdictional footprint are high and may slow the launch of products 1.

    Opportunities

    • Expansion in the United States and the European Union, where licences are already held, could bring new institutional client bases 1.
    • Tokenization of real-world assets and liquidity services for stablecoins could open new revenue lines 1.
    • Mandates for digital asset ETFs and index-based products could expand the information services business 1.

    Threats

    • Less regulated DeFi platforms and DEXs could attract users if they improve speed and liquidity 1.
    • Regulatory changes or criticism of conflicts of interest between divisions could affect reputation and market access 1.
    • Cyberattacks or technology failures could have cascading effects across all divisions 1.

    Risks

    • Competition from unregulated platformshigh

      Decentralized platforms and DAOs can innovate faster and offer products the company cannot, reducing market share if users migrate 1.

    • Conflicts of interest between divisionshigh

      Ownership of both the exchange and CoinDesk could create a perception that news coverage is influenced, with consequences for reputation and investors 1.

    • Treasury exposure to digital assetsmedium

      The treasury is directly exposed to BTC and ETH volatility, and difficulties in liquidity or raising capital could affect the financial position 1.

    • Regulatory complexitymedium

      Compliance requirements across several jurisdictions are costly and could delay new products or expansion into new markets 1.

    • Early-stage investments in crypto companiesmedium

      Investments in early-stage crypto projects and tokens carry high risk, complex vesting structures and possible impairment 1.

    Investment thesis

    What would need to be true (bull case)

    • A licensed position across several jurisdictions and the CoinDesk brand could support growth with institutions if the regulatory framework remains favourable.
    • The integrated model, with shared infrastructure and cross-selling, could improve margins as volumes grow.
    • Index and data services, with mandates for ETF products, could bring more stable recurring revenue than trading.

    What would break the thesis

    • Trading revenue depends on market volatility, and a period of weak interest could reduce results significantly.
    • Competition from lightly regulated decentralized platforms with low costs could limit gains in market share.
    • Treasury exposure to digital assets and conflicts of interest between divisions could weigh on investor confidence.

    What to watch

    • Trend in revenue from liquidity services and data subscriptionsQ1 2027
    • Results of the first full year of activity in the United States and the EU2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (06 Oct 2026), 6-K (08 Sept 2026), 6-K (13 Aug 2026), 6-K (06 Aug 2026).

    The business

    Bullish describes itself as a global digital asset platform with an institutional focus, built on two pillars: market infrastructure, which supports institutional trading of digital assets, and information services, which provide indices, data and media insights under the CoinDesk brand 1. The company is registered in the Cayman Islands and its shares have traded on the NYSE under the symbol BLSH since August 2025 1. Its integrated structure shares infrastructure, services and personnel across divisions, which the company says lowers costs and supports cross-selling 1.

    The Bullish Exchange runs a regulated market for spot and derivatives, with a single global order book, unified cross-collateralized margin and automated market making 1. The company says it differentiates through licences in New York, Germany, Hong Kong and Gibraltar, and through a business model that avoids conflicts with its own customers 1.

    Growth strategy rests on expanding licences and global presence, new products and potential acquisitions. In 2025 the exchange launched in the United States and its MiCAR licence was upgraded, and the company intends to accelerate sales and onboarding in the United States and the European Union in 2026 1.

    Segments

    Market infrastructure (Bullish Exchange and Liquidity Services)

    The exchange earns revenue from traded volume, spreads and transaction fees, and liquidity services, delivered through the proprietary AMMI technology, are described as one of the fastest-growing lines in 2025, both in service-based and ecosystem income 1. The company supplies liquidity for partner assets, including stablecoins and tokenized real-world assets (RWAs) 1.

    Information services (CoinDesk Indices and CoinDesk Data)

    CoinDesk Indices earns recurring fees based on the assets under management of products tracking its indices, plus fixed licensing revenue, while CoinDesk Data sells subscriptions to market data and analytics covering over 270 thousand trading pairs 1. The CoinDesk 20 Index tracks 20 selected digital assets, and the company received mandates for 15 new digital asset ETFs in the fourth quarter of 2025 1.

    Insights and events (CoinDesk Insights)

    The media business earns revenue from advertising and research subscriptions, while the events business, anchored by the Consensus conference series, earns from tickets, sponsorships and booths 1. The company launched CoinDesk Research in the third quarter of 2025 and plans its flagship North America conference in Miami in May 2026 1.

    Market context

    Bullish operates in digital asset infrastructure and data services, where its main clients are financial institutions, fund managers, market makers and retail brokerages 1. The company describes this market as dynamic, lightly regulated in many jurisdictions and subject to rapid changes in the legal framework 1.

    Demand depends on adoption of digital assets, stablecoins and tokenization of real-world assets, which the company considers to be accelerating globally 1. If regulation changes favourably or unfavourably, access to new markets and traded volumes could be affected 1.

    Trends

    • Tokenization of real-world assetstailwind

      The company sees tokenization as supporting liquidity and listing services, but its growth depends on issuer adoption and the regulatory framework.

    • Expanding regulationmixed

      Licensing requirements across several jurisdictions raise compliance costs and can delay new products, although the licences held also give an edge over less regulated competitors.

    • Competition from decentralized platformsheadwind

      DeFi platforms, DEXs and DAOs, which operate with little regulation, are gaining interest and could reduce the share of the centralized exchange if users migrate.

    • Volatility of digital assetsheadwind

      Interest in digital assets fluctuates strongly, affecting trading volumes, subscription and advertising revenue, and the value of the treasury, which is directly exposed to BTC and ETH.

    Competitive position

    Bullish competes with traditional financial services platforms, centralized digital asset exchanges and a growing category of DeFi platforms, DEXs and DAOs 1. The company says most of these platforms have low entry costs and lighter regulation, and their competition could intensify if they gain share quickly 1.

    In information services the company compares itself with providers of indices and data for digital assets, citing its UK FCA benchmark administrator licence and end-to-end ownership of its index data as advantages 1.

    • DeFi and DEX platforms

      Decentralized platforms without centralized intermediaries that the company says are growing quickly and can innovate faster while facing less regulation 1.

    • DAO platforms

      Decentralized autonomous organizations operating digital asset services that can offer unregulated products the company cannot offer 1.

    • Centralized digital asset exchanges

      Centralized platforms competing for the same institutional and retail clients, not named in the source 1.

    • Digital asset index and data providers

      Companies offering benchmark indices and market data that compete directly with the company's information services divisions 1.

    News & filings

    In the press

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Bullish · 10 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.