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BLSH Stock Chart & Stats
$36.00
-$0.28(-1.16%)
At close: 4:00 PM EDT
$36.00
-$0.28(-1.16%)
Day’s Range― - ―
52-Week Range$20.55 - $70.50
Previous CloseN/A
Volume2.20M
Average Volume (3M)1.56M
Market Cap
$5.36B
Enterprise Value$3.78K
Total Cash (Recent Filing)$329.96M
Total Debt (Recent Filing)$518.15M
Price to Earnings (P/E)―
Beta1.72
Next Earnings
Nov 25, 2026EPS Estimate
0.08Next Dividend Ex-DateN/A
Dividend YieldN/A
Share Statistics
EPS (TTM)-9.11
Shares Outstanding150,302,220
10 Day Avg. Volume1,703,665
30 Day Avg. Volume1,559,590
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.50
Price to Sales (P/S)0.02
P/FCF Ratio-208.87
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$41.44Price Target Upside15.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.44
Revenue Forecast (FY)$358.31M
Bulls Say, Bears Say
Bulls Say
Recurring Services Growth And VisibilityRecord SS&O revenue and narrowed full-year guidance indicate that Bullish is building a more visible services stream beyond transaction fees. Signed partnerships and expected sequential growth can improve revenue durability and reduce reliance on volatile crypto trading activity over coming quarters.
Tokenization And Equiniti Strategic ExpansionThe tokenization launch and planned Equiniti acquisition could broaden Bullish from a crypto venue into regulated market infrastructure. Access to roughly 3,000 issuers and 20 million shareholders would expand distribution, customer reach, and the potential platform opportunity.
Institutional Distribution And Ecosystem ReachNew institutional relationships strengthen Bullish’s distribution and validate its exchange infrastructure with professional market participants. A broader customer base can support liquidity, trading activity, and cross-selling while improving the company’s competitive position in digital-asset services.
Bears Say
Highly Volatile Revenue And ProfitabilityThe sharp revenue reversal and return to a large net loss show that Bullish’s earnings base remains highly sensitive to market activity and revenue mix. Thin, deteriorating margins limit operating leverage and make sustained profitability harder to establish over the next several quarters.
Inconsistent Cash ConversionPositive operating cash flow has not consistently translated into free cash flow, indicating that investment and other cash uses continue to absorb internally generated funds. Persistent volatility in cash conversion could constrain self-funded growth and increase dependence on existing liquidity.
Regulatory And Transaction-revenue UncertaintyUncertain regulatory timing may delay tokenization adoption and the revenue benefits of Bullish’s strategic expansion. With no material 2026 uplift expected from tokenized equities and transaction revenue unguided, near-term monetization remains difficult to forecast.
Bullish News
BLSH FAQ
What was Bullish’s price range in the past 12 months?
Bullish lowest stock price was $20.55 and its highest was $70.50 in the past 12 months.
What is Bullish’s market cap?
Bullish’s market cap is $5.36B.
When is Bullish’s upcoming earnings report date?
Bullish’s upcoming earnings report date is Nov 25, 2026 which is in 54 days.
How were Bullish’s earnings last quarter?
Bullish released its earnings results on Aug 13, 2026. The company reported $0.094 earnings per share for the quarter, beating the consensus estimate of $0.088 by $0.006.
Is Bullish overvalued?
According to Wall Street analysts Bullish’s price is currently Undervalued.
Does Bullish pay dividends?
Bullish does not currently pay dividends.
What is Bullish’s EPS estimate?
Bullish’s EPS estimate is 0.08.
How many shares outstanding does Bullish have?
Bullish has 150,302,220 shares outstanding.
What happened to Bullish’s price movement after its last earnings report?
Bullish reported an EPS of $0.094 in its last earnings report, beating expectations of $0.088. Following the earnings report the stock price went up 11.571%.
Which hedge fund is a major shareholder of Bullish?
Currently, no hedge funds are holding shares in BLSH
What is the TipRanks Smart Score and how is it calculated?
Smart Score combines eight research factors - such as analyst recommendations, hedge fund trends, and technical indicators - to measure a stock’s outlook. These signals are unified into a single score that reflects bullish or bearish momentum. See detailed methodology
Bullish Stock Smart Score
Neutral
1
2
3
4
5
6
7
8
9
10
Analyst Consensus
Moderate Buy
Average Price Target:
$41.44 (15.12% Upside)
$41.44 (15.12% Upside)
Blogger Sentiment
Bullish
BLSH Sentiment 75%
Sector Average ―
Sector Average ―
Hedge Fund Trend
Decreased
By 9.9K Shares
Last Quarter.
Last Quarter.
Insider Transactions
Sold Shares
Worth $9.9M over
the Last 3 Months
the Last 3 Months
Crowd Wisdom
Very Negative
Last 7 Days ▼ 1.4%
Last 30 Days ▼ 3.7%
Last 30 Days ▼ 3.7%
News Sentiment
Very Bearish
Bullish news 0%
Bearish news 100%
Bearish news 100%
Technicals
SMA
Positive
20 days / 200 days
Momentum
-45.15%
12-Months-Change
Fundamentals
Return on Equity
―
Trailing 12-Months
Asset Growth
-4.41%
Trailing 12-Months
Learn more about TipRanks Smart Score
Company Description
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.
BLSH Company Deck
BLSH Earnings Call
Q2 2026
0:00 / 0:00
Earnings Call Sentiment|Positive
The call conveyed multiple material strategic and operational positives: strong year-over-year revenue growth (+62%), record SS&O, healthy adjusted EBITDA margin (~32%), robust net liquid assets ($2.1B), major tokenization milestones (first tokenized share trades, Equiniti acquisition progress), accelerating CoinDesk audience and institutional wins, and an earlier-than-expected pathway to U.S. derivatives markets. Offsetting these positives are near-term trading headwinds from a softer crypto market (lower volumes and market share), a peak in quarterly operating expenses driven in part by one-time costs, unresolved regulatory timing, and limited near-term transaction revenue uplift from tokenization (expected concentration of tokenization benefits in 2027). Overall, the strategic story (tokenization + Equiniti) and strong SS&O traction appear to outweigh the near-term trading and expense challenges.View all BLSH earnings summariesBLSH Stock 12 Month Forecast
Average Price Target
$41.44
▲(15.12% Upside)
Technical Analysis
Ownership Overview
53.56% Insiders
6.76% Mutual Funds
13.42% Other Institutional Investors
19.32% Public Companies and
Individual Investors