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BLSH on NYSE

Bullish

Bullish is a finance services company in the Cayman Islands, listed on NYSE (BLSH).1

$29.43 down 2.44 (7.66%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

$244.8BRevenue, fiscal 20253
-$785.5MNet income, fiscal 20253

Compare with American Express, Nu Holdings Ltd. or Coinbase, or pick any stock.

  • TickerBLSH on NYSE1
  • IndustryFinance Services1
  • HeadquartersE91
  • Incorporated inCayman Islands4
  • Business addressC/O Maples Corporate Services Limited, P.O. Box 309, Ugland House, George Town, Ky1-11044
  • Filer categoryNon-accelerated filer4

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Bullish was incorporated on June 22, 2021 under the laws of the Cayman Islands (including the Companies Act (As Revised)) as an exempted company. Bullish became the parent company of the group after an internal reorganization in April 2023, prior to which the parent company of the group was Bullish Global. In November 2023, we acquired the CoinDesk businesses and in October 2024, we acquired the CCData business. As of the date of this Annual Report, Bullish is the parent company of a number of operating subsidiaries, including (i) Bullish US Operations LLC, Bullish Europe GmbH, Bullish HK Markets Limited, Bullish HK Custody Limited, Bullish HK Operations Ltd, Bullish (GI) Markets Ltd and Bullish (GI) Limited, which are the primary operators of our Bullish Exchange business, (ii) CoinDesk, Inc., which operates our CoinDesk Insights business; (iii) CoinDesk Indices, Inc. and CC Data Limite…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-0.3%Net margin3
-2.2%Revenue growth, 20253
-23.8%Return on equity3
0.02×Debt to equity3
$18.7MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

On the exchange [member] brought in 100% of the revenue Bullish broke down this way in fiscal 2025.

  1. On the exchange [member]$244.4B3100%down 2% from 2024
  2. On other venues [member]$396.4M30%up 1717% from 2024
Products and services by year
Products and services202320242025
On the exchange [member]$115.6B$250.2B$244.4B
On other venues [member]$884.9M$21.8M$396.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue100¢$244.7B
  • Interest0¢$52.4M
  • Income tax0¢$944.0K

Out of $244.8B in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending35¢$9.9M
  • Kept or used elsewhere65¢$18.7M

Out of $28.6M of cash from operations.3

Financial statements

Revenue3$244.8B in 2025+110% since 2023
0$100.0B$200.0B$300.0B2023: $116.5B$116.5B20232024: $250.2B$250.2B2024+115%2025: $244.8B$244.8B2025−2%
Net income3-$785.5M in 2025
-$1.0B0$1.0B$2.0B2023: $1.3B$1.3B20232024: $79.6M$79.6M2024−94%2025: -$785.5M-$785.5M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Total Digital asset sales$244.8B$250.2B$116.5B
Cost of digital assets derecognized-$244.7B-$250.1B-$116.4B
Other revenues$158.9M$62.0M$15.3M
Change in fair value-$181.3M$261.1M$1.4B
Administrative expenses-$182.2M-$153.1M-$104.2M
Other expenses-$60.4M-$46.1M-$34.5M
Finance expense-$52.4M-$38.5M-$3.0M
Change in fair value of derivatives$9.6M-$12.2M$0
Income/(loss) before income tax-$786.4M$84.6M$1.3B
Income tax benefit/(expense)$944.0K-$5.0M-$1.5M
Net income/(loss)-$785.5M$79.6M$1.3B
Owners of the Group-$764.7M$78.5M$1.3B
Non-controlling interests-$20.8M$1.0M$848.0K
Revaluation of digital assets held as investments$409.6M$1.0B$0
Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk-$3.0M-$16.4M$0
Other comprehensive income that will not be reclassified to profit or loss, net of tax$406.6M$1.0B$0
Foreign exchange differences on translation of foreign operations$1.7M-$712.0K$0
Total comprehensive income/(loss)-$377.2M$1.1B$1.3B
Owners of the Group-$357.1M$1.1B$1.3B
Non-controlling interests-$20.1M$10.1M$848.0K
Weighted average shares outstanding for the purpose of basic earnings/(loss) per share (in shares)127.7M shares112.7M shares112.5M shares
Diluted (in shares)127.7M shares115.4M shares122.2M shares
Basic (in dollars per share)-$5.99$0.70$11.55
Diluted (in dollars per share)-$5.99$0.68$10.63

Compare Bullish with another company

Corporate structure

Bullish sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Bullish

  • FMR LLC Filed SCHEDULE 13G on Bullish, latest Aug 6, 2026
  • Alexander See Filed SCHEDULE 13G/A on Bullish, latest May 20, 2026 (2 filings since Sep 10, 2025)
  • Brendan Francis Blumer Filed SCHEDULE 13D/A on Bullish, latest Feb 9, 2026 (2 filings since Aug 21, 2025)
  • EFM Asset Management Filed SCHEDULE 13G on Bullish, latest Nov 14, 2025
  • Kokuei Yuan Filed SCHEDULE 13D on Bullish, latest Aug 21, 2025
  • Bullish E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Bullish reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$87.9M3 Dec 31, 2025$31.5M3 Dec 31, 2024+178.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$63.1M3 Dec 31, 2025$61.5M3 Dec 31, 2024+2.6%
Intangible assets, net (excluding goodwill)$31.1M3 Dec 31, 2025$33.3M3 Dec 31, 2024−6.6%

Leadership

Who has led Bullish, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas W. Farley2026–now

Chief financial officer

  1. David Bonanno2026–now
Board members and other officers (6)

Timeline

  1. Mar 18, 2026New chief executive Thomas W. Farley becomes CEO6

Calendar

Coming up

  1. Nov 18, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.07 a share, on Nov 19, 2025.13

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

148 filings to the SEC since October 2021: 1 annual reports, 19 insider forms, 7 large holders, 121 other. The latest 20:

  1. Oct 6, 20266-K EDGAR
  2. Sep 28, 20264 EDGAR
  3. Sep 23, 20264 EDGAR
  4. Sep 21, 2026144 EDGAR
  5. Sep 14, 20264 EDGAR
  6. Sep 10, 20264 EDGAR
  7. Sep 10, 20264 EDGAR
  8. Sep 9, 20264 EDGAR
  9. Sep 8, 20266-K EDGAR
  10. Sep 8, 20264 EDGAR
  11. Aug 28, 2026N-PX EDGAR
  12. Aug 19, 202613F-HR EDGAR
  13. Aug 19, 202613F-HR EDGAR
  14. Aug 19, 202613F-HR EDGAR
  15. Aug 13, 20266-K EDGAR
  16. Aug 13, 20266-K EDGAR
  17. Aug 6, 20266-K EDGAR
  18. Aug 6, 2026SCHEDULE 13G EDGAR
  19. Jul 31, 20266-K EDGAR
  20. Jul 24, 20266-K EDGAR

The 148 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 0 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 24, 2026Bliss AndrewDirectorSale100$40.10$4.0KForm 4
Sep 23, 2026Bliss AndrewDirectorSale59,976$40.22$2.4MForm 4
Sep 22, 2026Bliss AndrewDirectorSale108,200$40.79$4.4MForm 4
Sep 21, 2026Bliss AndrewDirectorSale76,953$40.20$3.1MForm 4
May 11, 2026Farley Thomas WChief Executive OfficerSale80,000$43.95$3.5MForm 4
May 5, 2026Farley Thomas WChief Executive OfficerSale494Form 4
Apr 10, 2026Farley Thomas WChief Executive OfficerSale80,000$36.41$2.9MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Bullish is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBullish1
  • CIK0001872195
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business addressC/O Maples Corporate Services Limited, P.O. Box 309, Ugland House, George Town, KY1-1104, Cayman Islands1
  • Phone852-3761-91401
  • Shares outstanding150,833,916 shares as of Dec 31, 20255
  • AuditorDeloitte & Touche LLP, San Francisco, California PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceSep 9, 20211
  • Filings149 in all: 425 (43), 6-K (29), F-4/A (12), 4 (11), 3 (7), DRS/A (6), UPLOAD (5), CORRESP (4)1
    All 28 form types

    DRSLTR (4), 13F-HR (3), 144 (3), SCHEDULE 13G (3), DRS (2), F-1/A (2), SCHEDULE 13D (2), 20-F (1), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), EFFECT (1), F-1 (1), F-4 (1), N-PX (1), RW (1), S-8 (1), SCHEDULE 13D/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Mar 10, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary SharesBLSHNew York Stock Exchange

From the cover page of the 20-F filed Mar 10, 2026 (Section 12(b) of the Exchange Act).5

Sources

The numbers on this page point here. Each one links to the record it came from.

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