Bullish (BLSH) Stock: Price, Forecast & Analyst Target
Bullish (BLSH) — MoonshotScore 34/100 (Weak band), calculated Oct 5, 2026. Price $34.23 (-1.61%), as of the Oct 2, 2026 trading session; market cap $5.19B. Expected results Nov 18, 2026.
Educational signal · not a buy or sell recommendation · How to read this
Market value / cash and short-term investments: 15.73× (market value Oct 2, 2026; cash Jun 30, 2026) · expected results Nov 18, 2026
Bullish · BLSH · NYSE · Technology · Software - Application
Research dated 2026-09-13: Bullish operates a digital assets exchange combining order-book matching with automated market making for cryptocurrencies, alongside media properties and data services. The company remains unprofitable on an absolute basis but has stabilized operations, and success depends on whether trading volumes and platform monetization can grow faster than operating costs shrink.
Price as of Oct 2, 2026
Key Statistics
MoonshotScore v2 · Bullish (BLSH)
WeakWhy this rating? Method, drivers & history
Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.
- Business Quality — Is this a genuinely good business?
- Financial Safety — Could this blow up on me?
- Valuation — Am I paying a fair price?
- Growth Durability — Is the growth real and likely to last?
- Momentum — Is the market already moving on this?
A fortress balance sheet, but bottom-tier quality. Business Quality: Thin; Financial Safety: Fortress; Valuation: Full; Growth Durability: Flat; Momentum: Quiet.
- quarterly revenue $93M (Q2 FY2026, quarter ended Jun 2026)
- EPS beat 4 of 6
- Altman Z 54.40 · Piotroski F 4
Holding back: weak fundamentals
Helping: balance-sheet strength
What has the MoonshotScore done over time?
| Recorded | Score | Band |
|---|---|---|
| 35 | Weak | |
| 35 | Weak | |
| 35 | Weak | |
| 35 | Weak | |
| 35 | Weak | |
| 35 | Weak |
The score was 34 in the stored Oct 4, 2026 snapshot and remains 34 in the current publication computed Oct 5, 2026 (0); the largest pillar moves were Growth Durability +2; the pillar moves offset under the sector-relative weighting, so the headline score is unchanged. This current publication is not yet represented in the immutable snapshot archive.
Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.
Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →
Price & valuation
| Measure | Value |
|---|---|
| Latest provided price | $34.23 |
| Change on the day | -1.61% |
| 52-week range | $20.55–$70.50 |
| Market capitalisation | $5.19B |
| Shares traded on the day | 784.3K |
| Beta (volatility vs the S&P 500) | 0.33 |
Price & events
Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file or a dated event that is not a results report. Numbers key to the dated list. Point at or tab to any week for its close.
Events behind the price
- · Earnings results · below the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings results · below the recorded estimate
- · Earnings call · management outlook
- · Earnings results · above the recorded estimate
Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.
Upcoming events
Management outlook
Looking forward for the remainder of the year, we've updated Bullish's 2026 full year guidance as shown on Page 22, narrowing our previously provided guidance due to increased full year visibility.
David Bonanno · Statement from
Based on our current outlook, we expect the second half SS&O revenue implied by our guidance will be split roughly 45% in the third quarter and 55% in the fourth quarter with new partnerships already signed and coming online this quarter driving that expected sequential growth.
David Bonanno · Statement from
Statement dates identify the earnings call, not a deadline. Management expectations and provider estimates can change.
Read management statementsOther perspectives
Council score for Bullish (BLSH): perspectives
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
9-Factor Breakdown
Legends Council
5 lenses, 0 current
AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Read on: Sep 9, 2026 · older than the 27 hours refresh window; not a current reading
Munger's Mindset
Balance Sheet & Valuation · historical
Read on: Sep 9, 2026 · older than the 27 hours refresh window; not a current reading
How to read these bars and different assessments
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.
On Sep 9, 2026, the Munger lens read the price at that time as fairly valued against its own estimate of value.
Readings on this page are from Oct 5, 2026, except a card that shows its own read date.
Watch the BLSH film — every key number, told as a short cinematic story
~2 min · open the film
What is Bullish (BLSH), and what does it report?
Short answer · as of
Bullish consists of equity and debt investment segments serving the digital asset ecosystem.
Research dated 2026-09-13.
Bullish consists of equity and debt investment segments serving the digital asset ecosystem. The exchange business earns revenue from transaction fees and trading activity; CoinDesk media generates sponsorship and subscription income; data and indices contribute licensing revenue. Unlike typical software companies, exchange revenue depends on asset price volatility and trading enthusiasm—flat markets compress fees even as costs remain sticky.
The company went public less than a year ago and carries pre-revenue losses from buildout of trading infrastructure. Gross margins reveal operational challenges: reported gross profit swings dramatically quarter-to-quarter because cost of goods sold includes venue and settlement infrastructure that fixed. The path to profitability requires either volume growth or structural cost reduction.
What do the latest results show for Bullish (BLSH)?
Short answer · as of
The most recent reported quarter, Q2 FY2026, carried revenue of $93M.
Research dated 2026-09-13.
The most recent quarter reversed prior losses with positive earnings per share, driven by revenue from exchange trading activity and media properties. Revenue grew from the prior year as crypto market participation recovered, but the trend remains volatile—CoinDesk Insights and events revenue depend on industry sentiment and sponsorship appetite.
The mechanism behind quarterly swings centers on trading volume, cryptocurrency prices, and institutional adoption of the platform. A quarter with improved results suggests more market participants or higher transaction values; deteriorating results would indicate either reduced activity or compressed fees as competition for order flow intensifies.
Where is operating spending going?
Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.
- Latest quarter · revenue
- $92.59M Jun 30, 2026
- Latest quarter · SG&A
- $59.02M Jun 30, 2026
- Latest quarter · FMP standardized operating result
- $6.11M Jun 30, 2026
| Period end | Revenue | R&D | SG&A | FMP standardized operating result |
|---|---|---|---|---|
| Jun 30, 2026 | $92.59M | Not available | $59.02M | $6.11M |
| Mar 31, 2026 | $51.81B | Not available | $75.63M | −$57.85M |
| Dec 31, 2025 | $64.40B | Not available | −$82.10M | $27.04M |
| Sep 30, 2025 | $41.65B | Not available | $45.71M | $19.34M |
USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.
Did results meet expectations?
Reported earnings and revenue alongside the estimates recorded by the provider.
- Latest report · revenue
- $92.60M Aug 13, 2026
- Latest report · revenue estimate
- $87.42M Aug 13, 2026
- Latest report · revenue vs estimate
- Above estimate Aug 13, 2026
- Latest report · EPS vs estimate
- Above estimate Aug 13, 2026
| Report date | Revenue · reported | Revenue · estimate | EPS · reported | EPS · estimate |
|---|---|---|---|---|
| Aug 13, 2026 | $92.60M | $87.42M | $0.1000 | $0.0876 |
| May 14, 2026 | $92.80M | $94.95M | $0.1300 | $0.1493 |
| Feb 5, 2026 | $92.51M | $87.58M | $0.1954 | $0.1400 |
| Nov 19, 2025 | $76.50M | $72.92M | $0.1000 | $0.1031 |
Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.
Quarterly income statement — 4 quarters
| Period | Revenue | Net income | EPS |
|---|---|---|---|
| Q2 FY2026 | $93M | -$270M | -$1.78 (diluted) |
| Q1 FY2026 | $51.81B | -$582M | -$3.85 (diluted) |
| Q4 FY2025 | $64.40B | -$547M | -$3.62 (diluted) |
| Q3 FY2025 | $41.65B | $18M | $0.13 (diluted) |
What are the financial strengths and risks for Bullish (BLSH)?
Short answer
Cash and short-term investments were $329.96M at the Jun 30, 2026 balance-sheet date. Operating cash flow was $2.69M for the quarter ended Jun 30, 2026, meaning operations generated cash. These figures do not establish a cash runway.
Research dated 2026-09-13.
Cash balances have shrunk materially in recent quarters, declining from strength after the IPO, though the company still holds enough liquidity to fund operations and opportunities. Total debt remains modest relative to the balance sheet, but negative cash flow in recent periods raises the burn rate question.
The central financial risk is sustained unprofitability if trading volumes contract without corresponding cost reduction. Exchange businesses are capital-light but suffer high customer-acquisition costs. If competitors capture market share or if cryptocurrency adoption plateaus, Bullish would face pressure to reduce staff or restructure operations rather than attempt to earn their way to profitability.
How much cash does the business generate or use?
Quarterly operating cash flow shows cash generated or used by operations.
- Latest quarter · operating cash flow
- $2.69M Jun 30, 2026
- Previous quarter · operating cash flow
- $90.92M Mar 31, 2026
| Period end | Operating cash flow | Capital expenditure (reported) |
|---|---|---|
| Jun 30, 2026 | $2.69M | −$630,000 |
| Mar 31, 2026 | $90.92M | −$1.32M |
| Dec 31, 2025 | $61.83M | −$7.78M |
| Sep 30, 2025 | −$46.62M | −$2.10M |
Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.
USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.
What should you watch next at Bullish (BLSH)?
Short answer · as of
The next earnings report is expected on Nov 18, 2026.
Research dated 2026-09-13.
Watch the trend in active users and daily trading volume as reported in earnings commentary. Any sustained decline in either metric would signal deteriorating platform traction. Monitor also for competitive pricing pressure: if Bullish guides lower on fee revenue per trade, that indicates a race-to-the-bottom dynamic in the exchange business.
Track management commentary on path to profitability. If they continue to discuss cost reductions or operating leverage, that implies they expect volume growth; if instead they defend current cost structure, that suggests confidence in user monetization. Insider holdings and management compensation levels offer a window into whether founders still believe in the business.
What management is planning
Management expectations, not completed milestones or guarantees. Selected verbatim excerpts; dates follow the transcript provider.
Looking forward for the remainder of the year, we've updated Bullish's 2026 full year guidance as shown on Page 22, narrowing our previously provided guidance due to increased full year visibility.
David Bonanno ·
Based on our current outlook, we expect the second half SS&O revenue implied by our guidance will be split roughly 45% in the third quarter and 55% in the fourth quarter with new partnerships already signed and coming online this quarter driving that expected sequential growth.
David Bonanno ·
We expect that, that baseline in the second half of the year, which excludes the Consensus related events is roughly good. We'll probably expand over time as we invest in the platform, but we intend to hit our guidance there, and we maintain a tight cost control.
David Bonanno ·
How does Bullish compare with its peers?
Short answer
Bullish's score ranks 13th of 13 in the bounded comparison shown, against 12 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.
Research dated 2026-09-13.
Bullish competes with larger crypto exchanges like Coinbase and Kraken that have deeper capital, broader feature sets, and established user bases. Bullish's differentiation point is its market-making automation—the order-book design—but automated market makers (AMMs) on decentralized exchanges already provide similar functionality. Media assets (CoinDesk) offer community credibility but generate modest revenue.
Bullish's position as a listed company with direct access to public markets is an advantage competitors lack, but that advantage evaporates if the stock becomes a perpetual fundraising vehicle. Operating cash burn and reliance on institutional capital differentiate Bullish from peers, making execution on profitability not optional but existential.
| Company | Price | Market value | Score |
|---|---|---|---|
| $346.57 Oct 2, 2026 | $4.66B | 98 5-pillar Oct 5, 2026 | |
| $78.28 Oct 2, 2026 | $6.75B | 94 5-pillar Oct 5, 2026 | |
| $22.22 Oct 2, 2026 | $5.39B | 93 5-pillar Oct 5, 2026 | |
| $202.97 Oct 2, 2026 | $7.25B | 92 5-pillar Oct 5, 2026 | |
| $33.93 Oct 2, 2026 | $5.58B | 91 5-pillar Oct 5, 2026 | |
| $80.08 Oct 2, 2026 | $6.86B | 88 5-pillar Oct 5, 2026 | |
| $11.95 Oct 2, 2026 | $5.62B | 86 5-pillar Oct 5, 2026 | |
| $144.27 Oct 2, 2026 | $6.72B | 85 5-pillar Oct 5, 2026 | |
| $114.89 Oct 5, 2026 | $6.73B | 85 5-pillar Oct 5, 2026 | |
| $13.12 Oct 2, 2026 | $6.98B | 82 5-pillar Oct 5, 2026 | |
| $41.55 Oct 2, 2026 | $4.18B | 77 5-pillar Oct 5, 2026 | |
| $58.12 Oct 2, 2026 | $6.25B | 75 5-pillar Oct 5, 2026 | |
| Bullish (BLSH) — this page | $34.23 | $5.19B | 34 |
Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.
The records behind this page
Analyst targets & estimates
What analysts have on file
- Price target, low to high
- $30.00 – $61.00
- Consensus target
- $44.43
- Median target
- $43.00
Consensus record · Captured .
Measured against a quoted price of $34.23 (as of Oct 2, 2026).
Insider activity
Form 4 records via FMP · Of the newest 60 records, those within the last 180 days, newest dated Sep 24, 2026
- Transactions
- 21
- Identified insiders
- 6
- Purchases
- 0
- Sales
- 12
- Other transactions
- 9
Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
Who holds the shares?
Institutional ownership reported through 13F filings.
- Institutional ownership
- 27.8% Period end Jun 30, 2026
- Previous quarter · ownership
- 25.7% Prior to period end Jun 30, 2026
- Reporting holders
- 192 Period end Jun 30, 2026
- Previous quarter · holders
- 215 Prior to period end Jun 30, 2026
| Holders in provider snapshot | Shares |
|---|---|
| Fmr LLC | 10,456,240 |
| Ark Investment Management LLC | 6,746,186 |
| Sumitomo Mitsui Trust Group, INC. | 4,053,013 |
| Nikko Asset Management Americas, INC. | 4,040,921 |
| Stephens Investment Management Group LLC | 1,355,974 |
Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.
What has been published about Bullish (BLSH)?
Bullish Technology Stock: Key Questions Answered
Research dated 2026-09-13; the answers below are from that research, and the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.
When will Bullish reach profitability?
Profitability requires sustained trading volume growth, higher cryptocurrency prices, or structural cost reduction. Recent quarters show promise as volumes recovered but not certainty yet—a single negative macro event could reverse progress. Management has not guided explicitly to profitability timelines, suggesting caution about making promises in a volatile market.
What happens if crypto trading volumes collapse?
Revenue would drop immediately because transaction fees scale with trading activity, but operating costs would not fall proportionally. The company would face pressure to cut headcount or reduce infrastructure investment. Given the recent IPO, sustained losses at scale might trigger a capital raise at dilutive valuations.
How important is the CoinDesk media business to total economics?
CoinDesk revenue is a small fraction of total revenue and remains volatile depending on industry sponsorship cycles. If the exchange business achieves scale, media becomes immaterial; if exchange activity falters, media cannot fund corporate overhead. The media property's value lies in credibility and reach, not current profitability.
Could an acquirer buy Bullish at a discount to the IPO price?
A larger exchange might acquire Bullish for technology, users, or market position. Crypto M&A multiples have compressed, and Bullish's current valuation rests on growth expectations rather than current earnings. Incumbent exchanges have more liquidity, making acquisition accretive only if Bullish shows accelerating trends.
What is the BLSH stock price today?
The last price recorded on this page for Bullish (BLSH) is $34.23, as of the Oct 2, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.
What is the BLSH price target?
The analyst consensus price target for Bullish (BLSH) is $44.43 (range $30.00 to $61.00, median $43.00), per FMP data captured Oct 5, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Research written by Claude (claude-haiku-4-5) on 2026-09-13. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.
Sources — records for every figure on this page (77 figures)
The 77 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.
"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.
OFFICIAL — 2 facts from SEC filings and earnings calls
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
prod.outlook | Management outlook — call excerpts | David Bonanno (Aug 13, 2026): Looking forward for the remainder of the year, we've updated Bullish's 2026 full year guidance as shown on Page 22, narrowing our previously provided guidance due to increased full year visibility. David Bonanno (Aug 13, 2026): Based on our current outlook, we expect the second half SS&O revenue implied by our guidance will be split roughly 45% in the third quarter and 55% in the fourth quarter with new partnerships already signed and coming online this quarter driving that expected sequential growth. David Bonanno (Aug 13, 2026): We expect that, that baseline in the second half of the year, which excludes the Consensus related events is roughly good. We'll probably expand over time as we invest in the platform, but we intend to hit our guidance there, and we maintain a tight cost control. | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) — Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | |
id.hq | SEC filing business address | C/O Maples Corporate Services Limited, P.O. BOX 309, Ugland House, George Town, KY1-1104 | OFFICIAL | SEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "Office 101, 103, 105 Suite 70202, George Town, GT, 9005, KY". |
FMP — 68 facts from Financial Modeling Prep endpoint families
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.next | Next earnings date | Nov 18, 2026 | FMP | Financial Modeling Prep (FMP) earnings calendar — The date is our provider's estimate until the company confirms it. | |
px.last | Latest provided price | $34.23 | FMP | Financial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-05T00:54:35.889Z. | |
px.change | Change on the day | -1.61% | FMP | Financial Modeling Prep (FMP) · quote | |
px.mcap | Market capitalisation | $5.19B | FMP | Financial Modeling Prep (FMP) · quote — Date unknown Market cap record date: 2026-10-02. FMP quote timestamp: 2026-10-02T20:00:02.000Z. Captured from FMP at 2026-10-05T00:54:34.724Z. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares. | |
px.change_abs | Change on the day, in dollars | −$0.56 | FMP | Financial Modeling Prep (FMP) · quote | |
fin.q_revenue | Revenue, Q2 FY2026 | $93M | FMP | Financial Modeling Prep (FMP) · income statement (quarterly) | |
px.range52 | 52-week range | $20.55–$70.50 | FMP | Financial Modeling Prep (FMP) quote | |
px.volume | Shares traded on the day | 784.3K | FMP | Financial Modeling Prep (FMP) · quote | |
px.beta | Beta | 0.33 | FMP | Financial Modeling Prep (FMP) company profile | |
id.ceo | Chief executive | Thomas W. Farley | FMP | Financial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it. | |
id.employees | Employees | 414 | FMP | Financial Modeling Prep (FMP) employee count, from the company's filing | |
fin.annual | Revenue and net result by fiscal year | 5 fiscal years, FY2021 through FY2025: FY2021 revenue $1.32B, net result −$1.40B; FY2022 revenue $72.90B, net result −$4.25B; FY2023 revenue $116.51B, net result $1.30B; FY2024 revenue $250.26B, net result $78.53M; FY2025 revenue $244.97B, net result −$764.68M | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements | |
fin.gross_margin | Gross margin (trailing twelve months) | 0.0% | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.q_table.depth.2026-06-30.revenue_k | Revenue — period end 2026-06-30 | $92.59M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.sga_k | SG&A — period end 2026-06-30 | $59.02M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.operating_result_k | FMP standardized operating result — period end 2026-06-30 | $6.11M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.revenue_k | Revenue — period end 2026-03-31 | $51.81B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.sga_k | SG&A — period end 2026-03-31 | $75.63M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.operating_result_k | FMP standardized operating result — period end 2026-03-31 | −$57.85M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.revenue_k | Revenue — period end 2025-12-31 | $64.40B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.sga_k | SG&A — period end 2025-12-31 | −$82.10M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.operating_result_k | FMP standardized operating result — period end 2025-12-31 | $27.04M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.revenue_k | Revenue — period end 2025-09-30 | $41.65B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.sga_k | SG&A — period end 2025-09-30 | $45.71M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.operating_result_k | FMP standardized operating result — period end 2025-09-30 | $19.34M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
earn.history.depth.2026-08-13.revenue_actual | Revenue · reported — report date 2026-08-13 | $92.60M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-13.revenue_estimated | Revenue · estimate — report date 2026-08-13 | $87.42M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-13.eps_actual | EPS · reported — report date 2026-08-13 | $0.1000 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-13.eps_estimated | EPS · estimate — report date 2026-08-13 | $0.0876 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.revenue_actual | Revenue · reported — report date 2026-05-14 | $92.80M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.revenue_estimated | Revenue · estimate — report date 2026-05-14 | $94.95M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.eps_actual | EPS · reported — report date 2026-05-14 | $0.1300 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.eps_estimated | EPS · estimate — report date 2026-05-14 | $0.1493 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.revenue_actual | Revenue · reported — report date 2026-02-05 | $92.51M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.revenue_estimated | Revenue · estimate — report date 2026-02-05 | $87.58M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.eps_actual | EPS · reported — report date 2026-02-05 | $0.1954 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.eps_estimated | EPS · estimate — report date 2026-02-05 | $0.1400 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-19.revenue_actual | Revenue · reported — report date 2025-11-19 | $76.50M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-19.revenue_estimated | Revenue · estimate — report date 2025-11-19 | $72.92M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-19.eps_actual | EPS · reported — report date 2025-11-19 | $0.1000 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-19.eps_estimated | EPS · estimate — report date 2025-11-19 | $0.1031 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
fin.q_table | Quarterly income statement | 4 quarters through Q2 FY2026 | FMP | Financial Modeling Prep (FMP) · income statement (quarterly), as filed | |
fin.cash_investments | Cash and short-term investments | $329.96M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. | |
fin.opcf_latest | Latest-quarter operating cash flow | $2.69M | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate. | |
fin.long_term_investments | Long-term investments (classification unverified) | $6.53M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.total_debt | Total debt | $518.15M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.price_to_book | Price to book value | 2.15× | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.opcf.depth.2026-06-30.operating_cash_flow_m | Operating cash flow — period end 2026-06-30 | $2.69M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.operating_cash_flow_m | Operating cash flow — period end 2026-03-31 | $90.92M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-06-30.capex_m | Capital expenditure (reported) — period end 2026-06-30 | −$630,000 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.capex_m | Capital expenditure (reported) — period end 2026-03-31 | −$1.32M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.operating_cash_flow_m | Operating cash flow — period end 2025-12-31 | $61.83M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.capex_m | Capital expenditure (reported) — period end 2025-12-31 | −$7.78M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.operating_cash_flow_m | Operating cash flow — period end 2025-09-30 | −$46.62M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.capex_m | Capital expenditure (reported) — period end 2025-09-30 | −$2.10M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
earn.pt_range | Analyst price target, low to high | $30.00 – $61.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied | |
earn.pt_consensus | Consensus analyst price target | $44.43 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied | |
earn.pt_median | Median analyst price target | $43.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied | |
own.insiders | Insider transactions via FMP | 21 transactions · 0 purchases, 12 sales, 9 other transactions · 6 identified insiders · of the newest 60 records, those within the last 180 days, newest dated Sep 24, 2026 | FMP | Financial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent. | |
own.institutions.depth.ownership_pct | Institutional ownership | 27.8% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.ownership_pct_previous_quarter | Previous quarter · ownership | 25.7% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.institutions.depth.holders | Reporting holders | 192 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.holders_previous_quarter | Previous quarter · holders | 215 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.top_holders.depth.holder_0.shares | Fmr LLC — shares in provider snapshot | 10,456,240 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_1.shares | Ark Investment Management LLC — shares in provider snapshot | 6,746,186 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_2.shares | Sumitomo Mitsui Trust Group, INC. — shares in provider snapshot | 4,053,013 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_3.shares | Nikko Asset Management Americas, INC. — shares in provider snapshot | 4,040,921 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_4.shares | Stephens Investment Management Group LLC — shares in provider snapshot | 1,355,974 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. |
UNRECORDED — 2 facts from stored observations whose source was not recorded
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.history | Reported versus estimated, recent quarters | EPS beat 4 of 6 | UNRECORDED | Stored earnings-history observation — Captured 2026-09-30 · Expired observation | |
fin.scores | Distress and quality screens | Altman Z 54.40 · Piotroski F 4 | UNRECORDED | Stored financial-scores observation — Captured 2026-10-03 · Expired observation |
COMPUTED — 3 facts from our arithmetic, formula restated
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
fin.mcap_to_cash | Market value per dollar of cash and short-term investments | 15.73× | — | COMPUTED | Computed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $329.96M at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-02. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio. |
earn.history.depth.2026-08-13.revenue_actual.comparison | Latest report · revenue vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($92.60M) with the recorded estimate ($87.42M) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
earn.history.depth.2026-08-13.eps_actual.comparison | Latest report · EPS vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS ($0.1000) with the recorded estimate ($0.0876) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
OURS — 2 facts from Stock Expert AI's own score and rank
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
ours.moonshot | MoonshotScore v2 | 34 of 100 · Weak · pillars 22 / 97 / 49 / 54 / 49 | OURS | Stock Expert AI MoonshotScore v2 engine | |
ours.moonshot_change | MoonshotScore movement | 34 (stored snapshot Oct 4, 2026) → 34 (current publication computed Oct 5, 2026) (0) | OURS | Stock Expert AI current score publication and immutable score snapshots — The current score publication is not yet represented in the immutable snapshot archive. |
Fact-family notes
- Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs:
fin.q_table.depth.2026-06-30.revenue_k,fin.q_table.depth.2026-06-30.sga_k,fin.q_table.depth.2026-06-30.operating_result_k,fin.q_table.depth.2026-03-31.revenue_k,fin.q_table.depth.2026-03-31.sga_k,fin.q_table.depth.2026-03-31.operating_result_k,fin.q_table.depth.2025-12-31.revenue_k,fin.q_table.depth.2025-12-31.sga_k,fin.q_table.depth.2025-12-31.operating_result_k,fin.q_table.depth.2025-09-30.revenue_k,fin.q_table.depth.2025-09-30.sga_k,fin.q_table.depth.2025-09-30.operating_result_k. - Earnings-history note. Source series as of 2026-08-13. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs:
earn.history.depth.2026-08-13.revenue_actual,earn.history.depth.2026-08-13.revenue_estimated,earn.history.depth.2026-08-13.revenue_actual.comparison,earn.history.depth.2026-08-13.eps_actual.comparison,earn.history.depth.2026-08-13.eps_actual,earn.history.depth.2026-08-13.eps_estimated,earn.history.depth.2026-05-14.revenue_actual,earn.history.depth.2026-05-14.revenue_estimated,earn.history.depth.2026-05-14.eps_actual,earn.history.depth.2026-05-14.eps_estimated,earn.history.depth.2026-02-05.revenue_actual,earn.history.depth.2026-02-05.revenue_estimated,earn.history.depth.2026-02-05.eps_actual,earn.history.depth.2026-02-05.eps_estimated,earn.history.depth.2025-11-19.revenue_actual,earn.history.depth.2025-11-19.revenue_estimated,earn.history.depth.2025-11-19.eps_actual,earn.history.depth.2025-11-19.eps_estimated. - Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs:
fin.opcf.depth.2026-06-30.operating_cash_flow_m,fin.opcf.depth.2026-03-31.operating_cash_flow_m,fin.opcf.depth.2026-06-30.capex_m,fin.opcf.depth.2026-03-31.capex_m,fin.opcf.depth.2025-12-31.operating_cash_flow_m,fin.opcf.depth.2025-12-31.capex_m,fin.opcf.depth.2025-09-30.operating_cash_flow_m,fin.opcf.depth.2025-09-30.capex_m.
- Published
- Research standards
- Methodology · Editorial policy · Corrections
- Report a number
- sedat@stockexpertai.com
Sources used for research written 2026-09-13
Historical evidence preserved with this analysis. Current figures are listed separately above.
| Evidence | Captured value | Source date | Source type | Source |
|---|---|---|---|---|
| Business description | 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. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) company profile |
| Annual revenue and net result (USD millions) | Captured record · 5 entries
| 2025-12-31 | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements |
| Quarterly income statement (USD thousands) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements |
| Reported versus estimated, last 8 quarters | Captured record · 8 entries
| 2026-08-13 | FMP | Financial Modeling Prep (FMP) earnings |
| Cash, investments and debt | Total debt: $518.15M; Liquidity basis: cash and short-term investments; Total liabilities: $636.68M; Cash and short-term investments: $329.96M; Cash and investments: $336.50M; Long-term investments: $6.53M; Long-term investments classification: unclassified Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's balance sheet |
| Trailing twelve-month ratio set | Quick ratio: 22.41; Current ratio: 23.52; Debt to equity: 0.21; Net margin: -0.9%; Gross margin: 0%; Operating margin: 0%; Return on assets: -44.6%; Return on equity: -45.3% Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm |
| Distress and quality screens | Altman Z-score: 54.53; Piotroski F-score: 4 Altman Z below 1.8 is the conventional distress zone. The screen is built for manufacturers and industrials; for banks, insurers and property companies it is not a meaningful reading. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) financial scores |
| Next earnings report | Date: 2026-11-18; EPS estimate: $0.08 per share; Revenue estimate: $81.76M The date is our provider's estimate until the company confirms it. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) earnings calendar |
| Management outlook — dated call excerpts | Captured record · 3 entries
Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | 2026-08-13 | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) |
| Insider transactions, last 180 days | Net shares: -224,305; Window days: 180; Price low: $11.1; Clustered days: 2026-09-03; Price high: $44.95; Buy transactions: 0; Distinct insiders: 5; Sell transactions: 8; Other transactions: 9; Total transactions: 17; Other transaction types: S-Sale: 1, A-Award: 4, M-Exempt: 3, X-InTheMoney: 1; Unknown direction transactions: 0 Purchase and sale counts require explicit provider transaction types, without a conflicting acquisition/disposition direction. Other transactions retain their provider type; awards, exercises, gifts and in-kind transactions are not counted as purchases or sales. Net shares sums acquired minus disposed shares across direction-known records, including other transaction types; unknown directions are excluded. It is not net purchases or a verified change in beneficial ownership. Named-insider counts, same-day clusters and positive reported prices cover all retained records. Filing dates are used only when transaction dates are absent. Neither timing nor price establishes motive or whether a transaction was on the open market. | 2026-09-03 | FMP | Financial Modeling Prep (FMP) insider transactions, from Form 4 filings |
| Operating cash flow by quarter (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements |
| Analyst actions, most recent per firm | Captured record · 7 entries
One row per firm — the firm's most recent action in our feed. Other data vendors may carry firms ours does not. | 2026-08-17 | FMP | Financial Modeling Prep (FMP) analyst grades |
| Institutional ownership (13F) | Holders: 192; Quarter: 2026-06-30; Ownership: 27.8%; Holders previous quarter: 215; Ownership previous quarter: 25.7 13F filings are quarterly and lag the quarter end by up to 45 days. | 2026-06-30 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings |
Data provided for informational purposes only.
ETFs that hold BLSH
Funds in our ETF coverage that list BLSH among the top 10 holdings on their fund page, largest weight first. Each weight is the fund's reported holding weight as of the date in its row.
| ETF | Weight | Holdings as of |
|---|---|---|
| ARK Blockchain & Fintech Innovation ETF (ARKF) | 3.31% |