Bullish (BLSH)

Price$36.00Cached quoteAs of 2026-09-06 04:47 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because liquid assets cushion risk while substantial future growth is already expected.

Using roughly 161 million fully diluted shares, Bullish is valued near $5.3 billion. June net liquid assets were about $2.1 billion, leaving investors effectively paying around $3.2 billion for the operating businesses. Annualizing first-half adjusted operating profit before interest, taxes, depreciation and selected charges gives roughly $129 million, a demanding standalone multiple. However, the planned Equiniti combination targets more than $500 million of annual operating profit after capital spending, putting the pro forma valuation closer to the mid-teens if the deal closes and performs as expected.

Big pictureUnderlying revenue and profits are improving, but crypto accounting creates extremely volatile reported results.

The supplied history records $244.8 billion of 2025 digital-asset sales but only $78.3 million of gross profit, illustrating why gross trading sales are a poor measure of economic revenue. Operating cash flow was only $28.6 million. First-half 2026 adjusted revenue rose to $185.4 million and adjusted operating profit before interest, taxes, depreciation and selected charges reached $64.7 million. Yet reported losses remained huge because digital-asset prices created impairment and fair-value swings that do not cleanly describe the underlying exchange and information businesses.

Business strengthRecurring information revenue and substantial liquidity reduce trading dependence, while the Equiniti deal brings major dilution.

Second-quarter subscription, services and other revenue reached a record $62.7 million, versus $29.9 million of adjusted transaction revenue, making the business less dependent on crypto trading volumes and spreads. Bullish also held $2.1 billion of net liquid assets and operates across several major regulatory jurisdictions. The tradeoff is capital allocation: Equiniti will cost $4.2 billion, including about $1.85 billion of assumed debt and roughly 61 million newly issued Bullish shares, taking expected fully diluted shares near 222 million after closing. Bullish currently pays no dividend.

What could change the storySuccessful tokenized securities growth creates upside; integration problems or weak crypto activity would expose the valuation.

The bull case is that Equiniti's nearly 3,000 issuer clients and 20 million shareholders become distribution for Bullish's tokenized-securities platform. Management expects the combined company to produce about $1.3 billion of adjusted revenue and more than $500 million of operating profit after capital spending, then grow revenue 6%-8% annually. The bear case is slower tokenization adoption, regulatory or closing delays, weak trading volumes, or integration problems. Current pricing therefore requires Equiniti to contribute durable earnings while recurring services continue reducing sensitivity to crypto-market cycles.

AI: News

Second-quarter resultsRecurring revenue growth impressed investors, but large reported losses produced a highly volatile two-day reaction.

On August 13, Bullish reported adjusted revenue of $92.6 million, up 62% year over year, and adjusted operating profit before interest, taxes, depreciation and selected charges of $29.5 million. Reported net loss was $280 million, largely reflecting crypto-related accounting swings. Shares rose about 11.6% that session, then fell roughly 11.2% the next day. The reversal suggests investors were balancing improving underlying economics against volatile reported results and valuation rather than reacting to one simple earnings surprise.

Equiniti deal announcedThe $4.2 billion Equiniti purchase transformed Bullish's strategy while introducing substantial dilution and integration risk.

On May 5, Bullish agreed to acquire Equiniti for $4.2 billion, comprising $1.85 billion of assumed debt and approximately $2.35 billion of new Bullish shares. Equiniti serves nearly 3,000 issuer clients and about 20 million shareholders, giving Bullish an established transfer-agent network for tokenized securities. The stock initially fell in premarket trading but ultimately finished nearly 12% higher according to contemporaneous reporting. That reversal highlights the market's tension between dilution concerns and the deal's strategic potential.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

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2025

Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022
Revenue	$244.81B	$250.20B	$116.49B	$72.90B
Gross profit	$78.3M	$96.5M	$72.9M	−$6.6M
Gross margin	0.03%	0.04%	0.06%	−0.01%
Operating expenses	$23.4M	−$26.6M	−$31.9M	−$22.2M
Operating income	$50.7M	$31.9M	$10.2M	$15.7M
Operating margin	0.02%	0.01%	0.01%	0.02%
EBITDA	−$725.8M	$131.6M	$1.31B	−$4.12B
EBITDA margin	−0.30%	0.05%	1.12%	−5.65%
Net income	−$785.5M	$79.6M	$1.30B	−$4.25B
Net profit margin	−0.32%	0.03%	1.12%	−5.82%
Basic EPSper basic share	-$5.99	$0.70	$11.55	-$29.04
Diluted EPSper diluted share	-$5.99	$0.68	$10.63	-$29.04

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BLSH
Holder	Shares held
Yuan Kokuei	36.49M
FMR LLC	10.46M
ARK Investment Management LLC	6.75M
Bliss Andrew	5.04M
Sumitomo Mitsui Trust Group, Inc.	4.05M
Amova Asset Management Americas, Inc.	4.04M
Stephens Investment Management Group LLC	1.36M
VAN ECK ASSOCIATES CORP	1.25M
BlackRock, Inc.	1.2M
T. Rowe Price Investment Management, Inc.	1.16M
Jupiter Topco LLC	1.04M
MORGAN STANLEY	664.21K
UBS Group AG	659.58K
Invesco Ltd.	626.13K
Galaxy Digital Inc.	625K
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	408.87K
Southpoint Capital Advisors LP	400K
Gotham Asset Management, LLC	347.41K
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	307.5K
RENAISSANCE TECHNOLOGIES LLC	264.83K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)9$6.43M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 11, 2026Form 4 · 10b5-1	Farley Thomas WChief Executive Officer	SellOrdinary Shares	3.3K	$44.95	$148.5K	0
May 11, 2026Form 4 · 10b5-1	Farley Thomas WChief Executive Officer	SellOrdinary Shares	50.1K	$44.27	$2.22M	3.3K
May 11, 2026Form 4 · 10b5-1	Farley Thomas WChief Executive Officer	SellOrdinary Shares	21.1K	$43.47	$915.0K	53.5K
May 11, 2026Form 4 · 10b5-1	Farley Thomas WChief Executive Officer	SellOrdinary Shares	5.5K	$42.25	$232.4K	74.5K
May 5, 2026Form 4	Farley Thomas WChief Executive Officer	SellOrdinary Shares	247	$0.00	$0.00	4.97M

Review ownership filings at SEC.gov ↗

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Bullish (BLSH)

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