# Bullish (BLSH.US)

Canonical: https://gigainvestors.com/s/BLSH

Analysis as of: 2026-10-16T07:26:59.865Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $31.87 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Down 50% since Sep 2025

Story as of 2026-10-16T10:01:28.146Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 245 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1872195/000143774926007417/blsh20251231_20f.htm (filed 2026-03-10); FY2025: revenue 244970328000; grossProfit 74084000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BLSH.US: 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.

### Where the cash goes

Paid dividends in 2 of 6 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2020: growth capex 0; upkeep 0; owner earnings 18000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: growth capex 0; upkeep 966000; owner earnings 1303624000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: growth capex 0; upkeep 3711000; owner earnings 83363000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2020,0],[2021,371250000],[2022,0],[2023,534644000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 86.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BLSH.US SharesStats.PercentInsiders = 86.68299999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is less than 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Closing price 31.87 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1917.981318948036; price multiple 0.016616428786428373. FY2025 cash earnings/share -6.328312050296344. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-08: $59.03 per share

- 2025-09: $63.61 per share

- 2025-10: $50.57 per share

- 2025-11: $43.62 per share

- 2025-12: $37.87 per share

- 2026-01: $30.20 per share

- 2026-02: $31.39 per share

- 2026-03: $35.73 per share

- 2026-04: $37.73 per share

- 2026-05: $34.91 per share

- 2026-06: $23.43 per share

- 2026-07: $21.79 per share

- 2026-08: $34.03 per share

- 2026-09: $34.89 per share

- 2026-10: $31.87 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1872195/000143774926007417/blsh20251231_20f.htm); period 2025-12-31, filed 2026-03-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# BLSH — Bullish

Held by 1 investor · USD 3,573,000 total · 2026 Q1 · reported price USD 35.73 (split-adjusted).
Page: https://gigainvestors.com/s/BLSH

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Chase Coleman (https://gigainvestors.com/TGM) | USD 3,573,000 | <0.1% | hold |

## Total held by quarter

- 2025 Q3: USD 6,361,000 · 1 holder · USD 63.61
- 2025 Q4: USD 3,787,000 · 1 holder · USD 37.87
- 2026 Q1: USD 3,573,000 · 1 holder · USD 35.73
- 2026 Q2: USD 0 · 0 holders