Bullish (BLSH)Technology | Software - Infrastructure | George Town, Cayman Islands | NYSE
30.39 USD
-1.38
(-4.344%) ⇩
(Oct. 14, 2026, 4 p.m.
EDT)
After hours: 29.90 -0.49 (-0.495%) ⇩ (Oct. 14, 2026, 7:59 p.m. EDT) |
Hot Take ↕ | Oct. 10, 2026, 1:12 a.m. EDT
The fundamental reality here is stark: Bullish is a company burning cash with negative free cash flow and negative operating margins, trading at a forward P/E that implies earnings will turn positive soon, yet the balance sheet shows significant debt relative to equity. While the revenue growth story is compelling at 68%, the lack of profitability and the negative return on equity suggest the business model is currently fragile. The recent price action confirms this fragility; despite a reported 68% revenue jump in Q4, the stock has dumped nearly 40% from its highs, leaving it technically oversold but fundamentally stretched. The options market is screaming for a 'big move'—either a catalyst-driven surge to the 40-50 range or a capitulation to the 20s—but the underlying fundamentals do not yet support a confident long-term hold. This is a high-risk speculative vehicle dependent on M&A scale or a sudden profitability turnaround, not a stable investment. |
| Model | MAE |
|---|---|
| MSTL ✓ | 0.213311 |
| AutoETS | 0.238969 |
| AutoTheta | 0.279280 |
| AutoARIMA | 0.346624 |
Forecast horizon: 45 days | Selected: MSTL
| Forecast Reliability | |
|---|---|
| Score | 30% |
| H-stat | 121.43 |
| Ljung-Box p | 0.000 |
| Jarque-Bera p | 0.122 |
| Excess Kurtosis | -1.44 |
| Attribute | Value |
|---|---|
| Sector | Technology |
| Debt to Equity Ratio | 21.063 |
| Revenue per Share | 2.048 |
| Market Cap | 4,608,593,408 |
| Forward P/E | 42.66 |
| Website | https://www.bullish.com |
As of Oct. 10, 2026, 1:12 a.m. EDT: Speculators are aggressively positioning for volatility rather than a specific directional move. Call Open Interest is heavily concentrated at strikes significantly above the current price (36, 37.5, 40), creating a massive 'wall' of resistance that suggests a speculative bet on a sharp rally or a long-dated straddle play. Conversely, Put Open Interest is stacked at lower strikes (30, 25, 22.5), indicating a hedge against a drop to the 52-week lows. The extreme disparity in implied volatility—where deep out-of-the-money calls and puts trade at premiums 5x to 10x the at-the-money levels—confirms that the market is pricing in a binary event or a massive swing, not a steady grind.
| Attribute | Value |
|---|---|
| 52 Week Change | -0.45831203 |
| Address1 | Office 101, 103, 105 Suite 70202 |
| Address2 | Unit 7A-2B, 2nd Floor Building A, Block 7 60 Nexus Way, Camana Bay |
| All Time High | 118.0 |
| All Time Low | 20.55 |
| Ask | 31.0 |
| Ask Size | 400 |
| Average Analyst Rating | 2.2 - Buy |
| Average Daily Volume10 Day | 931,010 |
| Average Daily Volume3 Month | 1,480,754 |
| Average Volume | 1,480,754 |
| Average Volume10Days | 931,010 |
| Bid | 30.2 |
| Bid Size | 200 |
| Book Value | 15.921 |
| City | George Town |
| Country | Cayman Islands |
| Crypto Tradeable | 0 |
| Currency | USD |
| Current Price | 30.39 |
| Current Ratio | 23.525 |
| Custom Price Alert Confidence | HIGH |
| Date Short Interest | 1,790,726,400 |
| Day High | 32.14 |
| Day Low | 29.86 |
| Debt To Equity | 21.063 |
| Dividend Yield | 0.0 |
| Earnings Call Timestamp End | 1,786,624,200 |
| Earnings Call Timestamp Start | 1,786,624,200 |
| Earnings Timestamp | 1,786,624,200 |
| Earnings Timestamp End | 1,795,005,000 |
| Earnings Timestamp Start | 1,795,005,000 |
| Ebitda | -794,545,984 |
| Ebitda Margins | -2.64214 |
| Enterprise To Ebitda | -6.117 |
| Enterprise To Revenue | 16.161 |
| Enterprise Value | 4,859,976,704 |
| Eps Current Year | 0.46922 |
| Eps Forward | 0.71234 |
| Eps Trailing Twelve Months | -9.7 |
| Esg Populated | 0 |
| Exchange | NYQ |
| Exchange Data Delayed By | 20 |
| Exchange Timezone Name | America/New_York |
| Exchange Timezone Short Name | EDT |
| Fifty Day Average | 32.1476 |
| Fifty Day Average Change | -1.7575989 |
| Fifty Day Average Change Percent | -0.05467279 |
| Fifty Two Week Change Percent | -45.831203 |
| Fifty Two Week High | 60.52 |
| Fifty Two Week High Change | -30.130001 |
| Fifty Two Week High Change Percent | -0.49785197 |
| Fifty Two Week Low | 20.55 |
| Fifty Two Week Low Change | 9.84 |
| Fifty Two Week Low Change Percent | 0.47883216 |
| Fifty Two Week Range | 20.55 - 60.52 |
| Financial Currency | USD |
| First Trade Date Milliseconds | 1,755,091,800,000 |
| Float Shares | 43,847,294 |
| Forward Eps | 0.71234 |
| Forward P E | 42.662212 |
| Free Cashflow | -408,916,512 |
| Full Exchange Name | NYSE |
| Full Time Employees | 394 |
| Fullday Change | -0.22999954 |
| Fullday Change Percent | -0.72715634 |
| Fullday Price | 30.39 |
| Gmt Off Set Milliseconds | -14,400,000 |
| Gross Margins | 1.0 |
| Gross Profits | 300,720,992 |
| Has Pre Post Market Data | 1 |
| Held Percent Insiders | 0.86683 |
| Held Percent Institutions | 0.26154 |
| Implied Shares Outstanding | 151,648,346 |
| Industry | Software - Infrastructure |
| Industry Disp | Software - Infrastructure |
| Industry Key | software-infrastructure |
| Is Earnings Date Estimate | 1 |
| Language | en-US |
| Last Fiscal Year End | 1,767,139,200 |
| Long Business Summary | 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. |
| Long Name | Bullish |
| Market | us_market |
| Market Cap | 4,608,593,408 |
| Market State | POSTPOST |
| Max Age | 86,400 |
| Message Board Id | finmb_1814007208 |
| Most Recent Quarter | 1,782,777,600 |
| Net Income To Common | -1,380,105,984 |
| Next Fiscal Year End | 1,798,675,200 |
| Non Diluted Market Cap | 6,082,615,158 |
| Number Of Analyst Opinions | 11 |
| Open | 31.68 |
| Operating Cashflow | 123,015,000 |
| Operating Margins | -3.1427398 |
| Payout Ratio | 0.0 |
| Phone | 345 949 8066 |
| Post Market Change | -0.49499893 |
| Post Market Change Percent | -1.6288217 |
| Post Market Price | 29.895 |
| Post Market Time | 1,792,022,373 |
| Previous Close | 31.77 |
| Price Eps Current Year | 64.76706 |
| Price Hint | 2 |
| Price To Book | 1.9087998 |
| Price To Sales Trailing12 Months | 15.325147 |
| Profit Margins | 0.0 |
| Quick Ratio | 2.873 |
| Quote Source Name | Nasdaq Real Time Price |
| Quote Type | EQUITY |
| Recommendation Key | buy |
| Recommendation Mean | 2.16667 |
| Region | US |
| Regular Market Change | -1.38 |
| Regular Market Change Percent | -4.34372 |
| Regular Market Day High | 32.14 |
| Regular Market Day Low | 29.86 |
| Regular Market Day Range | 29.86 - 32.14 |
| Regular Market Open | 31.68 |
| Regular Market Previous Close | 31.77 |
| Regular Market Price | 30.39 |
| Regular Market Time | 1,792,008,002 |
| Regular Market Volume | 881,882 |
| Return On Assets | -0.15711 |
| Return On Equity | -0.57069 |
| Revenue Growth | 0.688 |
| Revenue Per Share | 2.048 |
| Sand P52 Week Change | 0.17004645 |
| Sector | Technology |
| Sector Disp | Technology |
| Sector Key | technology |
| Shares Outstanding | 151,648,346 |
| Shares Percent Shares Out | 0.052699998 |
| Shares Short | 7,987,417 |
| Shares Short Previous Month Date | 1,788,134,400 |
| Shares Short Prior Month | 8,564,500 |
| Short Name | Bullish |
| Short Percent Of Float | 0.1591 |
| Short Ratio | 5.47 |
| Source Interval | 15 |
| Symbol | BLSH |
| Target High Price | 53.0 |
| Target Low Price | 25.0 |
| Target Mean Price | 40.81818 |
| Target Median Price | 40.0 |
| Total Cash | 312,851,008 |
| Total Cash Per Share | 2.063 |
| Total Debt | 518,152,992 |
| Total Revenue | 300,720,992 |
| Tradeable | 0 |
| Trailing Annual Dividend Rate | 0.0 |
| Trailing Annual Dividend Yield | 0.0 |
| Trailing Eps | -9.7 |
| Trailing Peg Ratio | None |
| Triggerable | 1 |
| Two Hundred Day Average | 33.0569 |
| Two Hundred Day Average Change | -2.6669006 |
| Two Hundred Day Average Change Percent | -0.080676064 |
| Type Disp | Equity |
| Volume | 881,882 |
| Website | https://www.bullish.com |
| Zip | 9,005 |