Bullish (BLSH)Technology | Software - Infrastructure | George Town, Cayman Islands | NYSE
32.89 USD
-0.67
(-1.996%) ⇩
(Aug. 28, 2026, 4 p.m.
EDT)
After hours: 32.60 -0.29 (-0.286%) ⇩ (Aug. 28, 2026, 7:53 p.m. EDT) |
Hot Take ↕ | Aug. 22, 2026, 5:16 a.m. EDT
The immediate outlook is driven by a speculative frenzy rather than traditional value metrics. While the company boasts impressive top-line growth of nearly 70%, the balance sheet is fundamentally broken with negative free cash flow, negative operating margins, and negative equity. The market is ignoring these deteriorating fundamentals in favor of a narrative around tokenization and M&A scale, which has attracted attention from major funds like ARK Invest. However, the price action tells a different story: the stock has collapsed roughly 58% from its yearly highs, leaving it trading at a forward P/E of roughly 43x on expected earnings of just $0.70. The options chain confirms this disconnect; traders are betting on a violent recovery to the $70 range, but the lack of a dividend and the precarious financial position mean this is a high-risk momentum play. The short-term rating is elevated due to the aggressive call buying and the potential for a 'dead cat bounce' or genuine re-rating on the crypto narrative, but the long-term investment case remains neutral-to-negative until profitability is proven. |
| Model | MAE |
|---|---|
| MSTL ✓ | 0.078274 |
| AutoETS | 0.080424 |
| AutoTheta | 0.105297 |
| AutoARIMA | 0.175284 |
Forecast horizon: 45 days | Selected: MSTL
| Forecast Reliability | |
|---|---|
| Score | 26% |
| H-stat | 10.35 |
| Ljung-Box p | 0.000 |
| Jarque-Bera p | 0.000 |
| Excess Kurtosis | 1.26 |
| Attribute | Value |
|---|---|
| Sector | Technology |
| Debt to Equity Ratio | 21.063 |
| Revenue per Share | 2.048 |
| Market Cap | 4,987,714,048 |
| Forward P/E | 46.99 |
| Website | https://www.bullish.com |
As of Aug. 22, 2026, 5:16 a.m. EDT: Speculators are aggressively positioning for a massive upside move, evidenced by heavy call volume and open interest at strikes significantly above the current price (e.g., $70 and $95 expiring in December). Conversely, put writers are establishing substantial walls at lower strikes ($25.50, $27.00), creating a defined floor while allowing unlimited upside potential. This asymmetry suggests a 'long gamma' environment where traders expect volatility expansion and a sharp rally, despite the underlying statistical model showing very low reliability.
| Attribute | Value |
|---|---|
| 52 Week Change | -0.45897144 |
| 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 | 32.9 |
| Ask Size | 300 |
| Average Analyst Rating | 2.2 - Buy |
| Average Daily Volume10 Day | 2,058,700 |
| Average Daily Volume3 Month | 1,694,054 |
| Average Volume | 1,694,054 |
| Average Volume10Days | 2,058,700 |
| Bid | 32.4 |
| Bid Size | 200 |
| Book Value | 15.921 |
| City | George Town |
| Country | Cayman Islands |
| Crypto Tradeable | 0 |
| Currency | USD |
| Current Price | 32.89 |
| Current Ratio | 23.525 |
| Custom Price Alert Confidence | HIGH |
| Date Short Interest | 1,786,665,600 |
| Day High | 33.66 |
| Day Low | 32.19 |
| Debt To Equity | 21.063 |
| 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 | 1,794,486,600 |
| Earnings Timestamp Start | 1,794,486,600 |
| Ebitda | -794,545,984 |
| Ebitda Margins | -2.64214 |
| Enterprise To Ebitda | -6.594 |
| Enterprise To Revenue | 17.422 |
| Enterprise Value | 5,239,186,944 |
| Eps Current Year | 0.43666 |
| Eps Forward | 0.7 |
| Eps Trailing Twelve Months | -10.0 |
| Esg Populated | 0 |
| Exchange | NYQ |
| Exchange Data Delayed By | 0 |
| Exchange Timezone Name | America/New_York |
| Exchange Timezone Short Name | EDT |
| Fifty Day Average | 24.9698 |
| Fifty Day Average Change | 7.9201984 |
| Fifty Day Average Change Percent | 0.3171911 |
| Fifty Two Week Change Percent | -45.897144 |
| Fifty Two Week High | 74.98 |
| Fifty Two Week High Change | -42.090004 |
| Fifty Two Week High Change Percent | -0.56134975 |
| Fifty Two Week Low | 20.55 |
| Fifty Two Week Low Change | 12.34 |
| Fifty Two Week Low Change Percent | 0.60048664 |
| Fifty Two Week Range | 20.55 - 74.98 |
| Financial Currency | USD |
| First Trade Date Milliseconds | 1,755,091,800,000 |
| Float Shares | 48,466,072 |
| Forward Eps | 0.7 |
| Forward P E | 46.985714 |
| Free Cashflow | -408,916,512 |
| Full Exchange Name | NYSE |
| Full Time Employees | 394 |
| Fullday Change | -0.670002 |
| Fullday Change Percent | -1.99643 |
| Fullday Price | 32.6042 |
| 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 | 0.86666 |
| Held Percent Institutions | 0.26229 |
| Implied Shares Outstanding | 151,648,346 |
| Industry | Software - Infrastructure |
| Industry Disp | Software - Infrastructure |
| Industry Key | software-infrastructure |
| Is Earnings Date Estimate | 0 |
| 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 | 4,987,714,048 |
| Market State | CLOSED |
| 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 | 5,089,318,491 |
| Number Of Analyst Opinions | 9 |
| Open | 33.2 |
| Operating Cashflow | 123,015,000 |
| Operating Margins | -3.1427398 |
| Payout Ratio | 0.0 |
| Phone | 345 949 8066 |
| Post Market Change | -0.28580093 |
| Post Market Change Percent | -0.86895996 |
| Post Market Price | 32.6042 |
| Post Market Time | 1,787,961,182 |
| Previous Close | 33.56 |
| Price Eps Current Year | 75.32176 |
| Price Hint | 2 |
| Price To Book | 2.065825 |
| Price To Sales Trailing12 Months | 16.585852 |
| Profit Margins | 0.0 |
| Quick Ratio | 2.873 |
| Quote Source Name | Nasdaq Real Time Price |
| Quote Type | EQUITY |
| Recommendation Key | buy |
| Recommendation Mean | 2.2 |
| Region | US |
| Regular Market Change | -0.670002 |
| Regular Market Change Percent | -1.99643 |
| Regular Market Day High | 33.66 |
| Regular Market Day Low | 32.19 |
| Regular Market Day Range | 32.19 - 33.66 |
| Regular Market Open | 33.2 |
| Regular Market Previous Close | 33.56 |
| Regular Market Price | 32.89 |
| Regular Market Time | 1,787,947,202 |
| Regular Market Volume | 1,301,391 |
| Return On Assets | -0.15711 |
| Return On Equity | -0.57069 |
| Revenue Growth | 0.688 |
| Revenue Per Share | 2.048 |
| Sand P52 Week Change | 0.20504117 |
| Sector | Technology |
| Sector Disp | Technology |
| Sector Key | technology |
| Shares Outstanding | 151,648,346 |
| Shares Percent Shares Out | 0.054899998 |
| Shares Short | 8,332,222 |
| Shares Short Previous Month Date | 1,784,073,600 |
| Shares Short Prior Month | 9,857,399 |
| Short Name | Bullish |
| Short Percent Of Float | 0.16600001 |
| Short Ratio | 5.43 |
| Source Interval | 15 |
| Symbol | BLSH |
| Target High Price | 50.0 |
| Target Low Price | 25.0 |
| Target Mean Price | 38.44444 |
| Target Median Price | 39.0 |
| 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 | -10.0 |
| Trailing Peg Ratio | None |
| Triggerable | 1 |
| Two Hundred Day Average | 34.2922 |
| Two Hundred Day Average Change | -1.4021988 |
| Two Hundred Day Average Change Percent | -0.040889733 |
| Type Disp | Equity |
| Volume | 1,301,391 |
| Website | https://www.bullish.com |
| Zip | 9,005 |