Bullish (BLSH)Technology | Software - Infrastructure | George Town, Cayman Islands | NYSE
22.87 USD
-1.36
(-5.613%) ⇩
(July 13, 2026, 4 p.m.
EDT)
|
Hot Take ↕ | July 11, 2026, 5:54 a.m. EDT
The investment case for Bullish is currently bifurcated between a speculative catalyst and deteriorating fundamentals. On the surface, the company is executing a high-profile pivot into tokenized securities, which has attracted attention from major investors like Ark Invest and Cathie Wood, driving revenue growth to 65% year-over-year. However, the financial reality is stark: the company is burning cash aggressively with negative free cash flow of nearly $850 million and negative operating margins. The balance sheet is fragile, carrying debt significantly higher than its cash reserves, which creates a constant risk of dilution or distress financing. While the stock has found a temporary bottom near $21, the lack of a dividend and the heavy reliance on external capital make this a high-risk venture. The options market is pricing in a volatile rebound, likely driven by the tokenization hype, but this does not yet translate into a sustainable business model. For now, the stock is a speculative play on a narrative rather than a sound investment in a profitable enterprise. The long-term outlook remains bearish until the company demonstrates a path to profitability without excessive dilution. |
| Model | MAE |
|---|---|
| AutoTheta ✓ | 0.220743 |
| MSTL | 0.257468 |
| AutoETS | 0.259704 |
| AutoARIMA | 0.259706 |
Forecast horizon: 45 days | Selected: AutoTheta
| Forecast Reliability | |
|---|---|
| Score | 31% |
| H-stat | 23.26 |
| Ljung-Box p | 0.000 |
| Jarque-Bera p | 0.188 |
| Excess Kurtosis | -1.33 |
| Attribute | Value |
|---|---|
| Sector | Technology |
| Debt to Equity Ratio | 18.759 |
| Revenue per Share | 1.953 |
| Market Cap | 3,468,197,888 |
| Forward P/E | 23.08 |
| Website | https://www.bullish.com |
As of July 11, 2026, 5:54 a.m. EDT: Options activity reveals a distinct 'long gamma' setup with massive open interest walls at strikes like $28, $30, and $40, while implied volatility remains elevated relative to historical norms. This structure suggests speculators are positioning for a volatile bounce or a sharp move away from current lows, rather than a steady grind higher. The heavy put volume at lower strikes indicates a floor is being established, but the overwhelming call open interest implies the market is pricing in a significant recovery attempt.
| Attribute | Value |
|---|---|
| 52 Week Change | -0.64367646 |
| 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 | 21.76 |
| Ask | 0.0 |
| Ask Size | 300 |
| Average Analyst Rating | 2.2 - Buy |
| Average Daily Volume10 Day | 1,456,750 |
| Average Daily Volume3 Month | 1,526,068 |
| Average Volume | 1,526,068 |
| Average Volume10Days | 1,456,750 |
| Bid | 0.0 |
| Bid Size | 400 |
| Book Value | 17.528 |
| City | George Town |
| Country | Cayman Islands |
| Crypto Tradeable | 0 |
| Currency | USD |
| Current Price | 22.87 |
| Current Ratio | 26.421 |
| Custom Price Alert Confidence | HIGH |
| Date Short Interest | 1,782,777,600 |
| Day High | 24.8328 |
| Day Low | 22.56 |
| Debt To Equity | 18.759 |
| Earnings Call Timestamp End | 1,778,761,800 |
| Earnings Call Timestamp Start | 1,778,761,800 |
| Earnings Timestamp | 1,778,761,800 |
| Earnings Timestamp End | 1,786,624,200 |
| Earnings Timestamp Start | 1,786,624,200 |
| Ebitda | -494,022,016 |
| Ebitda Margins | -1.844 |
| Enterprise To Ebitda | -7.439 |
| Enterprise To Revenue | 13.717 |
| Enterprise Value | 3,675,000,320 |
| Eps Current Year | 0.58699 |
| Eps Forward | 0.99104 |
| Eps Trailing Twelve Months | -7.07 |
| Esg Populated | 0 |
| Exchange | NYQ |
| Exchange Data Delayed By | 0 |
| Exchange Timezone Name | America/New_York |
| Exchange Timezone Short Name | EDT |
| Fifty Day Average | 31.6086 |
| Fifty Day Average Change | -8.7386 |
| Fifty Day Average Change Percent | -0.27646273 |
| Fifty Two Week Change Percent | -64.367645 |
| Fifty Two Week High | 118.0 |
| Fifty Two Week High Change | -95.13 |
| Fifty Two Week High Change Percent | -0.80618644 |
| Fifty Two Week Low | 21.76 |
| Fifty Two Week Low Change | 1.1100006 |
| Fifty Two Week Low Change Percent | 0.051011056 |
| Fifty Two Week Range | 21.76 - 118.0 |
| Financial Currency | USD |
| First Trade Date Milliseconds | 1,755,091,800,000 |
| Float Shares | 48,289,725 |
| Forward Eps | 0.99104 |
| Forward P E | 23.076769 |
| Free Cashflow | -847,196,352 |
| Full Exchange Name | NYSE |
| Full Time Employees | 414 |
| Gmt Off Set Milliseconds | -14,400,000 |
| Gross Margins | 1.0 |
| Gross Profits | 267,908,000 |
| Has Pre Post Market Data | 1 |
| Held Percent Insiders | 0.86658996 |
| Held Percent Institutions | 0.24570999 |
| 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 | 3,468,197,888 |
| Market State | PRE |
| Max Age | 86,400 |
| Message Board Id | finmb_1814007208 |
| Most Recent Quarter | 1,774,915,200 |
| Net Income To Common | -1,002,400,000 |
| Next Fiscal Year End | 1,798,675,200 |
| Non Diluted Market Cap | 3,674,439,423 |
| Number Of Analyst Opinions | 9 |
| Open | 24.0 |
| Operating Cashflow | 123,134,000 |
| Operating Margins | -7.42468 |
| Payout Ratio | 0.0 |
| Phone | 345 949 8066 |
| Pre Market Change | -0.14299965 |
| Pre Market Change Percent | -0.6249985 |
| Pre Market Price | 22.737 |
| Pre Market Time | 1,784,022,117 |
| Previous Close | 24.23 |
| Price Eps Current Year | 38.961483 |
| Price Hint | 2 |
| Price To Book | 1.3047695 |
| Price To Sales Trailing12 Months | 12.945481 |
| Profit Margins | 0.0 |
| Quick Ratio | 3.134 |
| Quote Source Name | Nasdaq Real Time Price |
| Quote Type | EQUITY |
| Recommendation Key | buy |
| Recommendation Mean | 2.2 |
| Region | US |
| Regular Market Change | -1.36 |
| Regular Market Change Percent | -5.61287 |
| Regular Market Day High | 24.8328 |
| Regular Market Day Low | 22.56 |
| Regular Market Day Range | 22.56 - 24.8328 |
| Regular Market Open | 24.0 |
| Regular Market Previous Close | 24.23 |
| Regular Market Price | 22.87 |
| Regular Market Time | 1,783,972,802 |
| Regular Market Volume | 1,144,118 |
| Return On Assets | -0.10353 |
| Return On Equity | -0.44641 |
| Revenue Growth | 0.655 |
| Revenue Per Share | 1.953 |
| Sand P52 Week Change | 0.20847368 |
| Sector | Technology |
| Sector Disp | Technology |
| Sector Key | technology |
| Shares Outstanding | 151,648,346 |
| Shares Percent Shares Out | 0.060399998 |
| Shares Short | 9,158,034 |
| Shares Short Previous Month Date | 1,780,012,800 |
| Shares Short Prior Month | 9,713,478 |
| Short Name | Bullish |
| Short Percent Of Float | 0.1824 |
| Short Ratio | 4.72 |
| Source Interval | 15 |
| Symbol | BLSH |
| Target High Price | 65.0 |
| Target Low Price | 26.0 |
| Target Mean Price | 44.27778 |
| Target Median Price | 43.0 |
| Total Cash | 342,692,000 |
| Total Cash Per Share | 2.267 |
| Total Debt | 507,099,008 |
| Total Revenue | 267,908,000 |
| Tradeable | 0 |
| Trailing Annual Dividend Rate | 0.0 |
| Trailing Annual Dividend Yield | 0.0 |
| Trailing Eps | -7.07 |
| Trailing Peg Ratio | None |
| Triggerable | 1 |
| Two Hundred Day Average | 39.88505 |
| Two Hundred Day Average Change | -17.01505 |
| Two Hundred Day Average Change Percent | -0.4266022 |
| Type Disp | Equity |
| Volume | 1,144,118 |
| Website | https://www.bullish.com |
| Zip | 9,005 |