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Operates an institutional-grade digital-asset exchange for spot and derivatives trading of cryptocurrencies.
Operates an institutional-grade digital-asset exchange for spot and derivatives trading of cryptocurrencies.
Charges trading fees on volume matched on its exchange, using a hybrid design with a matching engine and an automated pricing pool. CoinDesk, the crypto news and data business it bought in 2023, adds subscription and event income. It listed in the US in 2025, backed by crypto investor Block.one.
Moat: narrow (installed base, brand, regulatory licence). Deep liquidity and regulated venues in several jurisdictions attract institutional flow.
Headquarters: George Town, Cayman Islands · Founded: 2021 · Employees: 414
Size Bullish (BLSH) is a United States Information Technology company (Packaged Software) with a market value of $3.20B, the 1499th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.31 on 6 Nov 2026.
Performance Over six months the shares fell 51.2%, against +0.7% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 34.3% over the last twelve months (peer median +13.8%); the operating margin is 18.1% (peer median 7.8%).
Valuation It trades at 33.6× forward earnings against a peer median of 22.4× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.6 points below its cost of capital (9.4% WACC).
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $354M | $286M | $213M | $148M | $191M |
| Revenue growth | — | +34% | +44% | -23% | — |
| Gross profit | $282M | $230M | $197M | $122M | $153M |
| EBITDA | $72.2M | $50.6M | $33.3M | $21.2M | $24.5M |
| Net income | -$1.38B | -$765M | $78.5M | $1.30B | -$4.25B |
| Free cash flow | $64.2M | -$22.0M | -$51.5M | -$131M | $188M |
| Capital expenditure | $12.1M | $52.0M | $15.7M | $966,000 | $1.29M |
| Total debt | $518M | $581M | $600M | $488M | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bullish BLSH | $3.20B | -51% | +34% | 18% | 33.6× | 32.3% |
| Coinbase COIN | $35.7B | -33% | -48% | -33% | 99.3× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| Robinhood Markets HOOD | $72.9B | +5% | +22% | 44% | 29.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BLSH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.2% | +4.2% | lowest of 21 |
| 6-month return | -51.2% | +0.7% | lowest of 20 |
| Distance from 52-week high | -56.5% | -37.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +34.3% | +13.8% | 3rd highest of 21 |
| Operating margin | 18.1% | 7.8% | 3rd highest of 21 |
| Forward P/E | 33.6× | 22.4× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 32.3% | 13.9% | most demanding of 17 |
| Growth delivered (Del g) | +14.4% | +18.8% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | +18.0 pp | -2.3 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | -7.6 pp | +2.7 pp | 6th lowest of 19 |
| EV / EBITDA | 47.6× | 15.9× | 3rd most expensive of 11 |
| Net debt / EBITDA | 2.6× | -1.4× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bullish BLSH | United States | $3.20B | -51% | +34% | 18% | 33.6× | 32.3% | +14.4% |
| Alarm.com ALRM | United States | $3.19B | +37% | +9% | 13% | 22.4× | 10.9% | +10.3% |
| Sinch SINCH.ST | Sweden | $3.19B | +13% | -6% | 4% | 13.3× | 23.8% | +27.5% |
| Wix.com WIX | United States | $3.18B | -5% | +14% | -3% | 12.6× | -4.4% | +15.2% |
| Freshworks FRSH | United States | $3.18B | +37% | +15% | 8% | 14.5× | 12.9% | +27.4% |
| Hexaware Technologies HEXT.NS | India | $3.26B | +9% | +13% | 12% | 21.7× | 15.4% | +16.5% |
| Tsinghua Tongfang 600100.SS | China | $3.15B | -22% | -11% | -2% | n/a | 30.2% | -10.3% |
| Perfect World 002624.SZ | China | $3.26B | -26% | -8% | 8% | 21.1× | 19.0% | -8.2% |
| Cellebrite DI CLBT | United States | $3.13B | -2% | +18% | 11% | 38.0× | 22.8% | +19.5% |
| Via Transportation VIA | United States | $3.07B | +118% | +29% | -17% | 259.2× | n/a | n/a |
| Liftoff Mobile LFTO | United States | $3.07B | n/a | +35% | 36% | 18.6× | -7.3% | +35.5% |
| Intapp INTA | United States | $3.35B | +76% | +14% | -4% | 25.7× | 4.3% | +21.9% |
| Shenzhen Infogem Technologies 300085.SZ | China | $3.06B | -23% | +2% | -11% | n/a | n/a | n/a |
| DHC Software 002065.SZ | China | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% | +7.1% |
| Beijing Shiji Information Technology 002153.SZ | China | $3.02B | -27% | -4% | -3% | 492.7× | n/a | n/a |
| Agilysys AGYS | United States | $3.42B | +69% | +15% | 13% | 41.6× | 22.9% | +18.4% |
| Intsig Information 688615.SS | China | $2.96B | -26% | +24% | 22% | 34.9× | 12.6% | +22.1% |
| Teradata TDC | United States | $2.96B | +1% | +1% | 8% | 11.6× | -5.4% | -2.0% |
| AvePoint AVPT | United States | $3.50B | +45% | +25% | 10% | 37.6× | 31.6% | +22.6% |
| Beijing 51WORLD Digital Twin Technology 6651.HK | Hong Kong | $2.91B | -1% | +39% | -38% | n/a | n/a | n/a |
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |