Bullish (BLSH)
Operates a regulated institutional exchange alongside CoinDesk data, indices, media, and events.
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Operates a regulated digital-asset exchange alongside CoinDesk's indices, data, media, and events businesses. Transaction fees and subscription-and-services revenue support one globally managed reportable segment, with an institutional focus.
Operates a regulated digital-asset exchange alongside CoinDesk information businesses. Bullish Exchange combines a central-limit-order-book engine and automated market making for institutional spot and derivatives trading. Its exchange is regulated in Germany, Hong Kong, and Gibraltar.
CoinDesk Indices and CoinDesk Data provide index and data services, while CoinDesk Insights includes media and events. Operations span multiple jurisdictions. Transaction fees and subscription-and-services revenue are managed within one global reportable segment reviewed by the chief operating decision maker.
Depends on digital-asset adoption, price and volatility, institutional needs, customer concentration, acquisitions and investments, and regulatory developments across jurisdictions.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | UBS | Target | Target: $63 | Target: $43 |
| Sep 14, 2026 | Compass Point | Upgrade | Target: — | Target: $51 |
| Aug 18, 2026 | Canaccord Genuity | Target | Target: $50 | Target: $45 |
| Aug 14, 2026 | Rosenblatt Securities | Target | Target: — | Target: $30 |
| May 15, 2026 | Deutsche Bank | Target | Target: $51 | Target: $61 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $330.0M · Total debt $518.2M · Total assets $3.10B · Shareholders' equity $2.42B
- Revenue
- $92.6M
- Operating income
- $6.1M
- Net income
- −$270.2M
No dividends on record.
| Institutions | 27.73% | 42.06M shares | |
|---|---|---|---|
| 192 holders · as of Jun 30, 2026 | |||
| Insiders | 59.77% | 90.64M shares | |
| 6 holders · as of Sep 14, 2026 | |||
| Strategic holders | 11.46% | 17.38M shares | |
| 1 holder · as of Nov 14, 2025 | |||
| Other | 1.04% | 1.57M shares | |
| remainder | |||
151.65M company shares as of Aug 25, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Brendan Francis BlumerInsiderdirector, 10 percent owner | 25.83% | 39.18M | filed Sep 8, 2026 |
Kokuei YuanInsiderdirector, 10 percent owner | 24.07% | 36.50M | filed Sep 9, 2026 |
EFM Asset ManagementStrategic | 11.46% | 17.38M | filed Nov 14, 2025 |
FMR LLCInstitution | 6.90% | 10.46M | as of Jun 30, 2026 |
See AlexanderInsider | 6.51% | 9.86M | filed May 20, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 11, 2026 | Thomas W. Farley | director, officer: Chief Executive Officer | −80,000 | $43.95 |
| May 5, 2026 | Thomas W. Farley | director, officer: Chief Executive Officer | −494 | |
| Apr 10, 2026 | Thomas W. Farley | director, officer: Chief Executive Officer | −80,000 | $36.41 |
- Coinbase
Institutional crypto trading, custody, and market-data platform
- CME Group
Regulated cryptocurrency futures, options, and benchmark products
- S&P Global
Digital-asset benchmarks and market intelligence for institutions
- MSCI
Digital-asset benchmark indexes for institutional portfolio use
- Nasdaq
Crypto benchmark index for a basket of leading digital assets
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bullish | $40.50 | −0.56% | $6.09B | — | 64.8 | 0.0 | +62.5% |
| Coinbase | $200.74 | −0.14% | $53.04B | — | 307.5 | 9.6 | −18.5% |
| CME Group | $268.00 | +0.30% | $99.07B | 23.4 | 21.5 | 14.6 | +0.8% |
| S&P Global | $402.44 | −0.04% | $119.24B | 24.6 | 21.3 | 7.4 | −2.1% |
| MSCI | $548.88 | +0.01% | $40.64B | 30.8 | 26.0 | 12.2 | +12.2% |
| Nasdaq | $94.50 | +0.01% | $52.93B | 27.6 | 21.6 | 6.1 | −28.2% |
| Median | 26.1 | 21.6 | 9.6 | −2.1% |