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What this page is: Delvantic's full research page for Bullish Inc. (BLSH) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.

Page map (sections in order; each card carries a stable reference-name attribute you can cite):

  • profile-header / price-overview — company profile, live quote, market cap
  • extended-analysis — the core: three AI lens reads with findings, scores, and the analyst memo
  • future-predictions — our forward price-band predictions
  • market-narrative / ai-findings / gpt-critique — narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)
  • Members-only sections (render as login gates for anonymous readers): price-history, income-trend, key-metrics, financials (statement tables), insider-trading. The analysis above is public; the raw data tables require a free account.

More for machine readers: site briefing at /llms.txt · any ticker resolves at delvantic.com/stock/TICKER · raw inputs are public-company filings and market data (via licensed data feeds); every model, score, lens read, and prediction on this page is Delvantic's own analysis.

Bullish Inc.

BLSH NYSE
Technology · Software - Infrastructure
George Town, 9005, Cayman Islands bullish.com Updated Aug 14, 8:26am
Price
$27.48
Market Cap
$4.2B
Employees
414
Beta
—
Avg Volume
1,339,499
CEO
Mr. Thomas W. Farley
GICS Category PDF

Bullish Inc. is a global digital asset platform that provides market infrastructure and information services for participants in cryptocurrency and broader digital asset markets. The company focuses on serving institutional clients by offering regulated venues for spot and derivatives trading through its Bullish Exchange platform, designed to support deep liquidity and robust risk management. Bullish Inc. operates at the intersection of trading, data, indices, and media, integrating execution services with information products that support asset managers, trading firms, and other financial institutions. Through subsidiaries such as CoinDesk, it delivers news, research, indices, data, and events tailored to the digital assets ecosystem, helping market participants access transparent insights and benchmarks. Headquartered in the Cayman Islands, Bullish Inc. maintains regulated operations across multiple jurisdictions, including major financial centers, and positions itself as a core infrastructure provider for the adoption and use of digital assets in institutional finance.

Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 14
No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jun 17, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
+0.0%
Nov '25
+0.0%
Nov '25
+18.8%
Feb '26
-23.5%
May '26
+1.3%
Jun '26
Print date EPS est. EPS actual Revenue est. Revenue actual
Jun 17, 2026 $3.12 $3.16 +1.3% — —
May 14, 2026 $0.17 $0.13 -23.5% — —
Feb 5, 2026 $0.16 $0.19 +18.8% — —
Nov 19, 2025 $0.10 $0.10 +0.0% — —
Nov 11, 2025 $1.32 $1.32 +0.0% — —

Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.

Recent SEC Filings
Filed Form Document
Aug 13, 2026 6-K View
Aug 13, 2026 6-K View
Aug 6, 2026 SCHEDULE 13G View
Aug 6, 2026 6-K View
Jul 31, 2026 6-K View
Jul 24, 2026 6-K View
Jul 7, 2026 6-K View
Jun 29, 2026 6-K View
Jun 8, 2026 6-K View
May 20, 2026 SCHEDULE 13G/A View
May 14, 2026 6-K View
May 13, 2026 4 View

Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.

Price Overview
Last updated: Aug 14, 2026 8:26am (just now)
Current data · timestamped when a report runs
$27.48
Change · Aug 14
+2.85 (+11.57%)
Day Range
$25.00 – $28.24
52-Week Range
$20.55 – $118.00
50-Day MA
$24.67
200-Day MA
$35.33
Volume
3,450,532.00
Share Structure
Outstanding 151,648,346.00
Float 47,872,561.00
Free Float 31.6%
Moderate free float — 31.6% of shares trade freely, ~68.4% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Price History (1 Year)
Last updated: Aug 14, 2026 8:26am (just now)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Aug 14, 2026 8:26am (just now)
Why there are no quarterly figures for Bullish Inc.

This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.

Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
TD Twelve Data statement HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEX
Stock Price / EPS (Diluted)
-4.59
Stock Price: $27.48
EPS (Diluted): -5.99
P/B Ratio (Price vs net asset value)
HEX
Stock Price / Book Value Per Share
1.06
Stock Price: $27.48
Total Equity: $3.30B
Shares: 127,723,000
EV/EBITDA (Total value vs operating profit)
HEX
Enterprise Value / EBITDA
-43.17
Market Cap: $4.17B
Total Debt: $99.96M
Cash: $87.89M
EBITDA: -$96.82M
Enterprise Value (Takeover price (cap + debt - cash))
HEX
Market Cap + Total Debt - Cash
$4.2B
Market Cap: $4.17B
Total Debt: $99.96M
Cash: $87.89M
P/S Ratio (Price per dollar of revenue)
HEX
Stock Price / Revenue Per Share
0.01
Stock Price: $27.48
Revenue: $244.81B
Shares: 127,723,000
EV/Sales (Total value vs revenue — works when P/E can't)
CALC
0.02
Gross Margin (Revenue left after direct costs)
HEX
Gross Profit / Revenue
0.0%
Gross Profit: $78.30M
Revenue: $244.81B
Operating Margin (Revenue left after all operations)
HEX
Operating Income / Revenue
0.0%
Operating Income: -$103.89M
Revenue: $244.81B
Net Margin (Revenue left as actual profit)
HEX
Net Income / Revenue
-0.3%
Net Income: -$764.68M
Revenue: $244.81B
ROE (Profit from shareholder equity)
HEX
Net Income / Total Equity
-23.2%
Net Income: -$764.68M
Total Equity: $3.30B
ROIC (Profit from all invested capital)
HEX
NOPAT / Invested Capital
-3.1%
Operating Income: -$103.89M
Tax Rate: 0.1%
Equity: $3.30B
Total Debt: $99.96M
Cash: $87.89M
Current Ratio (Can it pay short-term bills)
HEX
Current Assets / Current Liabilities
29.28
Current Assets: $3.80B
Current Liabilities: $129.91M
Debt/Equity (Leverage — debt vs equity)
HEX
Total Debt / Total Equity
0.03
Short-Term Debt: $49.98M
Long-Term Debt: $49.98M
Total Debt: $99.96M
Total Equity: $3.30B
Rev/Share (Top-line per share)
HEX
Revenue / Shares Outstanding
$1,916.74
Revenue: $244.81B
Shares: 127,723,000
Book Value/Share (Net assets per share)
HEX
(Total Assets - Total Liabilities) / Shares
$25.82
Total Equity: $3.30B
Shares: 127,723,000
FCF/Share (Real cash generated per share)
HEX
(Operating Cash Flow + CapEx) / Shares
$0.15
Operating CF: $28.63M
CapEx: -$9.93M
Shares: 127,723,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TD
Last Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $27.48
Payout Ratio (Earnings paid out as dividends)
HEX
Dividends Paid / Net Income
0.0%
Dividends Paid: $0.00
Net Income: -$764.68M
Income Statement (Annual)
Last updated: Aug 14, 2026 8:26am (just now)
Metric 2023 2024 2025
Revenue $116.5B $250.2B $244.8B
Cost of Revenue $116.4B $250.1B $244.7B
Gross Profit $72.9M $96.5M $78.3M
Operating Expenses $104.2M $153.1M $182.2M
Operating Income -$31.3M -$56.6M -$103.9M
Net Income $1.3B $78.5M -$764.7M
EBITDA -$25.8M -$48.1M -$96.8M
EPS $11.55 $0.70 $-5.99
EPS (Diluted) $10.63 $0.68 $-5.99
Balance Sheet (Annual)
Last updated: Aug 14, 2026 8:26am (just now)
Metric 2022 2023 2024 2025
Cash & Equivalents — $112.9M $31.5M $87.9M
Total Current Assets — — $2.9B $3.8B
Total Assets — — $3.0B $4.0B
Current Liabilities — — $85.0M $129.9M
Long-Term Debt — — $25.0M $50.0M
Total Liabilities — — $646.8M $658.2M
Total Equity $1.9B $1.3B $2.4B $3.3B
Retained Earnings — — -$2.3B -$2.7B
Cash Flow (Annual)
Last updated: Aug 14, 2026 8:26am (just now)
Metric 2023 2024 2025
Operating Cash Flow -$126.7M -$30.0M $28.6M
Capital Expenditure $-966,000 $-391,000 -$9.9M
Free Cash Flow -$127.6M -$30.4M $18.7M
Acquisitions (net) — — —
Net Debt Issued / (Repaid) — — —
Dividends Paid -$534.6M $0 $0
Stock Buybacks — — —
Net Change in Cash -$1.3B -$76.0M $73.1M
Growth Trends (YoY %)
Last updated: Aug 14, 2026 8:26am (just now)
Metric 2024 2025
Revenue Growth +114.8% -2.2%
Gross Profit Growth +32.3% -18.9%
Operating Income Growth -81.0% -83.5%
Net Income Growth -94.0% -1,073.8%
EBITDA Growth -85.9% -101.5%
Industry Benchmarks
Compares BLSH against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for BLSH — it's generated by the pipeline (market-narrative step).
Claude Reading
Claude Opus reviews the pipeline's raw data + every prior verdict, then writes an independent take.
No AI findings yet for BLSH — they're generated by the pipeline (ai-findings step) when a report is run on this ticker.
GPT Reading
GPT reads the identical raw briefing blind — one of the Big-3 independent readings — and commits to its own verdict.
No GPT reading yet for BLSH — it's generated by the pipeline (gpt-critique step) after the other Big-3 seats, when a report is run on this ticker.
Grok Reading
Grok (xAI) reads the identical raw briefing blind — one of the Big-3 independent readings — and commits to its own verdict.
No Grok reading yet for BLSH — it's generated by the pipeline (grok-critique step) alongside the other Big-3 seats, when a report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
A separate, manually-run forensic pipeline (dilution, earnings quality, liquidity → two scored lenses → the play). Hasn't been run for this ticker yet.
Community AI Feedback
No community reviews yet for BLSH. Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.532 · 1ec19de8 · 2026-08-13 17:53:37