BLSH on NYSE
Bullish
$31.77 up 1.38 (4.54%)Price as of Oct 15, 2026 at 19:45 UTC
Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
On the exchange [member] brought in 100% of the revenue Bullish broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| On the exchange [member] | $115.6B | $250.2B | $244.4B |
| On other venues [member] | $884.9M | $21.8M | $396.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$244.8B
Out of $244.8B in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending35¢$9.9M
- Kept or used elsewhere65¢$18.7M
Out of $28.6M of cash from operations.3
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total Digital asset sales | $244.8B | $250.2B | $116.5B |
| Cost of digital assets derecognized | -$244.7B | -$250.1B | -$116.4B |
| Other revenues | $158.9M | $62.0M | $15.3M |
| Change in fair value | -$181.3M | $261.1M | $1.4B |
| Administrative expenses | -$182.2M | -$153.1M | -$104.2M |
| Other expenses | -$60.4M | -$46.1M | -$34.5M |
| Finance expense | -$52.4M | -$38.5M | -$3.0M |
| Change in fair value of derivatives | $9.6M | -$12.2M | $0 |
| Income/(loss) before income tax | -$786.4M | $84.6M | $1.3B |
| Income tax benefit/(expense) | $944.0K | -$5.0M | -$1.5M |
| Net income/(loss) | -$785.5M | $79.6M | $1.3B |
| Owners of the Group | -$764.7M | $78.5M | $1.3B |
| Non-controlling interests | -$20.8M | $1.0M | $848.0K |
| Revaluation of digital assets held as investments | $409.6M | $1.0B | $0 |
| Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk | -$3.0M | -$16.4M | $0 |
| Other comprehensive income that will not be reclassified to profit or loss, net of tax | $406.6M | $1.0B | $0 |
| Foreign exchange differences on translation of foreign operations | $1.7M | -$712.0K | $0 |
| Total comprehensive income/(loss) | -$377.2M | $1.1B | $1.3B |
| Owners of the Group | -$357.1M | $1.1B | $1.3B |
| Non-controlling interests | -$20.1M | $10.1M | $848.0K |
| Weighted average shares outstanding for the purpose of basic earnings/(loss) per share (in shares) | 127.7M shares | 112.7M shares | 112.5M shares |
| Diluted (in shares) | 127.7M shares | 115.4M shares | 122.2M shares |
| Basic (in dollars per share) | -$5.99 | $0.70 | $11.55 |
| Diluted (in dollars per share) | -$5.99 | $0.68 | $10.63 |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Goodwill | $63.1M | $61.5M | |
| Other intangible assets | $31.1M | $33.3M | |
| Property and equipment and right-of-use assets | $28.4M | $14.1M | |
| Deferred tax assets | $2.9M | $2.1M | |
| Other assets | $21.3M | $22.1M | |
| Restricted cash | $5.7M | $2.0M | |
| Total non-current assets | $152.4M | $135.0M | |
| Other assets | $47.5M | $21.2M | |
| Derivative financial instruments | $0 | $0 | |
| Customer segregated cash | $20.0M | $6.4M | $62.0K |
| Restricted cash | $16.8M | $15.9M | |
| Cash and cash equivalents | $87.9M | $31.5M | $112.9M |
| Total current assets | $3.8B | $2.9B | |
| Total assets | $4.0B | $3.0B | |
| Borrowings | $50.0M | $25.0M | |
| Convertible redeemable preference shares | $0 | $47.9M | |
| Lease liabilities | $14.4M | $10.8M | |
| Deferred tax liabilities | $18.0K | $6.0K | |
| Other payables | $3.0M | $0 | |
| Total non-current liabilities | $528.3M | $561.7M | |
| Customer segregated cash liabilities | $20.0M | $6.4M | |
| Borrowings (non-current) | $50.0M | $25.0M | |
| Lease liabilities | $5.5M | $4.2M | |
| Other payables | $54.0M | $49.4M | |
| Total current liabilities | $129.9M | $85.0M | |
| Total liabilities | $658.2M | $646.8M | |
| Net assets | $3.3B | $2.4B | |
| Share capital and share premium | $5.1B | $3.8B | |
| Option premium on convertible redeemable preference shares | $0 | $18.4M | |
| Reserves | $774.2M | $858.8M | |
| Accumulated deficit | -$2.7B | -$2.3B | |
| Total shareholders' equity attributable to the owners of the Group | $3.2B | $2.4B | |
| Non-controlling interests | $82.1M | $11.0M | |
| Total equity | $3.3B | $2.4B | $1.3B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income/loss | -$785.5M | $79.6M | $1.3B |
| Interest income | -$14.8M | -$12.2M | -$12.0M |
| Debt interest expense | $51.6M | $37.5M | $2.2M |
| Lease interest expense | $775.0K | $1.1M | $809.0K |
| Net foreign exchange loss | $0 | $390.0K | $123.0K |
| Share-based payments expenses | $16.2M | $22.6M | $6.2M |
| Depreciation of property and equipment and right-of-use assets | $4.8M | $6.2M | $5.4M |
| Amortization of other intangible assets | $2.2M | $2.3M | $0 |
| Impairment of right-of-use asset | $0 | $956.0K | $0 |
| (Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net | $181.3M | -$261.1M | -$1.4B |
| (Gain) from derecognition of lease | -$415.0K | $0 | $0 |
| Impairment losses of digital assets | $497.4M | $24.6M | $0 |
| Operating cash flows before changes in operating assets and liabilities | -$26.3M | -$54.8M | -$51.5M |
| Increase in other assets | -$56.6M | -$9.4M | -$2.9M |
| Decrease in deferred tax assets | -$777.0K | $1.6M | $1.5M |
| Decrease in digital assets held - inventories | $324.8M | -$49.3M | $139.2M |
| Decrease/(increase) in digital assets held - intangible assets | $0 | $0 | $0 |
| Decrease/(Increase) in digital assets held - financial assets | -$242.9M | $92.4M | -$224.8M |
| Decrease/(increase) in digital assets held - loan receivable | $0 | -$28.5M | $65.9M |
| Increase/(decrease) in other payables | $7.6M | $44.0K | $96.0K |
| Increase/(decrease) in customer segregated cash liabilities | $13.7M | $6.3M | -$66.0M |
| Increase/(decrease) in deferred tax liabilities | $12.0K | -$19.0K | -$17.0K |
| Interest received | $9.1M | $11.8M | $11.9M |
| Net cash provided by/(used in) operating activities | $28.6M | -$30.0M | -$126.7M |
| Cash paid from business combinations | $0 | -$4.6M | $1.3M |
| Purchase of investment in financial assets | -$24.6M | -$25.0M | $0 |
| Proceeds on investment in financial assets | $48.2M | $167.0K | $3.6M |
| Purchase of property and equipment | -$9.9M | -$391.0K | -$966.0K |
| Proceeds on disposal of property and equipment | $0 | $0 | $32.0K |
| Purchase of digital assets held - intangible assets | -$41.9M | -$3.3M | $0 |
| Prepayment on intangible assets | -$250.0K | -$12.0M | $0 |
| Proceeds on disposal of digital assets held - intangible assets | $30.5M | $86.0K | $0 |
| Net cash provided by/(used in) investing activities | $2.1M | -$45.1M | $3.9M |
| Net proceeds from issuance of Ordinary shares | $59.2M | $0 | $0 |
| Interest paid | -$40.7M | -$21.1M | -$3.0M |
| Repayment of convertible redeemable preference shares | $0 | $0 | -$714.6M |
| Dividends paid | $0 | $0 | -$534.6M |
| Proceeds from borrowings | $174.3M | $25.0M | $43.0M |
| Repayment of borrowings | -$149.3M | $0 | $0 |
| Repayment on lease liabilities | -$1.1M | -$4.9M | -$3.5M |
| Net cash provided by/(used in) financing activities | $42.4M | -$980.0K | -$1.2B |
| Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash | $73.1M | -$76.0M | -$1.3B |
| Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash | $1.6M | $300.0K | $0 |
| Recognition of right-of-use assets against lease liabilities | $10.5M | $8.4M | $826.0K |
| Purchase of digital assets held - intangible assets | -$103.5B | -$5.6B | $0 |
| Proceeds on disposal of digital assets held - intangible assets | $103.2B | $5.6B | $0 |
| Digital asset loan receivables made, net | $248.1M | $78.5M | $0 |
| Digital asset pledged as collateral posted, net | $51.7M | $22.5M | $0 |
| Interest Received in Digital Assets | $5.3M | $0 | $0 |
| Acquisition of subsidiary paid via USDC | $0 | $0 | -$72.6M |
| Investments in financial assets paid via USDC, net | -$6.1M | -$30.8M | -$1.0M |
| Prepayment on intangible assets made | -$4.0M | -$8.0M | $0 |
| Non-Cash Purchase of investment | $489.7M | $0 | $0 |
| Non-Cash Proceeds of Sales of Investments | -$108.3M | $0 | $0 |
| Interest paid in digital assets | -$11.6M | -$8.7M | $0 |
| Repayment of convertible redeemable preference shares via digital assets | $0 | $0 | -$472.4M |
| Proceeds from borrowings via digital assets | $3.2B | $0 | $453.7M |
| Repayment from borrowings via digital assets | -$3.2B | $0 | $0 |
| Proceeds from digital assets loan payable via digital assets | $654.9M | $0 | $0 |
| Repayments from digital assets loan payable via digital assets | -$654.7M | $0 | $0 |
| Dividends paid via digital assets | $0 | $0 | -$1.5B |
| Proceeds from issuance of ordinary shares | $1.1B | $0 | $0 |
Recent filings
- Oct 6, 20266-K
- Sep 28, 20264
- Sep 23, 20264
- Sep 21, 2026144
- Sep 14, 20264
- Sep 10, 20264
- Sep 10, 20264
- Sep 9, 20264
- Sep 8, 20266-K
- Sep 8, 20264
- Aug 28, 2026N-PX
- Aug 19, 202613F-HR
- Aug 19, 202613F-HR
- Aug 19, 202613F-HR
- Aug 13, 20266-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARBullish filings on SEC EDGAR
- 2Yahoo FinanceBLSH quote
- 3SEC EDGARBullish 10-K for fiscal 2025
- 4SEC EDGARBullish filings on SEC EDGAR