Bullish (BLSH)
Bullish reported revenue of $244.8B in fiscal 2025, down 2.2% from a year earlier. It posted a net loss of $764.7M. Operating cash flow minus capital spending left $18.7M of free cash flow in fiscal 2025. At December 31, 2025 it held $87.9M in cash. Its latest periodic report to the SEC is the annual report (foreign issuer) (20-F) filed on March 10, 2026.
Key facts about Bullish
- Net worth
- Bullish has a market value (market cap) of $3.6B at the latest share price, and shareholders' equity of $3.2B on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $244.8B (-2.2% year on year), with a net loss of $764.7M.
- Cash flow
- In fiscal 2025 operations brought in $28.6M of cash; after $9.9M of capital spending, free cash flow was $18.7M.
- Latest report
- The latest periodic report (annual report (foreign issuer), 20-F) was filed with the SEC on March 10, 2026 and covers the period to December 31, 2025. Open on SEC EDGAR
What Bullish does
Bullish is registered with the SEC under industry code SIC 6199 (Finance Services). Its shares trade on NYSE under the ticker BLSH.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $244.8B | -$764.7M | -$5.99 | $18.7M |
| 2025 | $250.2B | $78.5M | $0.68 | -$30.4M |
| 2023 | $116.5B | $1.3B | $10.63 | -$127.6M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where BLSH ranks in Finance
Dividends
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | n/a | $0 | n/a |
| 2025 | n/a | $0 | 0% |
| 2023 | n/a | $534.6M | 41% |
Latest SEC filings
What Bullish has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 9, 2026
- November 5, 2026
- October 28, 2026
- October 27, 2026Form 13F-HR filing 13F-HR
- October 6, 2026
- September 8, 2026
- August 28, 2026Form N-PX filing N-PX
- August 19, 2026Form 13F-HR filing 13F-HR
- August 19, 2026Form 13F-HR filing 13F-HR
- August 19, 2026Form 13F-HR filing 13F-HR
Insider trades
What the people running Bullish did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $9.9M worth of shares in the last 90 days and bought none on the open market. All of the selling was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 20, 2026 | Farley Thomas WChief Executive Officer, Director | Other change | 4,893,528 | - |
| October 20, 2026 | Bonanno DavidCHIEF FINANCIAL OFFICER | Other change | 1,736,976 | - |
| September 24, 2026 | Bliss AndrewDirector | Soldpre-planned (10b5-1), indirect | 100 | $4K |
| September 23, 2026 | Bliss AndrewDirector | Soldpre-planned (10b5-1), indirect | 59,976 | $2.4M |
| September 22, 2026 | Bliss AndrewDirector | Soldpre-planned (10b5-1), indirect | 108,200 | $4.4M |
| September 21, 2026 | Bliss AndrewDirector | Soldpre-planned (10b5-1), indirect | 76,953 | $3.1M |
| September 3, 2026 | Wynn Andrew CharlesDirector | Received as pay | 5,877 | - |
| September 3, 2026 | Bliss AndrewDirector | Received as pay | 5,877 | - |
Who owns BLSH
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Brendan F. Blumer13D, may seek influence | 26.8% | February 9, 2026 |
| Kokuei Yuan13D, may seek influence | 24.9% | August 21, 2025 |
| EFM Asset Management13G, passive with 3 related filers | 11.89% | November 14, 2025 |
| Fmr LLC13G, passive with 1 related filers | 7% | August 6, 2026 |
| See Alexander13G, passive with 2 related filers | 6.5% | May 20, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 173 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Fmr LLC | 10,456,240 | +3,659,864 |
| ARK Investment Management LLC | 6,746,186 | +184,147 |
| Sumitomo Mitsui Trust Group, Inc. | 4,053,013 | +219,127 |
| Amova Asset Management Americas, Inc. | 4,040,921 | +204,858 |
| Stephens Investment Management Group LLC | 1,355,974 | +177,375 |
| Van Eck Associates Corp | 1,249,058 | +447,191 |
| BlackRock, Inc. | 1,200,149 | -780,504 |
| Jupiter Topco LLC | 1,041,350 | new |
| Geode Capital Management, LLC | 230,049 | -65,524 |
| Morgan Stanley | 664,211 | +454,254 |
| UBS Group AG | 659,576 | +59,943 |
| Invesco Ltd. | 626,128 | -1,067,443 |
| Galaxy Digital Inc. | 625,000 | 0 |
| Massachusetts Financial Services Co | 408,869 | -21,171 |
| Southpoint Capital Advisors LP | 400,000 | new |
| Gotham Asset Management, LLC | 347,412 | +196,867 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 307,500 | +239,377 |
| Renaissance Technologies LLC | 264,833 | +108,000 |
| Rathbones Group PLC | 251,019 | +4,513 |
| Federated Hermes, Inc. | 250,000 | 0 |
Insiders
7 insiders reported holding 87,121,012 shares in total, about $1.94B at the last price.
| Holder | Shares |
|---|---|
| Blumer Brendan FrancisDirector, 10% owner | 39,167,885 |
| Yuan KokueiDirector, 10% owner | 36,463,053 |
| Farley Thomas WChief Executive Officer, Director | 4,893,528 |
| Bliss AndrewDirector | 4,804,7894,794,773 held indirectly |
| Bonanno DavidCHIEF FINANCIAL OFFICER | 1,736,976 |
| Simon Karen JoDirector | 36,494 |
| Wynn Andrew CharlesDirector | 18,287 |
Questions about BLSH
What does Bullish do?
Bullish is a company in the Finance sector, listed on NYSE as BLSH. Its shares trade on NYSE under the ticker BLSH.
What is Bullish's net worth?
Bullish has a market value (market cap) of $3.6B at the latest share price, and shareholders' equity of $3.2B on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Bullish profitable?
No. In fiscal 2025 it reported a net loss of $764.7M on revenue of $244.8B.
How much revenue does Bullish make?
In fiscal 2025 Bullish reported revenue of $244.8B. That is 2.2% less than a year earlier.
When did Bullish last report?
Its most recent periodic report is the annual report (foreign issuer) (20-F) filed on March 10, 2026. It covers the period to December 31, 2025. Its newest filing of any kind is the foreign issuer update from November 9, 2026.
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Where the numbers come from
Financial figures are the values Bullish tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.