$28.10
-7.7%Bullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.
Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Neutral working capital impact. Changes in current assets and liabilities balanced out.
BLSH • NYSE
| Bullish Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||
-764.7M | 79.6M | 1.3B | -4.2B | -1.4B | -119M | |
0.0 | 8.5M | 5.4M | 3.6M | 471K | 0.0 | |
0.0 | 22.6M | 6.2M | 17.8M | 44.8M | 0.0 | |
764.7M | -153.8M | -1.4B | 4.2B | 1.2B | 118.9M | |
0.0 | 13.1M | -87M | 252.4M | 65.9M | 0.0 | |
0.0 | -30M | -126.7M | 194.9M | -120.9M | -150K | |
INVESTING ACTIVITIES | ||||||
(0.0) | -391K | -966K | -1.3M | -2.1M | (0.0) | |
(0.0) | -4.6M | (1.3M) | (0.0) | (0.0) | (128.4M) | |
(0.0) | -25M | (0.0) | (0.0) | (0.0) | (0.0) | |
0.0 | 167K | 3.6M | 0.0 | 0.0 | 0.0 | |
0.0 | -15.2M | 32K | 0.0 | 1.5B | 18K | |
(0.0) | -45.1M | (3.9M) | -1.3M | (1.5B) | (128.4M) | |
FINANCING ACTIVITIES | ||||||
0.0 | 20.1M | -675M | -2.3M | 31.2M | 0.0 | |
(0.0) | (0.0) | -534.6M | (0.0) | -371.3M | (0.0) | |
0.0 | -21.1M | -3M | -5.4M | -285K | 1.3B | |
0.0 | -980K | -1.2B | -7.7M | -340.4M | 1.3B | |
CASH FLOW SUMMARY | ||||||
0.0 | 300K | 0.0 | 0.0 | 0.0 | 0.0 | |
-55.8M | -75.7M | -1.3B | 185.9M | 1B | 0.0 | |
55.8M | 131.5M | 1.5B | 1.3B | 239.4M | 0.0 | |
0.0 | 55.8M | 131.5M | 1.5B | 1.3B | 0.0 | |
0.0 | -33.7M | -127.6M | 193.6M | -455.3M | -150K |
BLSH - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
6-K 6-K 2026 Q2 Q2 | May 14, 2026 | May 31, 2026 | 2026 | |
6-K 6-K 2026 Q2 Q2 | May 07, 2026 | May 31, 2026 | 2026 | |
6-K 6-K 2026 Q2 Q2 | May 05, 2026 | May 31, 2026 | 2026 | |
6-K 6-K 2026 Q2 Q2 | May 05, 2026 | May 31, 2026 | 2026 | |
6-K 6-K 2026 Q2 Q2 | April 23, 2026 | April 30, 2026 | 2026 | |
6-K 6-K 2026 Q2 Q2 | April 08, 2026 | April 30, 2026 | 2026 | |
20-F 20-F 2025 FY FY | March 10, 2026 | December 31, 2025 | 2025 | |
6-K 6-K 2026 Q1 Q1 | March 06, 2026 | March 31, 2026 | 2026 | |
6-K 6-K 2026 Q1 Q1 | February 05, 2026 | February 28, 2026 | 2026 | |
6-K 6-K 2026 Q1 Q1 | February 05, 2026 | February 28, 2026 | 2026 |
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