Bullish
$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.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
Medium confidenceValuation multiple is compressed (P/E -4.7).
Valuation inputs: P/E -4.7, earnings yield N/A, momentum -7.7%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is soft (ROE -23.7%, ROIC +1.3%).
Profitability stack: net margin -0.3%, ROE -23.7%, ROIC +1.3%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceRisk profile is balanced but has notable pressure points to monitor.
Risk factors: liabilities/assets +16.6%, momentum -7.7%, net margin -0.3%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Bullish Market vs Earnings Trajectory
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Bullish Fair Value Envelope
Bullish Profit Bridge
Profitability Analysis
Gross Margin
Thin margins leave little room for error. Cost management and pricing strategy are critical.
Operating Margin
Minimal operating profit suggests high operating costs or pricing challenges. Scalability is concerning.
Net Profit Margin
Net losses indicate the company is burning cash. Sustainability depends on path to profitability.
Profitability Insight
Non-operating losses: Core business is profitable but other expenses (interest, taxes, one-time items) are driving net losses. Review capital structure and non-operating items.
Bullish Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.
FCF Growth Trend
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Working Capital Impact
Neutral working capital impact. Changes in current assets and liabilities balanced out.
Bullish Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.
Debt-to-Equity Ratio
Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.
Working Capital
Strong working capital position provides significant operational flexibility and financial cushion.
Asset Composition
Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.
Financial Health Insight
Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.
Bullish Street Expectations Map
Wall Street analysts project that BLSH stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 51.33, with estimates ranging from a low of 43.00 to a high of 61.00.
The consensus 1-year price target stands at 51.33, with estimates ranging from a low of 43.00 to a high of 61.00.
Analyst Consensus Analysis
Upside Potential
Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.
Analyst Agreement
Good consensus alignment. Moderate target spread reflects general agreement on value drivers with some variance in assumptions.
Analyst Conviction
Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.
Market Sentiment Insight
Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.
Bullish Insider Positioning
During the last 12 months, insiders have sold $232K worth of BLSH shares, with no buying activity reported.
3 Months
0
0.00
5.5K
232.38K
-232K
-$232K
3-6 Months
0
0.00
0
0.00
+0
+$0
6-9 Months
0
0.00
0
0.00
+0
+$0
9-12 Months
0
0.00
0
0.00
+0
+$0
Top Buyers
No buying activity
Top Sellers
Farley Thomas W
Director, Officer: Chief Executive Officer
$232K
Insider Activity Analysis
Net Insider Sentiment
Strong bearish signal with $232K net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.
Buy/Sell Ratio
Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.
Recent Trend (3 Months)
Heavy recent selling activity. Recent insider sales notably exceed purchases—may warrant investigation into company developments.
Insider Participation
1 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.
Insider Activity Insight
Persistent selling pressure: Consistent insider selling with weak buy/sell ratio suggests insiders may be capitalizing on current valuation. Exercise caution and review recent earnings quality and management commentary.
No Dividend Yield Data
BLSH has not reported any dividend yield values in the available annual periods.
blsh Dividend History
Learning Layer
Related Guides
Build conviction on BLSH by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.