Bullish

#7 in public BLSH public

https://newhedge.io/api/v2/companies/bullish/bitcoin-acquisitions

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Bitcoin Holdings

Total Bitcoin ₿ 23,300 BTC

% of 21M Supply 0.111%

Current Value $1,420,803,244

Cost Basis $1,928,127,389

ROI -26.31%

% of Company 36.6%

mNAV

2.82x

BTC/Share ₿ 0.00015416 BTC

Market Cap $3,878,406,656

Enterprise Value $4,372,688,656

Latest Purchase Dec 31, 2025

Avg. cost / BTC $82,752

Bullish Stock Priced in BTC

0.000398 BTC

Bullish Bitcoin Holdings Over Time

₿ 23,300 BTC

Bitcoin Acquisitions History

Type	BTC Change	Holdings	Transaction Value	Date
Buy	+0 BTC	0 BTC	$0	—
Buy	+0 BTC	0 BTC	$0	—
Buy	+0 BTC	0 BTC	$0	—
Buy	+0 BTC	0 BTC	$0	—
Buy	+0 BTC	0 BTC	$0	—
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Financial Highlights

Revenue (TTM) $267,908,000

Profit Margin 0%

Operating Margin -742.47%

ROE -44.64%

ROA -10.35%

EPS $-7.49

Book Value $17.528

Target Price $46.95

Current Volume 1,111,577

Avg Volume (30d) 1,741,996

Volume vs Avg 0.64x

Bullish Stock Price vs Bitcoin

$24.93 / $60,978

Company Overview

Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company 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. It also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets to leading traditional finance institutions, including exchanges and asset managers; 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 offers news, analysis, information, conferences and networking opportunities related to digital assets, blockchain technology and the broader financial technology industry. Bullish was founded in 2020 and is based in George Town, Cayman Islands.

Sector Technology

Industry Software - Infrastructure

Sub-Industry Asset Management & Custody Banks

Employees 414

Exchange NYSE

Fiscal Year End December

IPO Date August 2025

Website Visit Website

Stock Returns

Share Price $24.93

1W Return -12.83%

1M Return -30.67%

3M Return -36.97%

1Y Return N/A

1Y vs BTC N/A

52W High $118.00

% Down from 52W High -78.9%

Key Executives

Mr. Thomas W. Farley CEO & Chairman

Age: 50

Mr. David Whalen Bonanno Chief Financial Officer

Age: 45

Mr. George Gaffney Chief Operating Officer

Age: 2026

Jose A. Torres Chief Accounting Officer

Age: 2026

Mr. Mothusi Majinda Chief Technology Officer

Age: 2026

Mr. Nicholas Armstrong General Counsel

Age: 2026

Liam Foley Director of Corporate Development

Age: 2026

Mr. James Mendes Chief People Officer

Age: 2026

Company Details

Address Office 101, 103, 105 Suite 70202, George Town, Cayman Islands, 9005

Phone 345 949 8066

ISIN KYG169101204

Currency USD

Most Recent Quarter 2026-03-31

Growth Metrics

Earnings Growth (YoY) 0%

Revenue Growth (YoY) 65.5%

Balance Sheet (Q1 2026)

Total Assets $3,324,056,000

Total Liabilities $620,849,000

Total Equity $2,649,329,000

Cash & Equivalents $0

Total Debt $494,282,000

Current Assets $3,177,877,000

Current Liabilities $120,279,000

Long-term Debt $487,735,000

Additional Financials

EBITDA -$494,022,016

Gross Profit $267,908,000

Revenue per Share $1.953

Diluted EPS (TTM) $-7.49

Outstanding Shares 151,146,300

EPS Estimates

Current Quarter $0.1703

Current Year $0.6225

Next Quarter $0.1544

Next Year $2.53

Recent Insider Activity

Name	Title	Type	Shares	Price	Value	Date	SEC
Thomas W Farley	CEO & Chairman	Sell	80,000	$36.41	$2,912,800	Apr 10, 2026
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Major Holders

Major Institutional Holders

FMR Inc

4.4817%

6,773,924 shares

ARK Investment Management LLC

4.3271%

6,540,252 shares

Amova Asset Management Americas, Inc

2.5296%

3,823,397 shares

Sumitomo Mitsui Trust Group Inc

2.5281%

3,821,130 shares

BlackRock Inc

1.3061%

1,974,122 shares

Amvescap Plc.

1.1168%

1,688,002 shares

T. Rowe Price Investment Management,Inc.

0.8675%

1,311,194 shares

Stephens Inv Mgmt Group LLC

0.7772%

1,174,709 shares

HHG PLC

0.6866%

1,037,770 shares

Van Eck Associates Corporation

0.5288%

799,262 shares

Major Mutual Fund Holders

Fidelity Contrafund

3.3802%

5,109,047 shares

ARK Innovation ETF

2.9109%

4,399,718 shares

ARK Disruptive Innovation Full Composite

2.716%

4,105,134 shares

Fidelity Contrafund Commingled Pl Cl S

1.3706%

2,071,611 shares

Amova ARK Disruptive Innovation A USD

1.2148%

1,836,125 shares

Fidelity Contrafund K6

0.7694%

1,162,920 shares

Janus Henderson Contrarian D

0.6864%

1,037,468 shares

Janus Henderson US Opportunistic Alpha

0.6864%

1,037,468 shares

ARK Next Generation Internet

0.6389%

965,674 shares

ARK Next Generation Internet ETF

0.6179%

933,933 shares

Frequently Asked Questions

Common questions about Bullish's Bitcoin holdings

How much Bitcoin does Bullish hold?

Bullish currently holds 23,300 BTC, which represents 0.111% of the total Bitcoin supply (21 million). This makes them the 7th largest public Bitcoin holder.

What is the current value of Bullish's Bitcoin holdings?

As of today, Bullish's Bitcoin holdings are worth approximately $1,420,803,244. This represents 36.6% of the company's total market value.

What is Bullish's average cost basis for Bitcoin?

Bullish's average cost basis for their Bitcoin purchases is $1,928,127,389 per Bitcoin. Their current return on investment (ROI) is -26.31%.

When did Bullish last buy Bitcoin?

Bullish's most recent Bitcoin purchase was Dec 31, 2025. View purchase details

What type of company is Bullish?

Bullish is a public company in the Technology sector and Software - Infrastructure industry with approximately 414 employees .

What is Bullish's market capitalization?

Bullish has a market capitalization of approximately $3,878,406,656 and annual revenue of $267,908,000 .

What is Bullish's mNAV?

Bullish's mNAV (Market-to-Net Asset Value) is 2.82x, comparing the company's market value to its Bitcoin holdings value. An mNAV of 1.0 means market value equals Bitcoin stash, while >1.0 indicates a premium for the company's Bitcoin strategy.

What is Bullish's market cap and enterprise value?

Bullish has a market capitalization of $3,878,406,656 and an enterprise value of $4,372,688,656. Enterprise value represents the total company value including debt and cash, providing a more complete valuation picture than market cap alone.

Bullish

Bitcoin Holdings

Bullish Stock Priced in BTC

Bullish Bitcoin Holdings Over Time

Bitcoin Acquisitions History

Financial Highlights

Bullish Stock Price vs Bitcoin

Company Overview

Stock Returns

Key Executives

Company Details

Growth Metrics

Balance Sheet (Q1 2026)

Additional Financials

EPS Estimates

Recent Insider Activity

Major Holders

Frequently Asked Questions

How much Bitcoin does Bullish hold?

What is the current value of Bullish's Bitcoin holdings?

What is Bullish's average cost basis for Bitcoin?

When did Bullish last buy Bitcoin?

What type of company is Bullish?

What is Bullish's market capitalization?

What is Bullish's mNAV?

What is Bullish's market cap and enterprise value?

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