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BLBLSH

Bullish

$BLSH·$3.5B·Software - Application·Technology
$23.25-1.9%YTD-38.4%1Y-65.2%
Mentions · last 7 days
2026-06-22: 6 posts2026-06-23: 6 posts2026-06-24: 9 posts2026-06-25: 8 posts2026-06-26: 25 posts2026-06-27: 3 posts2026-06-28: 4 posts61
Price updated 9m ago·X counts updated 2d ago
BLBLSH
$BLSHBullish
$23.25-1.86%61 posts
AI analysisFundamentalsVoices on X
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AI verdict & sentimentAI analysisGenerated by AI from underlying data

Today's AI verdict on what's driving $BLSH, plus how loud the X conversation is and which way it's leaning.

AI analysis

TickerTalks’ read on the fundamentals and what’s driving the move.

Broken storySelling offAI verdict · as of 2026-06-30

Falling on heavy selling — points lower unless it turns around.

Bullish at $24 — crypto exchange down 65% TTM and -38% YTD, near 52w lows but just got Gibraltar Financial Services Commission approval for tokenized securities trading.

Bullish is the Block-One-spinoff institutional crypto exchange — historically positioned as the regulated trading venue for institutional crypto plus tokenized-securities ambitions, now trading at 2% of the 52-week range with a Gibraltar tokenized-securities approval as the one positive catalyst. The stock is down 38% YTD and 65% TTM, sitting at near 52w lows.

Where the bet now sits:

  • The Q1 print is operationally erratic at scale: revenue FELL 35.4% YoY to $51.8B (giant gross-volume base — a crypto-exchange artifact) with -0.1% op margin and -$3.85 EPS, FY26 Q2 EPS estimate is positive $0.11 (small inflection) — at $3.5B market cap the equity is being priced as the broken-story crypto-rotation casualty.
  • The Gibraltar approval is the substance positive: Bullish received Gibraltar Financial Services Commission approval to offer trading in tokenized securities (June 29) — that's a meaningful regulatory-license addition that converts into a tokenized-equity-and-bond trading runway, exactly the kind of forward-looking optionality the bull case needs at this near-52w-low.
  • The 'Crypto Winter Is Here' framing is the load-bearing macro: 'Crypto Winter Is Here: 3 Stocks To Put On Ice This Summer' (Marketbeat June 9) plus 'Cathie Wood Goes Bargain Hunting' (Fool May 26) signals that BLSH is now a contrarian-rotation candidate at the bottom of the crypto-equity cohort cycle, but the Bullish May 2026 monthly metrics (June 8) didn't catalyze a real move.

August 13 Q2 earnings is the next decision — a beat with the $0.11 positive-EPS print plus a Gibraltar tokenized-securities-launch volume disclosure plus a maintained institutional-volume cadence restarts the move from this near-52w-low compression. Another quarter of revenue contraction, a deeper crypto-winter macro reset that pushes positive-EPS targets back to FY27, or a Gibraltar-launch-delay commentary is what would extend the breakdown despite the contrarian-Cathie-Wood-bargain framing.

What to watch: August 13 Q2 earnings — a beat with the $0.11 positive-EPS print plus a Gibraltar tokenized-securities-launch volume disclosure plus a maintained institutional-volume cadence restarts the move from this near-52w-low compression; another quarter of revenue contraction, a deeper crypto-winter macro reset that pushes positive-EPS targets back to FY27, or a Gibraltar-launch-delay commentary extends the breakdown.

On the calendar: 2026-08-13 — Q2 earnings

sentiment unavailablegibraltar tokenized securities approvalcrypto winter cohortcathie wood bargainnear 52w low extreme

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What it does

Plain-English summary of the business — what they sell and how they make money.

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.

Industry overviewAI analysisGenerated by AI from underlying data

Where Software - Application sits in its cycle right now — and what that implies for $BLSH.

Software - Application · Technology

AI agent adoption is bifurcating the software landscape — platforms where agents expand contract value (ServiceNow, Snowflake) are re-rated upward, while tools where agents substitute human users (Adobe Creative Cloud) face multiple compression. The divergence accelerates as enterprise buyers reallocate budgets toward agentic automation.

Top industry ETF

$IGViShares Expanded Tech-Software Sector ETF
-15.6%YTD
-17.9%1Y

Fundamentals & catalyst

Profitability, valuation, and the next earnings event — at a glance, with rule-of-thumb signals.

Key ratios

P/E
-3.5How much investors are paying per dollar of profit the company actually earned in the last 12 months. Lower means the stock looks cheaper relative to earnings.~15–25 is typical for the S&P 500; high-growth names trade 30+; hyper-growth or speculative can be 100+ or negative.
ROIC
-0.8%What percentage return the business earns on every dollar of capital (equity + debt) deployed in operations. The cleanest measure of business quality.Above ~15% is high-quality; consistently above 25% suggests a real moat. Below the company's cost of capital is value-destroying.
Op margin
-0.0%Operating profit (after sales, marketing, R&D, and overhead but before interest and taxes) as a percentage of revenue. The clearest view of how well the underlying business is run.Mature business above 20% is healthy; software businesses can run 30%+; commodity / retail businesses operate in single digits.
FCF yield
1.3%Free cash flow (operating cash flow minus capex) divided by the company's market cap. The cash-on-cash return you'd get owning the whole business at today's price.Above ~5% is attractive; below ~2% means you're paying up for growth. Capital-light businesses (software) run higher than capital-heavy ones (utilities).
P/S
0.0Same idea as P/E but per dollar of revenue. Useful for companies that aren't profitable yet, where P/E is meaningless.Under ~2 is cheap; software / SaaS often runs 8–15; well above 20 implies the market is pricing in very high future growth.
ROE
-32.5%Net income as a percentage of shareholders' equity. Similar to ROIC but counts only the equity side.Above 20% is strong, but can be inflated by leverage — a heavily indebted company can show high ROE with weak underlying ROIC.
Gross margin
0.0%Revenue minus the direct cost of producing what was sold, as a percentage of revenue. The first read on whether the product is structurally profitable.Software / SaaS is typically 70%+; consumer goods 30–50%; commodity / hardware businesses can be under 20%.
D/E
0.2Total debt divided by shareholders' equity. Measures how much the business runs on borrowed money versus owner capital.Under 1 is conservative; 1–2 is typical for mature businesses; over 2 is leveraged and more sensitive to interest rates.

Past earnings

QuarterReportedActualEstimateSurprise
Q1 2026May 14, 2026$0.13$0.15-12.9%
Q4 2025Feb 5, 2026$0.20$0.14+39.6%
Q3 2025Nov 19, 2025$0.10$0.10-3.0%
Q2 2025Sep 17, 2025$-0.05$-0.05+2.4%
Next earningsThu, Aug 13·consensus EPS $0.11

Quarterly trend

QuarterRevenueYoYGrossOpEPSFCF
Q1 FY26$51.8B-35.4%0.0%-0.1%$-3.85$76.7M
Q4 FY25$64.4B-2.5%-0.1%0.0%$-3.62$0
Q3 FY25$41.6B-23.2%0.2%0.0%$0.14$-48.7M
Q2 FY25$58.7B+18.3%0.1%-0.0%$0.74$16.8M

Forward consensus

4-year forecast · up to 5 analysts
FYRevenueRangeEPSRangeAnalysts
FY26$377.2M$361.7M – $392.0M$0.61$0.49 – $0.805
FY27$438.4M$415.5M – $461.3M$0.93$0.75 – $1.125
FY28$469.3M$437.1M – $492.4M$1.25$1.14 – $1.331
FY29$673.7M$627.6M – $706.9M$2.42$2.21 – $2.582

Setup & momentum

Volume, range, and moving-average position — the technical setup driving short-term moves.

Right now

Vol vs 30dToday's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.1.0×Today's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.
52w rangeWhere the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.2%Where the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.
vs 50d MALatest close vs the 50-day simple moving average. Positive = short-term trend is up.-30.8%Latest close vs the 50-day simple moving average. Positive = short-term trend is up.
vs 200d MALatest close vs the 200-day simple moving average. Positive = long-term trend is up.-42.5%Latest close vs the 200-day simple moving average. Positive = long-term trend is up.

Float & profile

FloatLow float · 37.6M shFree-float shares — the slice of issued stock actually available to trade. Lower buckets squeeze harder on a catalyst.Traded today5.0% of floatToday's volume as a percent of the free float. Above 5% on a single day is unusually high turnover for the available share count.β-0.135-year weekly beta vs the S&P 500. Above 1.5 means the stock typically moves more than the index; below 0.8 moves less.

Insider activity

Recent open-market buys and sells by officers and directors — flagged when multiple insiders cluster.

Recent transactions

SellMay 11Thomas W FarleyCEO80.0K sh$3.5MSellMay 5Thomas W FarleyCEO494 sh—SellApr 10Thomas W FarleyCEO80.0K sh$2.9M
+ 3 other (2 exempts · 1 inthemoney) in window

See when $BLSH insiders are putting their own money in

  • Real-time open-market buys and sells from Form 4 filings
  • Cluster-buy detection when multiple insiders pile in at once
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SEC filings

Material 8-K, 13D, S-3, and 424B5 events from the last 180 days — the filings that actually move the price.

Recent material filings

3New insider — initial holdingsMar 183
3/ANew insider — initial holdingsMar 183/A
3New insider — initial holdingsMar 183
3New insider — initial holdingsMar 183
3New insider — initial holdingsMar 183
3New insider — initial holdingsMar 183
3New insider — initial holdingsMar 183
3New insider — initial holdingsMar 183
+ 15 other (12 6-Ks · 1 13G · 1 20-F · 1 SC 13D/A) in window

Recent news

Latest headlines from major outlets, sourced and timestamped — context for whatever just moved.

Bullish receives Gibraltar Financial Services Commission approval to offer trading in tokenized securitiesbusinesswire.com·2d agoElemental Royalty Declares Quarterly Dividend and Continues "In Kind" Dividend XAUT Token Payment Alternative for Shareholdersnewsfilecorp.com·12d agoCrypto Winter Is Here: 3 Stocks To Put On Ice This Summermarketbeat.com·21d agoBullish releases May 2026 monthly metricsbusinesswire.com·23d agoCathie Wood Goes Bargain Hunting: 2 Stocks She Just Boughtfool.com·35d ago

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