Bullish
BLSHTechnologyNASDAQSoftware - Infrastructure · Last scanned May 30, 2026
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Daily timeframeBullish, a global digital asset platform that provides market infrastructure and information services in United States. Valued at $5.29B, BLSH is a mid-cap name in its sector. 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.
Market Cap
$5.29B
Beta
—
P/E (TTM)
—
P/E (Fwd)
40.48
EPS (TTM)
$-7.49
EPS (Fwd)
$0.86
ROE
-44.6%
ROA
-10.3%
Cash
$342.7M
Total Debt
$507.1M
Free CF
-$847.2M
52W Change
-48.7%
Annual Financials
Cash vs Debt
On the balance sheet, BLSH has $342.7M in cash with $507.1M in obligations. The ability to service this debt comfortably depends on continued operational cash generation. Free cash flow is running at -$847.2M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. Return on equity stands at -44.6%, which is negative for the sector. ROE measures how effectively a company uses shareholder capital to generate profits. Revenue has grown from $72.90B (2022) to $244.97B (2025), reflecting a 236% increase over the period.
Negative free cash flow means the company is currently spending more than it generates, which may require future fundraising or debt if the trend continues. No single metric tells the full story. Reviewing BLSH's risk profile alongside its fundamentals and technical indicators provides a more complete picture.