Bullish
BLSHTechnologyNASDAQSoftware - Infrastructure
Scan Results
Daily timeframePart of the technology sector, Bullish (BLSH) is listed under Software - Infrastructure. At a $3.40B market cap, Bullish ranks as a mid-cap company within technology. 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
$3.40B
Beta
—
P/E (TTM)
—
P/E (Fwd)
25.73
EPS (TTM)
$-7.18
EPS (Fwd)
$0.87
ROE
-44.6%
ROA
-10.3%
Cash
$342.7M
Total Debt
$507.1M
Free CF
-$847.2M
52W Change
-67.0%
Annual Financials
Cash vs Debt
Bullish carries $507.1M in total debt against $342.7M in cash reserves — debt is modestly above the cash position. Managing this leverage effectively will be important for long-term financial stability. The company is burning cash, with free cash flow at -$847.2M. This typically occurs when a company is investing aggressively in growth, but sustained cash burn can strain the balance sheet. 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.
The company is burning cash at the operating level, which is not unusual for growth-phase companies but adds risk if it persists. No single metric tells the full story. Reviewing BLSH's risk profile alongside its fundamentals and technical indicators provides a more complete picture.