Bullish (BLSH) Stock Price & Analysis
Bullish (BLSH) closed at USD 29.19 on Thursday, October 22, 2026, down 1.95% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 29.77; the Oct 22, 2026 session ranged USD 28.31–29.53 on volume of 1,043,173 shares. Market capitalization is $4.43B, with a 52-week range of USD 20.55–56.92 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 08:44 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BLSH.md
Key facts (BLSH)
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $16.4M; 1 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.58 on a 1–5 scale) (12 analysts), mean target USD 40.82 (range 25–53).
- Total return with dividends: 1Y -45.8% vs S&P 500 +14.9%; 5Y -58.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-18, EPS estimate USD 0.08, revenue estimate $79.8M.
Insider sales (SEC Form 4, open-market, last ~7 months) (BLSH)
4 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-24 | Bliss Andrew | Director | 100 | $4K | 0% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-21…2026-09-23 | Bliss Andrew | Director | 245,129 | $9.9M | 4.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Farley Thomas W | Chief Executive Officer | 80,000 | $3.5M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Farley Thomas W | Chief Executive Officer | 247 | $0K | 0% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-10 | Farley Thomas W | Chief Executive Officer | 80,000 | $2.9M | 1.6% | Yes | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (BLSH)
Consensus Hold (mean 2.58 on a 1–5 scale), 12 analysts; mean target USD 40.82 (low 25, high 53).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Wells Fargo | Target lowered | Equal-Weight | $38 → $35 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $38 |
| 2026-09-29 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $55 → $40 |
| 2026-09-23 | Canaccord Genuity | Maintained | Buy | $45 |
| 2026-09-14 | Compass Point | Upgrade | Neutral → Buy | $30 → $51 |
| 2026-08-17 | Canaccord Genuity | Target lowered | Buy | $50 → $45 |
| 2026-08-14 | JP Morgan | Target lowered | Neutral | $26 → $25 |
| 2026-08-14 | Rosenblatt | Target lowered | Neutral | $42.5 → $30 |
Total return (dividends reinvested) (BLSH)
| 1Y (from 2025-10-23) | 5Y (from 2025-08-11) | |
|---|---|---|
| Total return | -45.8% | -58.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -45.9% | -51.5% |
| Volatility (annualized) | 73.9% | 72.1% |
| Max drawdown | -61.3% (Oct 2025→Jul 2026) | -69.2% (Aug 2025→Jul 2026) |
BLSH suppliers, customers and competitors (named in its 20-F)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | CoinDesk | “We face significant customer concentration risk across the Bullish Exchange, CoinDesk Data, CoinDesk Indices and CoinDesk Insights businesses, which could adversely affect our operating results and financial condition.” |
| Customer | CoinDesk Indices | “We face significant customer concentration risk across the Bullish Exchange, CoinDesk Data, CoinDesk Indices and CoinDesk Insights businesses, which could adversely affect our operating results and financial condition.” |
| Partner | Silvergate Capital | “The loss of these banking partners, as shown by the closures of Silvergate Capital Corp. and Signature Bank in March 2023, may result in service disruptions that adversely impact our business and financial condition.” |
| Partner | B1 Services KY | “On August 27, 2024, we entered into a service agreement with B1 Services KY Limited, under which Bullish Services KY Limited agreed to allocate approximately 50% of the office premises it leased in the Cayman Islands for B1 Services KY Limited's use, inclusive of restroom facilities, other agreed shared amenities and property overhead services.” |
| Partner | Bullish Services KY | “On August 27, 2024, we entered into a service agreement with B1 Services KY Limited, under which Bullish Services KY Limited agreed to allocate approximately 50% of the office premises it leased in the Cayman Islands for B1 Services KY Limited's use, inclusive of restroom facilities, other agreed shared amenities and property overhead services.” |
| Partner | Buttonwood Services KY | “On July 17, 2025, we entered into a heads of agreement with the landlord of such office premises and Buttonwood Services KY Limited, an entity controlled by Brendan F.” |
| Related party | SPV KY | “In addition, we paid loan interest of $34.8 million to a related party SPV KY Limited in relation to a loan facility.” |
| Related party | Crescent Energy Co (CRGY) | “The purpose of the audit committee is, among other things, to appoint, retain, set compensation of, and supervise our independent accountants, review and approve related party transactions in accordance with NYSE requirements, review the results and scope of the audit and other accounting related services and review our accounting practices and systems of internal accounting and disclosure controls.” |
Quoted from the company's 20-F filed Mar 10, 2026.
BLSH analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.08 | $0.14 | -46.8% | $79.8M | 8 |
| Next quarter (ends Dec 2026) | $-0.03 | $0.94 | -103.5% | $91.7M | 3 |
| Current fiscal year (ends Dec 2026) | $0.46 | $0.57 | -20.3% | $356.7M | 8 |
| Next fiscal year (ends Dec 2027) | $3.02 | $2.53 | +19.4% | $408.0M | 3 |
BLSH options: expected move
Options price a move of about ±19.4% (±$5.53) by Nov 20, 2026, which includes earnings on Nov 18, 2026; the earnings reaction alone is priced at about ±4.1%.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 74.9% | ±9.4% |
| Nov 6, 2026 | 14 | 76.3% | ±12.6% |
| Nov 13, 2026 | 21 | 85.1% | ±17.0% |
| Nov 20, 2026 | 28 | 85.2% | ±19.4% |
| Nov 27, 2026 | 35 | 83.5% | ±21.0% |
| Dec 4, 2026 | 42 | 82.9% | ±22.9% |
| Dec 18, 2026 | 56 | 76.9% | ±25.1% |
| Jan 15, 2027 | 84 | 77.0% | ±30.4% |
30-day implied volatility 84.8% vs 76.9% realized over the last 30 trading days. Put/call ratio (volume) 1.55. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 08:44 UTC)
| Price | USD 29.19 |
|---|---|
| Change | ▼ 1.95% (down) |
| Previous Close | USD 29.77 |
| Open | USD 28.38 |
| Day Range | USD 28.31 – 29.53 |
| 52-Week Range | USD 20.55 – 56.92 |
| Volume | 1,043,173 shares |
| Market Cap | $4.43B |
| Exchange | NYQ |
Technical Analysis (BLSH)
Nexqual's technical model rates BLSH "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 08:44 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 39.98 (neutral) |
| vs SMA50 | Below (USD 32.92) |
| MACD | -1.38 (negative) |
Analyst Ratings (BLSH)
Wall Street analysts rate BLSH "Hold" based on 12 analysts, with a mean price target of USD 40.82 (range USD 25–53), per Nexqual as of October 23, 2026 at 08:44 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 12 |
| Mean Target | USD 40.82 |
| High Target | USD 53 |
| Low Target | USD 25 |
| Buy / Hold / Sell | 5 / 7 / 0 |
Earnings (BLSH)
| Next Earnings Date | 2026-11-18 |
|---|---|
| EPS Estimate | USD 0.08 |
| Revenue Estimate | $79.84M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.09 vs est 0.09 ▲ beat |
| 2026-03-31 | USD 0.13 vs est 0.17 ▼ miss |
| 2025-12-31 | USD 0.19 vs est 0.16 ▲ beat |
| 2025-09-30 | USD 0.1 vs est 0.1 ▼ miss |
Source: Nexqual, October 23, 2026 at 08:44 UTC.
Financials & Fundamentals (BLSH)
| Total Revenue | $300.72M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +68.80% |
| Gross Margin | +100.00% |
| Operating Margin | -314.27% |
| Profit Margin | +0.00% |
| ROE | -57.07% |
| Debt / Equity | 0.21 |
| Current Ratio | 23.53 |
| Total Cash | $312.85M |
| Total Debt | $518.15M |
Source: Nexqual, October 23, 2026 at 08:44 UTC.
Financial Health Score (BLSH)
Nexqual rates Bullish's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 08:44 UTC.
| Growth | Strong — Revenue +69% YoY (latest Q) |
|---|---|
| Profitability | Critical — Net margin -151% (last 12 months); banks have no gross margin |
| Balance Sheet | N/A — Not comparable for banks: deposits and customer funds sit on the balance sheet, so cash vs debt does not measure safety (SEC industry: Finance Services) |
| Cash Flow | N/A — Not meaningful for banks and lenders: lending and trading move operating cash flow by billions each year (SEC industry: Finance Services) |
| Efficiency | Critical — ROE -57%, ROA -15.7% |
Ownership (BLSH)
| Insider Ownership | +86.68% |
|---|---|
| Institutional Ownership | +26.32% |
| Shares Outstanding | 151.65M |
| Float | 43.85M |
| Short % of Float | +15.91% |
Source: Nexqual, October 23, 2026 at 08:44 UTC.
Leadership (BLSH)
Bullish is led by Thomas W. Farley, CEO & Chairman, per Nexqual as of October 23, 2026 at 08:44 UTC.
| CEO & Chairman | Thomas W. Farley |
|---|---|
| Chief Financial Officer | David Whalen Bonanno |
| Chief Operating Officer | George Gaffney |
| Chief Technology Officer | Mothusi Majinda |
| Director of Corporate Development | Liam Foley |
Major Backers & Investors (BLSH)
Notable institutional backers of Bullish include FMR, LLC, Fidelity, ARK Invest, according to Nexqual as of October 23, 2026 at 08:44 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 6.93% |
| Fidelity | 5.25% |
| ARK Invest | 4.47% |
| Sumitomo Mitsui Trust Group, Inc. | 2.69% |
| Amova Asset Management Americas Inc | 2.68% |
| Stephens Investment Management Group LLC | 0.9% |
| Van Eck Associates Corporation | 0.83% |
| T. Rowe Price | 0.77% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 0.8% |
Source: Nexqual, October 23, 2026 at 08:44 UTC.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| TENB | Tenable Holdings, Inc. | USD 42 | ▲ 3.27% |
| DLO | DLocal Limited | USD 14.84 | ▼ 2.05% |
| CORZ | Core Scientific, Inc. | USD 13.2 | ▼ 7.37% |
| RELY | Remitly Global, Inc. | USD 25.32 | ▼ 0.39% |
| ACIW | ACI Worldwide, Inc. | USD 56.19 | ▲ 4.33% |
| BB | BlackBerry Limited | USD 8.59 | ▼ 8.71% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 08:44 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt