# Bullish (BLSH)

> Source: Nexqual · https://nexqual.com/BLSH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bullish (BLSH), nexqual.com/BLSH" · informational, not investment advice.

**Price:** USD 29.19 (-1.95% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 29.77 · day 28.31–29.53 · 52w 20.55–56.92 · market cap $4.43B · NYQ

## Key facts
- 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)
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
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)
|  | 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) |

## Peers (Software - Infrastructure)
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%

## More
Full page: https://nexqual.com/BLSH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BLSH's own 20-F filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/1872195/000143774926007417/blsh20251231_20f.htm):

| 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…" |
| 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…" |
| 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 require…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.08 | $0.14 | -46.8% | $79.8M | 8 |
| Next quarter (ends 2026-12-31) | $-0.03 | $0.94 | -103.5% | $91.7M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.46 | $0.57 | -20.3% | $356.7M | 8 |
| Next fiscal year (ends 2027-12-31) | $3.02 | $2.53 | +19.4% | $408.0M | 3 |