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Bullish

BLSHNYSE

Built from Bullish's own SEC filings · updates as new filings land · sources cited throughout

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← Research LibraryThe BriefFY2025 20-F · headline figures audited against SEC data

Bullish, the institutional crypto exchange that owns CoinDesk, went public in August 2025 and swung from $78.5M of profit to a $764.7M loss as falling digital asset prices hit the value of its holdings; its fee-type other revenues rose to $158.9 million

The read at a glance✓ Audited against SEC data
  • Revenue line — $244.8B of digital assets sales, the gross proceeds of crypto it sells as principal; down 2.2%Note
  • Profitability — Net loss of $764.7M attributable to owners, from $78.5M of profitWatch
  • Cash flow — Operating cash flow $28.6M and free cash flow $18.7M, both positive after negative FY2024Note
  • Balance sheet — Total equity up 34.6% to $3.22B; IPO net proceeds of $1,212.7 millionOK
  • Ownership — Directors and executive officers hold 57.99% of shares as a groupWatch

Business

Bullish is an institutionally focused digital asset platform with two pillars: Market Infrastructure, chiefly the Bullish Exchange, a regulated spot and derivatives crypto exchange with automated market making and liquidity services; and Information Services under the CoinDesk brand, covering indices, market data, media and the Consensus conferences. Its headline revenue line, digital assets sales, is the gross sale proceeds of all digital assets it sells as principal, mostly in customer spot trades on its own exchange, and is offset almost entirely by the cost of the assets sold.

Latest filings

  • 6-K · Company announcement (foreign filer)2026-10-06
  • 6-K · Company announcement (foreign filer)2026-09-08
  • 6-K · Company announcement (foreign filer)2026-08-13
  • 6-K · Company announcement (foreign filer)2026-08-13
  • 6-K · Company announcement (foreign filer)2026-08-06
In the full recordFree for 14 days
  • What changed🔒
  • Insider signal🔒
  • Growth quality🔒
  • Margins & accounting🔒
  • Capital allocation🔒
  • Real risks🔒
  • The long arc🔒
  • Company history🔒
  • The filings, readable — with what changed vs the prior year highlighted🔒
  • Full financial statements, industry-aware, sources cited throughout🔒
  • Forensic score history & components — the trend, not one year🔒
  • Ownership: insider buys/sells, clusters, activist stakes🔒
  • Ana — ask about Bullish, every answer cited to the official filings🔒

Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.

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