Digital Asset Exchange / Financial Technology
$00.00
BLSH
Bullish Inc. is a global digital asset exchange platform founded in 2020 and headquartered in George Town, Cayman Islands. The company provides market infrastructure and information services in the United States, operating the Bullish Exchange – a digital assets spot and derivatives exchange. It integrates a central limit order book (CLOB) matching engine with automated market making (AMM) to offer deep and predictable liquidity.
Led by former New York Stock Exchange President Tom Farley and backed by tech billionaire Peter Thiel, Bullish focuses on institutional investors by blending decentralized finance (DeFi) protocols with the security of a centralized company. The company operates two primary brands: the Bullish Exchange, encompassing its exchange and related market infrastructure, and CoinDesk, its leading digital asset information services offering.
Bullish differentiates itself from competitors through its unique operational model, featuring Tier 1 regulatory licenses across multiple jurisdictions, a single global order book, an unconflicted business model, and predictable liquidity with tight spreads.
The Bullish Exchange platform offers a robust suite of trading services, including spot trading, perpetual futures, and dated futures. The company also has plans to launch options trading at scale soon, alongside providing comprehensive clearing and custody services. The exchange holds cryptocurrency licenses in key markets such as Germany, Hong Kong, Gibraltar, and New York State.
Beyond its exchange offerings, Bullish provides a comprehensive information services division through CoinDesk. This includes:
- CoinDesk Indices: A collection of tradable proprietary and single-asset benchmarks and indices designed to track the performance of digital assets for global institutions.
- CoinDesk Data: A comprehensive suite offering market data and analytics for digital assets.
- CoinDesk Insights: Operates Coindesk.com, a leading digital media platform delivering news, analysis, and insights on digital assets, markets, policy, and blockchain technology.
Bullish Inc. trades on the New York Stock Exchange (NYSE) under the ticker symbol "BLSH". The company’s Initial Public Offering (IPO) in August 2025 saw its stock price open at $90 per share, a significant 143% above its IPO price of $37. The stock reached a high of $118 before closing its first day at $68, marking a gain of over 83%.
As of September 24, 2025, Bullish's market capitalization stood at $7.95 billion. Since its launch in 2021, the Bullish platform has facilitated total trading volume exceeding $1.25 trillion as of March 31, 2025.
Bullish reported its second-quarter earnings on September 17, 2025, marking its first quarterly report as a public company. The results surpassed Wall Street's estimates for key metrics.
- Earnings Per Share (EPS): $0.93 (exceeding the average analyst estimate of $0.03)
- Adjusted Revenue: $57 million (versus an estimate of $60.7 million)
- Adjusted EBITDA: $8.1 million
- Net Income: $108.3 million (a significant swing from a loss of $116.4 million in the same quarter a year ago)
- Crypto Sales: Rose 18% year-on-year to $58.6 billion
- Trading Volume: Increased by 35% to $179.6 billion
- Subscription, Services, and Other Revenue: Demonstrated 61.4% sequential growth, reaching $32.9 million
Management provided guidance for the third quarter of 2025, expecting adjusted revenue to range between $69.0 million and $76.0 million, with adjusted EBITDA projected between $25.0 million and $28.0 million.
Bullish has significantly strengthened its global regulatory standing by securing the prestigious New York DFS Bitlicense in September 2025. This achievement makes Bullish one of the few entities to hold both the Bitlicense and a New York Money Transmitter License (MTL) since 2023. Combined with its recent MiCA license uplift in the EU and Hong Kong SFC licenses, Bullish possesses a truly global regulatory footprint that complements its singular global order book.
The company is actively pursuing growth through strategic partnerships and product development. Bullish has entered into multi-year, multi-product agreements with high-profile partners, such as Igloo Inc. (owner of Pudgy Penguins). These collaborations leverage Bullish’s liquidity services, CoinDesk Data, and Insights offerings, underscoring the effectiveness of the company’s cross-sell strategy and a growing "flight to quality" trend among institutional clients.
Bullish is preparing for the full launch of its options trading platform in the fourth quarter of 2025, which is currently in a limited mobilization phase with select clients.
Bullish Inc. employs approximately 400 individuals and maintains a strategic focus on serving institutional clients who require comprehensive digital asset infrastructure and information services. The company's business model is designed for revenue diversification, drawing income from trading activities, information services, and institutional solutions, positioning Bullish as a key player in the rapidly evolving digital asset ecosystem.
Clients/Investors to abstain them from dealing in any schemes of unauthorised collective investments / portfolio management, indicative/ guaranteed/fixed returns / payments etc.
Sr. No
Name of KMP
Designation
Mobile Number
Email ID
2.
Mr. Amit Bansal
Designated Director /
Compliance Officer