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Earnings transcript
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BLSH
BLSH
Bullish
$26.9
-0.31
(-1.14%)
| Exchange: | NYSE |
| Market Cap: | 4.079B |
| Shares Outstanding: | 160.75M |
Delayed data
About The Company
| Sector: | Technology | |||||
| Industry: | Software – Infrastructure | |||||
| CEO: | Thomas W. Farley | |||||
| Full Time Employees: | 400 | |||||
| Address: |
| |||||
| Website: | https://www.Bullish.com |
Established in 2020 and headquartered in George Town, Cayman Islands, Bullish delivers fundamental market infrastructure and comprehensive information solutions, primarily serving the United States. Its flagship product, the Bullish Exchange, functions as a digital asset trading venue for both spot and derivatives, ingeniously combining a central limit order book with automated market-making technology to ensure robust and consistent liquidity. The company also oversees CoinDesk Indices, a suite of tradable, bespoke, and single-asset benchmarks designed for global institutions across digital and conventional finance to gauge digital asset performance. Furthermore, CoinDesk Data provides extensive market intelligence and analytics for digital assets, offering real-time visibility into pricing, evolving trends, and market dynamics. Complementing these, CoinDesk Insights, featuring the prominent Coindesk.com platform, serves as a leading digital media source for news, analysis, and commentary on digital assets, their underlying markets, regulatory policies, and blockchain innovation.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 116,507,500 | 250,263,249 | 244,970,328 |
| Gross Profit | -21,672 | 5,280 | 74,084 |
| EBITDA | 1,309,878 | 131,645 | -725,845 |
| Operating Income | 10,211 | 31,922 | 50,659 |
| Net Income | 1,299,167 | 78,527 | -764,681 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 1,804,519 | 3,047,412 | 3,956,504 |
| Total Liabilities | 522,225 | 646,753 | 658,175 |
| Total Stockholders Equity | 1,281,446 | 2,389,680 | 3,227,962 |
| Total Debt | 440,401 | 543,065 | 601,463 |
| Cash and Cash Equivalents | 112,901 | 31,540 | 104,731 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | -126,668 | -29,979 | 0 |
| Capital Expenditure | -966 | -3,711 | 0 |
| Free Cash Flow | -127,634 | -33,690 | 0 |
| Net Income | 1,300,015 | 79,564 | -764,681 |
| Net Change in Cash | -1,335,396 | -75,743 | -55,783 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 616,516.062 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 708,106.991 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 673,700 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | -143,243.802 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | -124,715.765 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | -136,283.571 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 275,497.235 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 330,226.541 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 309,666.970 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 9,446.157 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 10,849.498 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 10,322.320 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 2.420 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 2.590 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 2.160 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 2 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: BLSH demonstrates consistent revenue growth and positive net income trends over recent periods, as reflected in the income statements. Strong free cash flow generation, evidenced by cash flow statements, supports operational stability and potential for reinvestment.
- Competitive Valuation Metrics: The current price-to-earnings (P/E) ratio and forward P/E estimates suggest BLSH is reasonably valued compared to the industry average P/E ratio (from industry and sector data), indicating potential attractiveness to value investors.
- Robust Balance Sheet: High current and quick ratios (from key metrics) indicate strong liquidity, while a manageable debt-to-equity ratio suggests financial health and capacity to weather economic downturns.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates BLSH intrinsic value between $41.60 – $506.66 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about BLSH valuation
Is Bullish (BLSH) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Bullish (BLSH) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is BLSH a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether BLSH trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is BLSH’s P/E ratio?
You can see BLSH’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for BLSH?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is BLSH a good long-term investment?
Whether BLSH fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
BLSH
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Daily snapshot
-1.14
Trading Metrics:
| Open: | 27.09 | Previous Close: | 27.21 | |
| Day Low: | 26.06 | Day High: | 27.66 | |
| Year Low: | 24.79 | Year High: | 118 | |
| Price Avg 50: | 37.66 | Price Avg 200: | 43.62 | |
| Volume: | 1.544M | Average Volume: | 1.318M |
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Login — it's freeBLSH full analysis
Welcome to MARKETSNAP’s SWOT analysis for BlueShield Technologies, or BLSH as it’s listed on the exchange. If you’re not familiar with BlueShield, let me give you the quick rundown. This company operates in the tech security industry, nestled within the broader technology sector, and they’ve carved out a niche in providing cutting-edge cybersecurity solutions. With a solid market cap and a global presence, they’re a player worth watching for any long-term investor. Today, we’re diving deep into what makes BlueShield…
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