Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company operates Bullish Exchange, a ...
Bullish is a technology and investment group focused on developing financial services for the digital assets sector, providing institutional-grade infrastructure and information services. The company operates Bullish Exchange, a regulated digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to ...Bullish is a technology and investment group focused on developing financial services for the digital assets sector, providing institutional-grade infrastructure and information services. The company operates Bullish Exchange, a regulated digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to deliver deep and predictable liquidity. This exchange offers trading in major cryptocurrencies like Bitcoin and Ethereum, with features such as no maker fees and low taker fees, catering to institutions and advanced traders. Bullish also owns CoinDesk, a leading media outlet, and provides CoinDesk Indices, which are benchmarks and indices tracking digital asset performance, used by traditional financial institutions including exchanges and asset managers. CoinDesk Data offers comprehensive market data and analytics, while CoinDesk Insights delivers news, analysis, and networking events. The company was founded in 2020 by Brendan Blumer, who also founded Block.one, and is backed by a consortium with initial capitalization of $10 billion. As of 2025, Bullish has 414 employees and is listed on the New York Stock Exchange under the ticker BLSH. The company is led by CEO Thomas W. Farley, former president of NYSE Euronext. Financially, Bullish has a market cap of approximately $3.58 billion, with a price-to-sales ratio of 0.017, indicating high revenue relative to valuation. The company has negative earnings, with a net profit margin of -0.5%, and a return on equity of -32.5%. However, it maintains a strong balance sheet with a current ratio of 26.4 and low debt-to-equity of 19.1%. The enterprise value is about $4 billion, and the company has significant working capital of $3.06 billion. Bullish is actively expanding, completing its U.S. launch with spot trading in 20 states after securing a BitLicense from NYDFS. The company aims to bridge traditional finance with digital assets by offering a compliant, efficient, and liquid trading environment. Key persons include CEO Tom Farley and co-founder Brendan Blumer, who serves on the board. The company's future outlook is positive, with plans to launch options trading and further expand its product offerings. Overall, Bullish is positioned as a leading regulated digital asset exchange with a comprehensive suite of services and a strong focus on institutional clients.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$245.0B
-2.1%
-99.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-764.7M
-1073.8%
+53.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+0.0%
+1333.4%
+204916.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+0.0%
+62.1%
+6014.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-0.3%
-1094.8%
-25893.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-23.2M
+31.3%
-97.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-0.0%
+29.8%
+1185.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
18.0%
-20.8%
+12.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
29.28x
-14.5%
-11.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Thank you for standing by, and welcome to Bullish Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Michael Fedele, Vice President of Finance. Please go ahead.
Michael Fedele: Good morning, and welcome to our second quarter earnings call. I'm Michael Fedele, and I'm joined on today's call by our Chief Executive Officer, Tom Farley; Chief Financial Officer, David Bonanno; and Director of Corporate Development, Liam Foley. This call will contain forward-looking statements, including those relating to our expected performance and business opportunities, our proposed acquisition of Equiniti Group, the anticipated benefits and strategic rationale of the transaction, expected timing and closing conditions and business opportunities following the transaction. These statements are not assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks include, among others, the possibility that the Equiniti transaction may not be completed, failure to obtain required regulatory approvals, the possibility that anticipated benefits may not be realized and the risks related to the integration of Equiniti's business. For more details on these and other risks, please refer to today's earnings press release and our SEC filings, including our 20-F dated March 9, 2026. We undertake no obligation to update or revise any forward-looking statements. This call will also include a discussion of non-IFRS financial measures. A reconciliation to the most directly comparable IFRS metrics can be found in our earnings press release and presentation, which also contain additional information regarding non-IFRS financial measures and key performance indicators. I'll now turn the call over to Tom.
Thomas Farley: Thanks, Mike. Good morning, everyone. Thanks for joining. I'm Tom Farley, Chairman and CEO of Bullish. A year ago today, Bullish went public on the New York Stock Exchange. Thank you for following us and supporting us as a public company. A year ago today, our old school certificated shares began changing hands. A year later, I'm pleased to share with you that beginning yesterday, Bullish's tokenized shares are trading on our own regulated venue for the first time. This also marks Bullish's first trades of any tokenized security. This is just the beginning. We are building the infrastructure for tokenized securities. And this quarter, we turned that from a blueprint into something real. Our business has remained diversified and resilient against a soft quarter for crypto with prices and volatility down across the market. Our diversified largely recurring revenue base and mission-critical product offerings have helped carry us through, and our pending acquisition of Equiniti will be another step towards further business model resilience. Regarding Equiniti, we're on track to close in January 2027. We have all of the antitrust …
