📈 Price History

Ratio Health

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📊 Sector Averages

About

Bullish, a global digital asset platform that provides market infrastructure and information services in United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding BLSH

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Manager	Shares	Value	% of Fund	Period
Cathie Wood ARK Investment Management	6.56M	$234.5M	1.82%	Mar 2026
Jim Simons Renaissance Technologies LLC	156.8K	$5.6M	0.01%	Mar 2026
Tiger Global Management Tiger Global Management LLC	100.0K	$3.6M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

The CEO provided extensive granular detail on regulatory achievements (quad factor), partnership wins (Solana, Pudgy Penguins), and specific metrics ($530B volume, $41B AUM). Tone remained upbeat with explicit Q3 guidance ranges for revenue and EBITDA.

Q3 2025

Confident Specific

Management uses phrases like "we continue to win", "record-adjusted revenue", "momentum has only increased", "this one has all the hallmarks of a big winner" and provides specific numbers for revenue, EBITDA, net income, trading volumes, and customer wins.

Q4 2025

Confident Specific

Management repeatedly cited specific record metrics (SS&O revenue +284% YoY, Adj EBITDA +55% QoQ) and detailed growth drivers (options launch, tokenization, regulatory wins). They acknowledged macro headwinds but framed them as opportunities, using phrases like 'we were built to take advantage' and 'strong balance sheet and solid reputation.'

Q1 2026 latest

Confident Specific

Management repeatedly used emphatic language ('most significant strategic milestone', 'promises made, promises kept', 'transformative', 'extraordinary inbound interest', 'market validation') and provided specific figures (3,000 issuers, $4.2B deal, 49% revenue growth, 38% EBITDA margin) to convey strong conviction and concrete execution.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. The Equiniti acquisition provides a unique, defensible bridge between traditional capital markets and blockchain, leveraging the transfer agent's issuer relationships and unified ledger. Management demonstrated strong Q1 execution with 49% revenue growth and 38% EBITDA margins despite crypto headwinds. The strategic rationale was articulated clearly, and early inbound interest from issuers exceeded expectations. However, execution risks remain: regulatory approvals for the Equiniti deal and U.S. derivatives licenses are pending, and the tokenization revenue model is still nascent. Next quarter, watch for progress on DCM/DCO licensing, the first half Equiniti financial update, and initial metrics on issuer adoption of tokenization services.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Bullish acquires Equiniti for $4.2B, Q1 adjusted revenue $92.8M up 49% YoY

Revenue & Profitability

Q1 2026 adjusted revenue was $92.8 million, up 49% year-over-year. Adjusted EBITDA was $35.1 million (38% margin), compared to $13.2 million (21% margin) in Q1 2025. Adjusted net income was $20.3 million ($0.13 per diluted share). For the combined company pre-synergy, 2026 outlook: adjusted revenue $1.25B-$1.35B, adjusted EBITDA less CapEx $490M-$530M, adjusted net income $270M-$290M.

Outlook

Management sees tokenization as a 20-year opportunity and the next infrastructure era for capital markets. Demand from issuers and partners has surged since the Equiniti announcement, with dozens of inbound inquiries. Conservative adoption assumptions may prove too slow given the strong market validation. Macro headwinds include digital asset price declines (Bitcoin down 24% QoQ), but revenue still grew.

Growth Drivers

Key growth levers include: tokenization services (Equiniti's 3,000 issuers), exchange expansion via DCM/DCO licenses in the U.S., liquidity services for tokenized securities, and CoinDesk's growing audience (unique visitors up 60% QoQ). The company expects 6%-8% annual revenue growth over the medium term. New client wins (e.g., Ripple Prime, QCP) and partnerships (e.g., Morgan Stanley for ETP benchmarks) also drive growth.

Balance Sheet & CapEx

Not discussed as a separate CapEx line. The company is pulling forward investments in the tokenization platform, which is included in the full-year 2026 adjusted operating expense midpoint-to-upper end range. Q1 included ~$2.5 million in incremental expenses from AI tools and tokenization investments. Post-Equiniti, net cost reductions of $25M-$50M are expected.

Margins

Q1 adjusted EBITDA margin was 38%, up from 21% in the prior year. For the medium term, management expects to exit 2029 with approximately 50% EBITDA less CapEx margin. Combined 2026 adjusted EBITDA less CapEx is guided at $490M-$530M, growing roughly $100M per year. Free cash flow over the medium term is expected to be ~$1 billion.

Key Risks

Risks flagged include the possibility that the Equiniti transaction may not close, failure to obtain required regulatory approvals, integration difficulties, and regulatory changes. Macro headwinds such as digital asset price declines (Bitcoin down 24% QoQ) and interest rate drops could affect revenue. Analysts questioned the speed of issuer adoption for tokenization.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (4)

Q1 2026 Q1 2026 2026-05-14

Announced a $4.2B Equiniti acquisition to lead in tokenization, with Q1 revenue up 49% year-over-year and strong growth in exchange and media segments. Reaffirmed 2026 guidance and highlighted robust issuer and partner interest post-deal.

Q4 2025 Q4 2025 2026-02-05

Q4 2025 saw record revenue and EBITDA, driven by options trading, liquidity services, and institutional growth. 2026 guidance targets 50% SS&O revenue growth, with macro and regulatory factors as key variables. Tokenization and regulatory clarity remain central to long-term strategy.

Q3 2025 Q3 2025 2025-11-19

Record Q3 results with adjusted revenue up 72% year-over-year and strong EBITDA growth. Options and U.S. exchange launches drove rapid client onboarding and market share gains, while liquidity services and CoinDesk businesses expanded. Guidance points to continued growth and high margins.

Q2 2025 Q2 2025 2025-09-17

Q2 saw record subscription revenue and rapid growth in liquidity services, despite lower trading volumes due to low BTC volatility. U.S. market entry is imminent after securing the New York BitLicense, with strong guidance for Q3 and continued expansion in indices and options products.

📊 Analysis Methodology

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