Bullish (BLSH)
Market Price (9/27/2026): $37.53 | Market Cap: $5.7 BilSector: Information Technology | Industry: Systems Software
Bullish (BLSH)
Market Price (9/27/2026): $37.53Market Cap: $5.7 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody. | Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -121% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg QQuarterly Revenue Change % is -44% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% Key risksBLSH key risks include [1] an unpredictable earnings model heavily reliant on fluctuating fair value gains from its crypto holdings rather than stable operational revenues, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody. |
| Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -121% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg QQuarterly Revenue Change % is -44% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% |
| Key risksBLSH key risks include [1] an unpredictable earnings model heavily reliant on fluctuating fair value gains from its crypto holdings rather than stable operational revenues, Show more. |
Qualitative Assessment
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Bullish (BLSH) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Bullish (BLSH) demonstrated robust performance in its fiscal Q2 2026 (ended June 2026), reporting strong adjusted revenue and EBITDA growth. The company announced its Q2 2026 results on August 12, 2026, with earnings per share (EPS) of $0.09, which met analysts' expectations by 4.44%. Notably, quarterly revenue surged by 62.5% year-over-year to $92.62 million, and adjusted revenue reached $92.6 million, an increase from $57.0 million in the prior year. Additionally, adjusted EBITDA rose to $29.5 million from $8.1 million in fiscal Q2 2025. Bullish also achieved record subscription, services, and other (SS&O) revenue of $62.7 million in fiscal Q2 2026, representing a 62% year-over-year growth and signaling successful diversification beyond volatile crypto trading volumes. Following the earnings announcement, Bullish shares gained 11.6% the next day.
2. The company made significant strides in its tokenized securities strategy, underpinned by the Equiniti acquisition and the launch of tokenized equity trading. Bullish agreed to acquire Equiniti for $4.2 billion in May 2026, with the deal anticipated to close in January 2027, positioning Bullish to enhance its tokenized securities infrastructure through Equiniti's relationships with approximately 3,000 publicly traded companies. Furthermore, Bullish became the first NYSE-listed company to fully tokenize its own equity cap table in May 2026, a proof of concept that culminated in the first trading of these tokenized shares on the GFSC-regulated Bullish Exchange on August 12, 2026. In September 2026, Bullish, along with Equiniti, formed the Issuer Sponsored Token Coalition to develop standards for tokenized securities, further solidifying Bullish's strategic positioning in the evolving digital-asset market infrastructure.
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Bullish (BLSH) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Bullish (BLSH) demonstrated robust performance in its fiscal Q2 2026 (ended June 2026), reporting strong adjusted revenue and EBITDA growth. The company announced its Q2 2026 results on August 12, 2026, with earnings per share (EPS) of $0.09, which met analysts' expectations by 4.44%. Notably, quarterly revenue surged by 62.5% year-over-year to $92.62 million, and adjusted revenue reached $92.6 million, an increase from $57.0 million in the prior year. Additionally, adjusted EBITDA rose to $29.5 million from $8.1 million in fiscal Q2 2025. Bullish also achieved record subscription, services, and other (SS&O) revenue of $62.7 million in fiscal Q2 2026, representing a 62% year-over-year growth and signaling successful diversification beyond volatile crypto trading volumes. Following the earnings announcement, Bullish shares gained 11.6% the next day.
2. The company made significant strides in its tokenized securities strategy, underpinned by the Equiniti acquisition and the launch of tokenized equity trading. Bullish agreed to acquire Equiniti for $4.2 billion in May 2026, with the deal anticipated to close in January 2027, positioning Bullish to enhance its tokenized securities infrastructure through Equiniti's relationships with approximately 3,000 publicly traded companies. Furthermore, Bullish became the first NYSE-listed company to fully tokenize its own equity cap table in May 2026, a proof of concept that culminated in the first trading of these tokenized shares on the GFSC-regulated Bullish Exchange on August 12, 2026. In September 2026, Bullish, along with Equiniti, formed the Issuer Sponsored Token Coalition to develop standards for tokenized securities, further solidifying Bullish's strategic positioning in the evolving digital-asset market infrastructure.
3. Favorable regulatory developments and positive analyst sentiment contributed to increased investor confidence. In September 2026, the U.S. Securities and Exchange Commission (SEC) introduced a five-year 'Innovation Exemption' framework, creating a formal regulatory pathway for tokenized stock trading on blockchain venues. This development directly benefits Bullish and led to its shares surging by nearly 10%. Concurrently, analyst ratings turned more positive, with Canaccord Genuity reaffirming a "Buy" rating and a $45 price target for Bullish. Additionally, Compass Point upgraded Bullish from "neutral" to "buy" on September 14, 2026, raising its price target from $30.00 to $51.00, while Zacks Research upgraded the stock from a "strong sell" to a "hold" on August 31, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 7.6% change in BLSH stock from 5/31/2026 to 9/26/2026 was primarily driven by a 22.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.91 | 37.58 | 7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 216,584 | 190,571 | -12.0% |
| P/S Multiple | 0.0 | 0.0 | 22.8% |
| Shares Outstanding (Mil) | 151 | 152 | -0.4% |
| Cumulative Contribution | 7.6% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| BLSH | 7.6% | |
| Market (SPY) | 2.2% | 47.1% |
| Sector (XLK) | 2.9% | 38.1% |
Fundamental Drivers
The 19.7% change in BLSH stock from 2/28/2026 to 9/26/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.39 | 37.58 | 19.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 190,571 | 0.0% |
| P/S Multiple | � | 0.0 | 0.0% |
| Shares Outstanding (Mil) | 146 | 152 | -3.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| BLSH | 19.7% | |
| Market (SPY) | 13.0% | 47.4% |
| Sector (XLK) | 41.8% | 38.6% |
Fundamental Drivers
The -36.3% change in BLSH stock from 8/31/2025 to 9/26/2026 was primarily driven by a -3.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.03 | 37.58 | -36.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 190,571 | 0.0% |
| P/S Multiple | � | 0.0 | 0.0% |
| Shares Outstanding (Mil) | 146 | 152 | -3.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| BLSH | -36.3% | |
| Market (SPY) | 20.9% | 44.6% |
| Sector (XLK) | 50.4% | 40.7% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| BLSH | ||
| Market (SPY) | 77.8% | 42.8% |
| Sector (XLK) | 127.9% | 39.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLSH Return | - | - | - | - | -44% | 5% | -42% |
| Peers Return | -8% | -55% | 119% | 43% | 33% | -3% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| BLSH Win Rate | - | - | - | - | 20% | 56% | |
| Peers Win Rate | 40% | 38% | 60% | 47% | 57% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| BLSH Max Drawdown | - | - | - | - | - | -52% | |
| Peers Max Drawdown | -35% | -60% | -36% | -38% | -42% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, CME, ICE, BKKT, HOOD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
BLSH has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.0% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 92 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.0% | -9.5% |
| % Gain to Breakeven | 11.2% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
BLSH has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 797 days | 1085 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bullish (BLSH)
Bullish (BLSH) is a global digital asset platform that provides crucial market infrastructure and information services, aiming to accelerate the adoption and growth of digital assets and blockchain technology. The company operates under two primary brands: "Bullish," focusing on its institutional-grade exchange, and "CoinDesk," which encompasses its comprehensive information services. Bullish aims to serve a broad spectrum of clients, from large institutions and professional investors to active traders and individual customers globally.
The core offering under the "Bullish" brand is the Bullish Exchange, a regulated global digital assets exchange. This platform provides robust trading and liquidity infrastructure, supporting spot, margin, and derivatives trading with a single global order book. It distinguishes itself with reliable liquidity, diverse product selections, and an institutional-grade framework, holding licenses in key jurisdictions to support its global customer base.
Under the "CoinDesk" brand, Bullish offers extensive Information Services, significantly bolstered by the acquisitions of CoinDesk itself and CCData. These services include CoinDesk Indices, which provides proprietary multi-asset and single-asset benchmarks (e.g., CoinDesk 20, Bitcoin Price Index) for various financial institutions. CoinDesk Data delivers comprehensive real-time and historic market data and analytics for investors and industry professionals. Furthermore, CoinDesk Insights provides news, analysis, and hosts large-scale conferences like Consensus, informing and connecting the global investment community. Bullish emphasizes a synergistic operating model where these interconnected services create cross-selling opportunities and leverage a unified infrastructure to deliver enhanced value to its diverse client base.
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Here are 1-3 brief analogies for Bullish:
It's like Bloomberg Terminal met the Nasdaq Exchange, but entirely focused on digital assets and institutional clients.
Think of it as the CME Group for crypto – a regulated institutional exchange combined with leading market data, indices, and financial intelligence.
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- Trading and Liquidity Infrastructure (Bullish Exchange): Operates a regulated, institutionally focused global digital assets exchange providing spot, margin, and derivatives trading, alongside liquidity and risk management services.
- Digital Asset Indices (CoinDesk Indices): Offers proprietary and single-asset benchmarks and indices that track the performance of various digital assets for financial institutions.
- Digital Asset Market Data (CoinDesk Data): Delivers comprehensive real-time and historical digital asset market data, analytics, and research reports to investors and industry professionals.
- Digital Asset Insights & Events (CoinDesk Insights): Provides news, analysis, real-time information on digital assets and blockchain technology, and organizes large-scale industry conferences.
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Bullish (BLSH) primarily sells its products and services to other companies and professional entities, rather than directly to individual consumers. The company explicitly states its focus is "institutionally focused" and refers multiple times to its "extensive base of institutional customers."
The major categories of customers Bullish serves include:
- Financial Institutions & Asset Managers: This category encompasses banks, hedge funds, asset managers, and other traditional finance and digital asset institutions. They utilize Bullish's trading and liquidity infrastructure, CoinDesk Indices for benchmarks (e.g., for products with over $41 billion of AUM), and CoinDesk Data for market insights.
- Trading Firms & Professional Investors: These customers engage with the Bullish Exchange for spot, margin, and derivatives trading, as well as liquidity and risk management services. They are active participants in the digital asset markets requiring institutional-grade infrastructure.
- Digital Asset Exchanges & Financial Product Manufacturers: These companies leverage CoinDesk Indices to develop and launch their own tradable products (such as ETFs/ETPs) and use CoinDesk Data to inform their offerings and operations. Exchanges are explicitly mentioned as customers for their indexing services.
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Thomas Farley, Chief Executive Officer and Chairman
Thomas Farley currently serves as the Chief Executive Officer and Chairman of Bullish. Prior to his role at Bullish, he was the CEO, President, and Chairman of Far Peak Acquisition Corporation and Far Point Acquisition Corporation, both special purpose acquisition companies (SPACs). He successfully led Far Point Acquisition Corporation through its business combination with Global Blue Group Holding AG, subsequently becoming Chairman of Global Blue's board. Earlier in his career, Farley served as President of the NYSE Group of Intercontinental Exchange Inc. (ICE) from 2014 to 2018, where he managed all operations for the New York Stock Exchange. He also held roles as SVP of Financial Markets at ICE and President of SunGard Kiodex, after serving as its CFO and COO. His early career included investment banking at Montgomery Securities and private equity at Gryphon Investors. Farley made a significant early investment in Coinbase and was involved with Bullish when it received initial investments from firms like Peter Thiel's Founders Fund and Thiel Capital.
David Bonanno, Chief Financial Officer
David Bonanno is the Chief Financial Officer of Bullish, responsible for financial planning and capital strategy. Before becoming CFO, he served as Bullish's Chief Strategy Officer. Bonanno was also a Director of Far Peak Acquisition Corp and Far Point Acquisition Corp, aligning with Thomas Farley's previous ventures. He is currently a Director of Sculptor Capital Management (NYSE: SCU). His extensive investment management experience includes serving as a Managing Director at Third Point LLC, a New York-based investment firm, where he was involved in analyzing and executing both public and private investment opportunities across various industries.
Chris Tyrer, President of Bullish Exchange
Chris Tyrer serves as the President of Bullish Exchange.
Jay Yarow, President of CoinDesk Insights
Jay Yarow is the President of CoinDesk Insights, leading the digital asset media and events provider. He joined Bullish after nine years at CNBC, where he was SVP, Executive Editor Digital, responsible for the vision, strategy, and execution of their digital business.
George Gaffney, Chief Operating Officer
George Gaffney leads global operations for Bullish, overseeing the operations and technology infrastructure of the exchange to ensure a stable, fast, and secure platform. He joined Bullish in 2021 as Head of Exchange Platform Technology and Operations. Previously, he was Managing Director, Global Head of Platform Services, and Head of Global Markets Technology for Hong Kong at Macquarie Group.
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- Regulatory and Legal Risks: Bullish operates in the highly regulated digital asset industry, and its business relies on securing and maintaining regulatory licenses in multiple jurisdictions, including the United States, Germany, Hong Kong, and Gibraltar. Changes in existing regulations, the introduction of new restrictive laws, or the inability to obtain necessary licenses in new markets could significantly impede Bullish's global operations, restrict its product offerings, and impact its ability to serve institutional and individual customers.
- Market Volatility and Adoption of Digital Assets: Bullish's core business, including its exchange, indices, data services, and insights, is directly tied to the overall health, trading volume, and adoption of stablecoins, digital assets, and blockchain technology. Significant downturns in the digital asset market, reduced investor interest, or slower-than-expected institutional adoption could lead to decreased trading volumes on the Bullish Exchange, lower assets under management (AUM) for CoinDesk Indices products, and reduced demand for CoinDesk Data and Insights, thereby negatively impacting revenue across its business lines.
- Competition: The digital asset exchange, data, and information services markets are highly competitive. Bullish's success depends on maintaining its competitive advantages, such as reliable liquidity, diverse product selection, institutional-grade infrastructure, and regulatory licenses. Increased competition from existing players or new entrants offering superior technology, more attractive pricing, broader product suites, or greater liquidity could erode Bullish's market share, pressure its margins, and challenge its ability to attract and retain customers.
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Rapid advancements and adoption of Artificial Intelligence (AI) in content generation and real-time financial analysis pose a clear emerging threat to CoinDesk Insights. As AI technology becomes more sophisticated, it can increasingly automate the creation of financial news, market summaries, and analytical reports, and deliver personalized, instant insights. This capability could potentially diminish the unique value proposition of human-authored content, challenge traditional media subscription models, and reduce the reliance on intermediaries for financial information dissemination, thereby impacting CoinDesk Insights’ audience engagement and revenue streams.
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Bullish (BLSH) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Global Market Expansion and Regulatory Licensing: Bullish is actively pursuing the acquisition of licenses in additional jurisdictions beyond its current regulated markets in the United States, Germany, Hong Kong, and Gibraltar. This expansion into new markets is anticipated to broaden its customer base and increase trading volumes on the Bullish Exchange.
- Enhanced Cross-Selling and Product Cross-Utilization: The company aims to leverage its integrated operating model to increase the number of institutional customers utilizing multiple products and services across its Bullish Exchange and CoinDesk offerings. By promoting cross-utilization through integrated sales strategies and improved customer relationship technology, Bullish expects to generate significant lead opportunities and deepen client relationships.
- Growth in Information Services via Acquisitions and Expanded Offerings: Following the acquisitions of CoinDesk in 2023 and CCData in 2024, Bullish has significantly expanded its Information Services segment, which includes CoinDesk Indices, Data, and Insights. This strategy focuses on growing Assets Under Management (AUM) for index-linked products, expanding the subscriber base for its comprehensive market data and analytics, and increasing the global audience and engagement for its news, analysis, and conferences.
- Increased Trading Volume and Market Share on the Bullish Exchange: Bullish projects continued growth in its core Bullish Exchange business, an institutionally focused and regulated global digital assets exchange. By offering reliable liquidity, diverse product selection (spot, margin, derivatives), institutional-grade infrastructure, and a global order book, the company aims to further increase its total trading volume and market share for key digital assets like Bitcoin and Ethereum.
- Expansion of Subscription-Based Liquidity and Stablecoin Services: Bullish anticipates revenue growth from its subscription-based services that provision liquidity to clients for desired assets and facilitate stablecoin services. This specialized offering caters to institutional needs for efficient digital asset management.
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Outbound Investments
- Acquired CoinDesk in 2023 to expand product offerings, including trusted insights, news, data, indices, and analysis, and to facilitate partnerships and community engagement through the Consensus conference.
- Acquired CCData in October 2024, significantly expanding data and information services capabilities and integrating a leading digital asset data and index provider.
Peer Outperformance in Systems Software
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 67.8% | 202.9% | 283.6% | TTMI 915% · FLEX 725% · SANM 466% |
| Semiconductor Materials & Equipment | 27 | 97.2% | 97.4% | 112.0% | AXTI 797% · AEHR 592% · KLAC 439% |
| Technology Distributors | 9 | 41.0% | 84.4% | 101.6% | CLMB 402% · AVT 204% · SNX 148% |
| Communications Equipment | 36 | 17.2% | 95.3% | 67.6% | AAOI 1301% · FEIM 1069% · LITE 995% |
| Electronic Components | 26 | 42.0% | 70.3% | 64.8% | CLS 3788% · BELFA 1333% · COHR 387% |
| Semiconductors | 55 | 34.9% | 42.6% | 39.9% | POET 1808% · MU 1376% · NVDA 944% |
| Technology Hardware, Storage & Peripherals | 20 | 19.0% | 131.3% | 29.5% | STX 1116% · DELL 1073% · SMCI 1042% |
| Internet Services & Infrastructure | 6 | 4.9% | 51.3% | 28.2% | DOCN 71% · VRSN 37% · GDDY 37% |
| Electronic Equipment & Instruments | 26 | -16.6% | 16.4% | -10.4% | PI 192% · OSIS 107% · KEYS 105% |
| IT Consulting & Other Services | 30 | -25.3% | -17.4% | -35.9% | CHRN 522268% · APLD 1174% · TSSI 797% |
| Application Software | 124 | -29.5% | -14.8% | -48.5% | VIDA 144067% · INLX 4910% · PLTR 590% |
| Systems Software ← | 72 | -20.9% | 9.9% | -62.8% | QNC 640% · ZETA 408% · PANW 363% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| BLSH Stock Falls -26% With A 10-day Losing Spree On JPMorgan Target Cut | 02/03/2026 | |
| BLSH Stock Falls -23% With A 9-day Losing Spree On JP Morgan PT Cut | 01/31/2026 | |
| BLSH Stock Falls -16% With A 8-day Losing Spree On Analyst Downgrade | 01/30/2026 | |
| ARTICLES | ||
| BLSH Stock Falls -23% In 9-Day Spree On JPMorgan Target Cut | 01/31/2026 | |
| Stocks Trading At 52-Week Low | 01/27/2026 | |
| Bullish Stock: Buy The Dip? | 08/19/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 136.86 |
| Mkt Cap | 69.2 |
| Rev LTM | 6,528 |
| Op Inc LTM | 1,502 |
| FCF LTM | 946 |
| FCF 3Y Avg | 1,979 |
| CFO LTM | 979 |
| CFO 3Y Avg | 1,990 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.6% |
| Rev Chg 3Y Avg | 37.6% |
| Rev Chg Q | -8.8% |
| QoQ Delta Rev Chg LTM | -2.0% |
| Op Inc Chg LTM | 10.3% |
| Op Inc Chg 3Y Avg | 13.7% |
| Op Mgn LTM | 26.5% |
| Op Mgn 3Y Avg | 34.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 16.1% |
| CFO/Rev 3Y Avg | 35.6% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 32.7% |
Price Behavior
| Market Price | $37.58 | |
| Market Cap ($ Bil) | 5.7 | |
| First Trading Date | 08/13/2025 | |
| Distance from 52W High | -45.4% | |
| 50 Days | 200 Days | |
| DMA Price | $39.13 | $58.05 |
| DMA Trend | down | up |
| Distance from DMA | -4.0% | -35.3% |
| 3M | 1YR | |
| Volatility | 79.4% | 75.4% |
| Downside Capture | 202.22 | 374.73 |
| Upside Capture | 381.59 | 249.07 |
| Correlation (SPY) | 40.9% | 49.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.63 | 2.73 | 2.63 | 2.55 | 2.66 | 0.53 |
| Up Beta | -0.09 | 1.63 | 2.66 | 2.27 | 2.28 | 1.28 |
| Down Beta | -6.53 | 0.44 | 2.46 | 2.18 | 2.12 | -0.95 |
| Up Capture | 926% | 569% | 302% | 380% | 449% | 48% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 16 | 24 | 33 | 65 | 117 | 123 |
| Down Capture | 80% | 254% | 242% | 220% | 187% | 106% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 5 | 18 | 31 | 62 | 133 | 139 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLSH | |
|---|---|---|---|---|
| BLSH | -44.5% | 75.6% | -0.46 | - |
| Sector ETF (XLK) | 41.7% | 26.4% | 1.28 | 43.1% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 48.8% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 27.8% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | 0.3% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 24.8% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 60.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLSH | |
|---|---|---|---|---|
| BLSH | -11.2% | 80.4% | -0.32 | - |
| Sector ETF (XLK) | 21.3% | 26.0% | 0.73 | 39.3% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 42.8% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 24.3% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 0.8% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 19.9% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 54.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLSH | |
|---|---|---|---|---|
| BLSH | -5.8% | 80.4% | -0.32 | - |
| Sector ETF (XLK) | 24.8% | 25.0% | 0.90 | 39.3% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 42.8% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 24.3% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 0.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 19.9% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 54.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Insider Activity
Updated 9/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bliss, Andrew | Bliss Capital Limited | Sell | 9232026 | 40.22 | 59,976 | 2,412,031 | 192,833,489 | Form | |
| 2 | Bliss, Andrew | Bliss Capital Limited | Sell | 9232026 | 40.79 | 108,200 | 4,413,056 | 198,010,357 | Form | |
| 3 | Bliss, Andrew | Bliss Capital Limited | Sell | 9232026 | 40.20 | 76,953 | 3,093,888 | 199,538,889 | Form | |
| 4 | Farley, Thomas W | Chief Executive Officer | Direct | Sell | 5132026 | 43.95 | 80,000 | Form | ||
| 5 | Farley, Thomas W | Chief Executive Officer | Direct | Sell | 5062026 | 0.00 | 494 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bliss, Andrew | Bliss Capital Limited | Sell | 9232026 | 40.22 | 59,976 | 2,412,031 | 192,833,489 | Form | |
| 2 | Bliss, Andrew | Bliss Capital Limited | Sell | 9232026 | 40.79 | 108,200 | 4,413,056 | 198,010,357 | Form | |
| 3 | Bliss, Andrew | Bliss Capital Limited | Sell | 9232026 | 40.20 | 76,953 | 3,093,888 | 199,538,889 | Form | |
| 4 | Farley, Thomas W | Chief Executive Officer | Direct | Sell | 5132026 | 43.95 | 80,000 | Form | ||
| 5 | Farley, Thomas W | Chief Executive Officer | Direct | Sell | 5062026 | 0.00 | 494 | Form | ||
| 6 | Farley, Thomas W | Chief Executive Officer | Direct | Sell | 4132026 | 36.41 | 80,000 | 2,912,819 | 179,261,657 | Form |
Investor Activity (13F)
Updated Sep 27, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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