Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform providing regulated market infrastructure and information services. Its core offerings include Bullish Exchange, a digital assets spot and derivatives exchange that integrates a high-performance central limit order book matching engine with automated market making to provide deep liquidity for institutional traders. Bullish Europe operates under MiCAR regulation as a crypto asset service provider offering spot trading and custody. The company is the parent of CoinDesk, a provider of digital asset media and information services encompassing CoinDesk Indices (tradable benchmarks and indices used by global institutions including for exchange-traded products), CoinDesk Data (real-time market data and analytics), and CoinDesk Insights (digital media platform at coindesk.com and major industry events including Consensus). Bullish's revenue model spans transaction fees and trading spreads on its exchange, subscription and services revenue from data licensing, index fees, lending and liquidity services, and events. The company maintains a substantial balance sheet with digital assets including BTC, ETH, stablecoins, and other tokens held across exchange and non-exchange wallets, as well as digital asset lending operations through credit line facilities and margin lending services. Bullish holds borrowings from related parties and operates derivative financial instruments including perpetual futures contracts. The company is pursuing the acquisition of Equiniti to build an end-to-end platform for tokenized securities issuance, listing, trading and tracking on public blockchains. Bullish holds regulatory approvals including from the Gibraltar Financial Services Commission for tokenized securities secondary trading. Updated Aug 13, 2026