Bullish
BLSH · Finance Services · EDGAR filings ↗
Reference price $42.25 — last insider sale, 2026-05-11 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
D52Institutional crypto exchange with a strong balance sheet but a large mark-to-market loss year and heavy digital-asset volatility exposure.
Strengths
- Exceptional liquidity: current/quick ratio 29x (95th pct), positive FCF $18.7M
- Regulated institutional exchange plus CoinDesk data/indices franchise, recently IPO'd
- Large cash and investment position
Risks
- FY2025 net loss $785M (net income growth 5th pct), driven by digital-asset mark-to-market
- Direct BTC/ETH treasury volatility exposure
- ROE -23.8% amid intense DeFi/CEX competition and regulatory uncertainty
Notable findings
- BankruptcyConcerns about the security of assets following incidents on centralized exchanges, such as the Chapter 11 bankruptcy filing of FTX Trading Ltd (“FTX”) after its collapse in November 2022 and allegati 8-K ↗
- Net lossNet loss (net margin -0.3%)
- Insider sellingInsider selling — 9 open-market sale(s) by 1 insider(s) (~$6M, last 6mo) Form 4 ↗
Key metrics
Gross margin
0.0%
Net margin
-0.3%
Return on equity
-23.8%
Return on assets
-19.9%
Revenue growth (QoQ)
-2.2%
Current ratio
29.3×
Free cash flow
$19M
Tangible book value
$3.2B
Cash & investments
$88M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-11 | Farley Thomas W | Sell | 21K | $43.47 |
| 2026-05-11 | Farley Thomas W | Sell | 5.5K | $42.25 |
| 2026-05-11 | Farley Thomas W | Sell | 50K | $44.27 |
| 2026-05-11 | Farley Thomas W | Sell | 3.3K | $44.95 |
| 2026-05-05 | Farley Thomas W | Sell | 247 | — |
| 2026-05-05 | Farley Thomas W | Sell | 247 | — |
| 2026-04-27 | Farley Thomas W | Option exercise | 80K | — |
| 2026-04-10 | Farley Thomas W | Sell | 1.1K | $37.34 |
| 2026-04-10 | Farley Thomas W | Sell | 30K | $36.13 |
| 2026-04-10 | Farley Thomas W | Sell | 49K | $36.56 |
| 2026-04-02 | Farley Thomas W | Option exercise | 80K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-10 | 2025-12-31 | 0001437749-26-007417 ↗ |