Bullish
BLSH · NYSEFinancialMediumCayman Islands
BTC held
23,800
as of Jun 30, 2026 · 0.113% of 21M
Value now
$1.9B
at BTC $79,979
Basic mNAV
2.62×
mkt cap $5B as of Aug 31, 2026
Sats per share
15,694
152M shares as of Aug 28, 2026
Cost basis
- Average cost per BTC
- —
- Total invested
- —
- Unrealized gain
- —
Treasury debt
No convertible notes or treasury-linked debt on file.
Recent activity
Bullish holds bitcoin as operating treasury/liquidity rather than under an accumulation program: per its Q2 2026 6-K, company BTC was ~21,590 (19,990 in inventories/intangibles/financial assets worth $1.17B, plus ~1,600 lent or in margin programs) at Jun 30, 2026, up slightly from ~21,240 at YE2025 and including ~12,287 wrapped cbBTC. In 2026 it launched trading of its own tokenized shares (Aug 12), progressed its $4.2B Equiniti acquisition toward an early-2027 close, and posted record $62.7M subscription/services revenue in Q2.
Risk notes
IFRS results swing heavily with crypto marks - Q2 2026 net loss was $280.0M largely from digital-asset remeasurement, and BTC on the balance sheet fell from $1.60B to $1.17B in H1 as prices dropped; no cost basis for the (largely founder-contributed) BTC is disclosed. The $4.2B Equiniti acquisition creates funding demands on liquid/digital assets, the 159.6M share count is the company-stated fully diluted figure, and some trackers (The Block) still list a stale 24,400 BTC versus ~21.6k per the Q2 filing. Scope: exchange corporate liquid-asset BTC (Block.one-seeded), not an accumulation-program treasury.
Sources
- https://stockanalysis.com/stocks/blsh/
- https://www.investing.com/news/company-news/bullish-q2-2026-slides-tokenization-push-drives-62-revenue-growth-93CH-4858347
- https://www.sec.gov/Archives/edgar/data/1872195/000143774926027475/ex_963171.htm
- https://www.sec.gov/Archives/edgar/data/1872195/000143774926027475/ex_963170.htm
- https://www.sec.gov/Archives/edgar/data/1872195/000143774926025165/ex_996175.htm
- https://www.sec.gov/Archives/edgar/data/1872195/000143774926027408/ex_1003753.htm
- https://bitcointreasuries.net/public-companies/bullish
- https://www.theblock.co/treasuries/blsh
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding BLSH securities.