# Bullish (BLSH) Informational only - not investment advice. CIK: 0001872195 SIC: 6199 Finance Services SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6199 Finance Services](/industry/6199/) Latest 10-K filed: 2026-03-10 SEC page: https://www.sec.gov/edgar/browse/?CIK=1872195 Filing source: https://www.sec.gov/Archives/edgar/data/1872195/000143774926007417/blsh20251231_20f.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | ## Financials No standardized annual SEC companyfacts metrics were extracted for this company. ## Quarterly No clean discrete quarterly SEC companyfacts metrics were extracted for this company. ## Filed narrative (10-K & 10-Q) ## Latest quarter (10-Q) No recent 10-Q filing was found in the SEC submissions feed for this filer. ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1872195/000143774926007417/blsh20251231_20f.htm Complete FY 2025 MD&A: /company/BLSH/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-03-10 Report date: 2025-12-31 Overview Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services that reports as a single operating and reportable segment. Our products and services are designed to help institutions grow their businesses, empower individual customers, and drive the adoption of stablecoins, digital assets, and blockchain technology. Bullish, operating under the “Bullish” and “CoinDesk” brands, offers several distinct but complementary services in the digital assets industry. See “Item 4. Information on the Company” in this Annual Report on From 20-F for an overview of our Market Infrastructure and Information Services businesses. Key Factors Affecting Our Performance The growth and success of our business as well as our financial condition and operating results have been, and will continue to be affected by factors such as the adoption of digital assets, price and volatility of digital assets, broadening of institutional investor needs, strategic acquisitions and investments, customer concentration, and regulatory developments and requirements across multiple jurisdictions. See the “Risk Factors” and “Business Overview” sections in this Annual Report on Form 20-F for detailed descriptions on these factors and their impact on our business and our performance. 54 Results of Operations The following table summarizes the historical consolidated statements of operations data for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. [[GREPCENT_TABLE]] [["","","Year Ended December 31,"],["","","2025","","","2024","","","2023"],["","","(in thousands)"],["Digital assets sales","","$","244,811,387","","","$","250,201,282","","","$","116,492,159"],["Cost of digital assets derecognized","","","(244,733,087",")","","","(250,104,770",")","","","(116,419,218",")"],["Other revenues","","","158,941","","","","61,967","","","","15,341"],["Change in fair value of digital assets held, net","","","(674,968",")","","","207,043","","","","1,351,832"],["Net spread related income and change in fair value of perpetual futures on the Exchange","","","(7,179",")","","","(17,139",")","","","(654",")"],["Change in fair value of investment in financial assets","","","(36,034",")","","","29,453","","","","3,671"],["Administrative expenses","","","(182,188",")","","","(153,119",")","","","(104,211",")"],["Other expenses","","","(60,425",")","","","(46,079",")","","","(34,465",")"],["Finance expense","","","(52,369",")","","","(38,529",")","","","(2,983",")"],["Change in fair value of derivatives","","","9,609","","","","(12,190",")","","","\u2014"],["Change in fair value of financial liability at FVTPL","","","(20,100",")","","","(43,350",")","","","\u2014"],["Income/(loss) before income tax","","$","(786,413",")","","$","84,569","","","$","1,301,472"],["Income tax expense","","","944","","","","(5,005",")","","","(1,457",")"],["Net income/(loss)","","$","(785,469",")","","$","79,564","","","$","1,300,015"],["Attributable to:"],["Owners of the Group","","","(764,681",")","","","78,527","","","","1,299,167"],["Non-controlling interests","","","(20,788",")","","","1,037","","","","848"],["Net income/(loss)","","$","(785,469",")","","$","79,564","","","$","1,300,015"],["Other comprehensive income/(loss)"],["Items that will not be subsequently reclassified to profit or loss:"],["Revaluation of digital assets held as investments","","","409,644","","","","1,020,339","","","","\u2014"],["Fair value loss on financial liabilities designated at FVTPL attributable to changes in credit risk","","","(3,050",")","","","(16,350",")","","","\u2014"],["","","$","406,594","","","$","1,003,989","","","$","\u2014"],["Item that may be reclassified subsequently to profit or loss:"],["Foreign exchange differences on translation of foreign operations","","","1,676","","","","(712",")","","","\u2014"],["Total comprehensive income/(loss)","","$","(377,199",")","","$","1,082,841","","","$","1,300,015"],["Attributable to:"],["Owners of the Group","","","(357,056",")","","","1,072,710","","","","1,299,167"],["Non-controlling interests","","","(20,143",")","","","10,131","","","","848"],["Total comprehensive income/(loss)","","$","(377,199",")","","$","1,082,841","","","$","1,300,015"],["Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share"],["Basic","","","127,723","","","","112,664","","","","112,500"],["Diluted","","","127,723","","","","115,400","","","","122,184"],["Earnings/(Loss) per share"],["Basic","","$","(5.99",")","","$","0.70","","","$","11.55"],["Diluted","","$","(5.99",")","","$","0.68","","","$","10.63"]] [[/GREPCENT_TABLE]] Components of Result of Operations Digital assets sales Digital assets sales comprise the gross sales proceeds of all digital assets sold by us (or our subsidiaries) as principal for accounting purposes, primarily in connection with customer spot trades on the Bullish Exchange, and the proceeds include both our carrying value of the digital assets sold and any spread and transaction fees we charged that we realize on the transaction. The sales of digital assets on the Bullish Exchange (referred to “on Exchange”) are related to our assets provided through AMMI to foster liquidity. Sales on other trading venues or exchanges or directly with other counterparties including market makers or liquidity providers are referred to “on other venues”). Cost of digital assets derecognized Cost of digital assets derecognized represents the fair value of the digital assets at the time of disposal. 55 Other revenues Other revenues primarily include: [[GREPCENT_TABLE]] [["","\u25cf","Subscription and services revenue comprised of:"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","o","Liquidity service fees and promotional income, representing revenue earned through collaborative arrangements with digital asset issuers and promoters in connection with marketing campaigns, incentives and other initiatives designed to support adoption and usage of digital assets on the Exchange."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","o","Subscription-based and data services revenue, including CoinDesk-related revenue streams such as sponsorship, event admission, advertising, indices and data services, and other related fees."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","o","Interest income and lending-related returns, including interest earned on credit line facilities and margin lending arrangements with third parties, interest earned on customer custodial funds and cash equivalents, and gains recognized on certain digital asset investments upon vesting of interests obtained through early-stage participation with digital asset issuers."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Transaction income comprised of trading fees where we provide a matching service for customers."]] [[/GREPCENT_TABLE]] Change in fair value of digital assets held, net Change in fair value of digital assets held, net relates the net aggregated realized (except otherwise reflected digital assets sales or cost of digital assets derecognized) and unrealized gain or loss across various types of assets and liabilities for which we record period to period fair value changes for purposes of profit and loss (“mark-to-market”) as required or permitted by IFRS. Net spread related income and change in fair value of perpetual futures on the Exchange Reflects net spread, funding, and change in fair value of our perpetual futures positions traded on our Exchange for the relevant period. Change in fair value of investment in financial assets Change in fair value of investments in financial assets includes realized and unrealized gains and losses on our investments in financial assets e.g. digital assets spot exchange-traded and private funds. Administrative expenses Administrative expenses include compensation and benefits (including share-based compensation expense), legal and professional fees and service fees paid to block.one, a related party. Other expenses Other expenses include technology and software costs, depreciation, marketing and advertising, event production expenses and custody fees. Finance expenses Finance expenses include costs of borrowing digital assets and fiat from customers and counterparties. Borrowed digital assets and fiat are utilized for general corporate purposes as well as in our trading and lending operations. Interest expense on debt includes coupon interest expense, as well as amortization of debt discounts and debt issuance cost. Change in fair value of derivatives Change in fair value of derivatives includes the realized and unrealized fair value gains and losses on over-the- counter and exchange-traded derivatives financial instruments. Change in fair value of financial liability at FVTPL Change in fair value of financial liabilities at FVTPL primarily includes the net realized and unrealized gains or losses on our borrowings from related parties, excluding any interest paid and changes in fair value attributable to changes in our credit risk. Revaluation of digital assets held as investments The revaluation of digital assets held as investments in Other Comprehensive Income (OCI) represents the revaluation gain as a result of the Group’s strategic shift effective January 1, 2024. Previously, digital assets were all classified as inventories under IAS 2 and were used primarily for market-making, with changes in fair value recognized in consolidated statement of profit or loss. Starting in 2024, the Group reclassified certain digital assets not used for market-making as indefinite-life intangible assets using the revaluation model under IAS 38. 56 This change aligns with the Group’s focus on long-term investment and capital appreciation. The revaluation in OCI reflects changes in the fair value of these assets, emphasizing their role as long-term investments. This reclassification ensures that financial statements accurately represent the Group’s strategic objectives and financial position, reflecting a business model transformation to manage digital assets for both market- making and investment purposes. As part of this investment strategy, these digital assets are also utilized to provide liquidity to Decentralized Finance (DeFi) protocols in return for yield. This income is recognized within the “revaluation of digital assets held as investments” in OCI, alongside the fair value changes of the underlying digital assets. Non-controlling interests Non-controlling interests as of December 31, 2025 reflect the equity interests in BMC1, held by Thomas W. Farley, our Chief Executive Officer, and David W. Bonanno, our Chief Financial Officer, which are subject to time vesting and performance conditions. As of December 31, 2025 and December 31, 2024, with respect to equity interests in BMC1 subject to time vesting and performance conditions, the vested portion represents approximately 3.9% and 0.8%, respectively, of the overall equity in BMC1. Assuming all time vesting and performance conditions are met, Mr. Farley and Mr. Bonanno may exchange their BMC1 Equity for an aggregate of 5,213,528 and 1,861,976 Ordinary Shares, respectively, at any time following the completion of this offering. See “Management — Thomas W. Farley Incentive Unit Grant Agreements and — David W. Bonanno Incentive Unit Grant Agreements” for more information about Mr. Farley’s and Mr. Bonanno’s BMC1 Equity. As of December 31, 2024 there were 233,036 shares of Bullish Global, which represented .2% of the overall equity in Bullish Global, that were issued pursuant to exercise of options granted to a service provider included in non-controlling interests. On July 31, 2025, each of these shares were fully exchanged for 233,036 Class A shares and therefore are no longer reflected in non-controlling interests as of December 31, 2025. Comparison of the years [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BLSH/mda/fy2025/ All MD&A years: /company/BLSH/mda/ ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6199 Finance Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [M2SL](/indicator/M2SL/): M2 - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BLSH.md · JSON record: /company/BLSH.json · machine TOC for the whole site: /llms.txt