The company posts 66% year-over-year revenue growth and ranks as the industry growth leader, but free cash flow is deeply negative at -316% of revenue and a confirmed death cross formation places the technical picture in clear deterioration — the growth story cannot yet overcome the cash burn and momentum headwinds.
Thesis pillars
- Industry Leading Revenue Growth→Stable
- Deeply Negative Cash Burn→Stable
- Confirmed Death Cross Downtrend↑Improving
- +1 more pillar — see the Why tab for full reasoning
Bullish (BLSH) Stock Analysis
Technology · Software - Infrastructure
Sell if holding. Engine safety override at $23.96: Quality below floor (3.8 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.6/10 and A.R:R 4.6:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 20%; Below-average business quality; Below long-term trend.
Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated... Read more
Sell if holding. Engine safety override at $23.96: Quality below floor (3.8 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.6/10 and A.R:R 4.6:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 20%; Below-average business quality; Below long-term trend. Chart setup: No clear chart pattern; technical signals are mixed. Score 5.6/10, moderate confidence.
Passes 7/9 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, earnings proximity 19d clear, semi cycle peak clear, materials cycle peak clear). Fails on death cross (50MA < 200MA). Suitability: speculative.
Recent developments
updated 2026-07-26Recent Developments — Bullish
Latest news
- NEWS Bullish Sells Non-Core Equiniti Business Units To Siris; Terms Not Disclosed — benzinga Jul 24, 2026 neutral
- NEWS Goldman Sachs Posts Upbeat Q2 Earnings, Joins SK Hynix, Tower Semiconductor And Other Big Stocks Moving Higher On Tuesda — benzinga Jul 14, 2026 positive
- NEWS Bullish Integrates With Digital Asset Trading Platform Kemet Trading — benzinga Jul 9, 2026 positive
- NEWS Bullish Posts $50.9B June Trading Volume, Spot Bitcoin Activity Leads Recovery — benzinga Jul 7, 2026 positive
- NEWS Bitcoin In a 'Bottoming' Process, Says Cathie Wood: Will Resume 'Very Volatile but Broad Uptrend' — benzinga Jul 6, 2026 positive
Generated 2026-07-27T11:13:00Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers·1 ceiling hit
Quality below the gate floor. Component breakdown shows what dragged the score down.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $23.96: Quality below floor (3.8 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.6/10 and A.R:R 4.6:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 20%; Below-average business quality; Below long-term trend. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $22.28. Score 5.6/10, moderate confidence.
Take-profit target: $38.52 (+60.8% upside). Prior stop was $22.28. Stop-loss: $22.28.
Quality below floor (3.8 < 4.0).
Bullish trades at a P/E of N/A (forward 27.5). TrendMatrix value score: 5.1/10. Verdict: Sell.
18 analysts cover BLSH with a consensus score of 3.7/5. Average price target: $44.
What does Bullish do?Bullish, a global digital asset platform that provides market infrastructure and information services in United States....
Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. It also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets to leading traditional finance institutions, including exchanges and asset managers; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights offers news, analysis, information, conferences and networking opportunities related to digital assets, blockchain technology and the broader financial technology industry. Bullish was founded in 2020 and is based in George Town, Cayman Islands.