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Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services. Its objective is to provide mission critical products and services that are designed to help institutions grow their businesses, empower individual investors, and drive the adoption of stablecoins, digital assets, and blockchain technology. It expanded its product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through its flagship Consensus conference.
2021
400
LTM Revenue $284M
LTM EBITDA $83.7M
$4.8B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
As of December 2025, Bullish reported last 12-month revenue of $284M and EBITDA of $83.7M.
In the same period, Bullish achieved $38.3M in LTM net income.
See Bullish valuation multiples based on analyst estimatesIn the most recent fiscal year, Bullish reported revenue of $250B and EBITDA of $132M.
Bullish expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Bullish valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $284M | XXX | $250B | XXX | XXX | XXX |
| Gross Profit | n/a | XXX | $5.3M | XXX | XXX | XXX |
| Gross Margin | n/a | XXX | 0% | XXX | XXX | XXX |
| EBITDA | $83.7M | XXX | $132M | XXX | XXX | XXX |
| EBITDA Margin | 30% | XXX | 0% | XXX | XXX | XXX |
| EBIT | $52.7M | XXX | $31.9M | XXX | XXX | XXX |
| EBIT Margin | 19% | XXX | 0% | XXX | XXX | XXX |
| Net Profit | $38.3M | XXX | $78.5M | XXX | XXX | XXX |
| Net Margin | 14% | XXX | 0% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | $497M | XXX | XXX | XXX |
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Bullish has current market cap of $5.9B, and EV of $4.8B.
As of January 19, 2026, Bullish's stock price is $39.
See Bullish trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $4.8B | $5.9B | XXX | XXX | XXX | XXX | $0.25 |
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Start Free TrialBullish's trades at 17.0x EV/Revenue multiple, and 57.7x EV/EBITDA.
See valuation multiples for Bullish and 15K+ public compsAs of January 19, 2026, Bullish has market cap of $5.9B and EV of $4.8B.
Equity research analysts estimate Bullish's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Bullish has a P/E ratio of 153.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $5.9B | XXX | $5.9B | XXX | XXX | XXX |
| EV (current) | $4.8B | XXX | $4.8B | XXX | XXX | XXX |
| EV/Revenue | 17.0x | XXX | 17.0x | XXX | XXX | XXX |
| EV/EBITDA | 57.7x | XXX | 57.7x | XXX | XXX | XXX |
| EV/EBIT | 91.5x | XXX | 91.5x | XXX | XXX | XXX |
| EV/Gross Profit | n/a | XXX | n/a | XXX | XXX | XXX |
| P/E | 153.4x | XXX | 153.4x | XXX | XXX | XXX |
| EV/FCF | -101.3x | XXX | -101.3x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialBullish's last 12 month revenue growth is 37%
Bullish's revenue per employee in the last FY averaged $626M, while opex per employee averaged -$0.1M for the same period.
Bullish's rule of 40 is 38% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Bullish's rule of X is 121% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Bullish and other 15K+ public comps| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 37% | XXX | 25% | XXX | XXX | XXX |
| EBITDA Margin | 30% | XXX | 30% | XXX | XXX | XXX |
| EBITDA Growth | 93% | XXX | -75% | XXX | XXX | XXX |
| Rule of 40 | 38% | XXX | 66% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 121% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $626M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | -$0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 0% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 0% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Phoenix Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Exodus Movement | XXX | XXX | XXX | XXX | XXX | XXX |
| Jasmine Technology Solution | XXX | XXX | XXX | XXX | XXX | XXX |
| Advanced Blockchain | XXX | XXX | XXX | XXX | XXX | XXX |
| Bitcoin Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Bullish acquired XXX companies to date.
Last acquisition by Bullish was XXXXXXXX, XXXXX XXXXX XXXXXX . Bullish acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
Sign up to see revenue and EBITDA valuation multiples for 65K+ M&A deals.
Start Free Trial| When was Bullish founded? | Bullish was founded in 2021. |
| Where is Bullish headquartered? | Bullish is headquartered in United States of America. |
| How many employees does Bullish have? | As of today, Bullish has 400 employees. |
| Who is the CEO of Bullish? | Bullish's CEO is Mr. Thomas W. Farley. |
| Is Bullish publicy listed? | Yes, Bullish is a public company listed on NYS. |
| What is the stock symbol of Bullish? | Bullish trades under BLSH ticker. |
| When did Bullish go public? | Bullish went public in 2025. |
| Who are competitors of Bullish? | Similar companies to Bullish include e.g. Phoenix Group, Exodus Movement, Jasmine Technology Solution, Advanced Blockchain. |
| What is the current market cap of Bullish? | Bullish's current market cap is $5.9B |
| What is the current revenue of Bullish? | Bullish's last 12 months revenue is $284M. |
| What is the current revenue growth of Bullish? | Bullish revenue growth (NTM/LTM) is 37%. |
| What is the current EV/Revenue multiple of Bullish? | Current revenue multiple of Bullish is 17.0x. |
| Is Bullish profitable? | Yes, Bullish is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Bullish? | Bullish's last 12 months EBITDA is $83.7M. |
| What is Bullish's EBITDA margin? | Bullish's last 12 months EBITDA margin is 30%. |
| What is the current EV/EBITDA multiple of Bullish? | Current EBITDA multiple of Bullish is 57.7x. |
| What is the current FCF of Bullish? | Bullish's last 12 months FCF is -$47.7M. |
| What is Bullish's FCF margin? | Bullish's last 12 months FCF margin is -17%. |
| What is the current EV/FCF multiple of Bullish? | Current FCF multiple of Bullish is -101.3x. |
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