Bullish

Bullish (BLSH) reported a net loss of $785.5 million for fiscal year 2025, driven by significant administrative expenses of $182.2 million, other expenses of $60.4 million, finance expense of $52.4 million, and a change in fair value loss of $181.3 million. Despite generating substantial total digital asset sales of $244.81 billion and other revenues of $158.9 million, the company's cost of digital assets derecognized was $244.73 billion. The company's total comprehensive loss was $377.2 million, though this was partially offset by other comprehensive income of $406.6 million primarily from revaluation of digital assets held as investments. Bullish maintained a strong balance sheet with total assets of $3.96 billion and total equity of $3.30 billion, while generating positive operating cash flow of $28.6 million. The company's liquidity position remains solid with cash and cash equivalents of $87.9 million, customer segregated cash of $20.0 million, and restricted cash of $22.6 million.

Key Takeaways