Bullish
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Bullish AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin 0.02% TTM vs industry median 51% - cost of revenue 99.98% of sales indicates near-zero pricing power or trading-centric model[Gross Margin TTM]
- Working capital 4.4B (38x current liabilities) with 69M cash - massive receivables/inventory float suggests crypto exchange or trading desk structure[Working Capital]
- Asset turnover 53x vs industry median 0.27x - 196x higher velocity indicates high-volume, low-margin transaction business[Asset Turnover TTM]
Watch Triggers
- Gross Margin TTM: Rises above 0.1% (5x current) — Would signal pricing power or mix shift; at 247B revenue, each 0.1% = 247M gross profit
- Cash and Equivalents: Falls below 40M — At -42M FCF burn rate, would indicate <12 months runway without capital raise
- Interest Expense TTM: Exceeds 60M — Already consuming 92% of operating income; increase would push operating loss
Bull Case
Equity base of 3.9B with tangible book 3.8B (P/B 1.5x) provides downside protection; goodwill only 2% of equity vs typical tech
247B revenue at 0.02% margin - even 10bps margin improvement adds 247M gross profit (5x current)
Bear Case
Negative FCF (-42M TTM) with 69M cash = ~20 months runway without equity raise or debt; 583M debt already costs 48M/year
Near-zero margins (0.02% gross, -0.02% net) in commoditized trading business with no visible moat or differentiation
Bull vs Bear Balance
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Forward Thesis
Path to profitability requires margin expansion from 0.02% to >0.5% or 25x volume growth
- Net loss 61M TTM on 247B revenue
- Interest expense 48M consuming operating income
- FCF negative 42M despite 5M operating cash flow
Valuation Context
Caveats
Public Strategies Rankings
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BLSH Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.65B | — | ||
$4.17B | — | ||
0.00 | — | ||
$246.61B | — | ||
$-0.35 | — | ||
0.02% | — | ||
-0.02% | — | ||
$-41.69M | — | ||
-0.02 | — | ||
Beta 5Y (Monthly) | unknown | — |
BLSH Dividend History
BLSH Stock Splits
BLSH SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/19/25 | 09/30/25 | 6-K | |
09/17/25 | 06/30/25 | 6-K | |
07/18/25 | 03/31/25 | F-1 | |
08/13/25 | 03/31/25 | 424B4 | |
08/13/25 | 12/31/24 | 424B4 | |
11/19/25 | 09/30/24 | 6-K | |
09/17/25 | 06/30/24 | 6-K | |
07/18/25 | 03/31/24 | F-1 | |
08/13/25 | 03/31/24 | 424B4 | |
08/13/25 | 12/31/22 | 424B4 | |
06/30/22 | 06/30/22 | F-4/A | |
11/14/22 | 06/30/22 | F-4/A | |
11/14/22 | 12/31/21 | F-4/A | |
06/30/21 | 06/30/21 | F-4/A |