The company maintains a conservative debt-to-equity ratio of 0.19 as of 2026Q1, though this is offset by an accumulated deficit in retained earnings of $2.9B.
| Total Current Assets | 3.18B | 3.8B | 2.91B | 1.71B | 3.38B | 7.44B | 292M |
| Cash & Short-Term Investments | 359.69M | 508.88M | 250.36M | 367.67M | 1.41B | 1.23B | 239.38M |
| Cash Only | 93.06M | 104.73M | 31.54M | 112.9M | 1.38B | 1.23B | 239.38M |
| Short-Term Investments | 266.64M | 404.14M | 218.82M | 254.77M | 28.89M | 0 | 0 |
| Accounts Receivable | 429.91M | 446.48M | 178.98M | 24.52M | 87.46M | 12K | 0 |
| Days Sales Outstanding | 0.7 | 0.67 | 0.26 | 0.08 | 0.44 | 0 | - |
| Inventory | 142.7M | 206.18M | 573.88M | 1.29B | 1.66B | 6.11B | 0 |
| Days Inventory Outstanding | 0.35 | 0.31 | 0.84 | 4.04 | 8.3 | 943.09 | - |
| Other Current Assets | 2.23B | 2.64B | 1.9B | 14.86M | 212.59M | 92.42M | 52.52M |
| Total Non-Current Assets | 146.18M | 152.44M | 135.03M | 98.65M | 28.55M | 11.69M | 4.76B |
| Property, Plant & Equipment | 26.46M | 28.37M | 14.12M | 13.86M | 17.32M | 8.27M | 0 |
| Fixed Asset Turnover | 10575.69x | 8635.14x | 17726.54x | 8407.24x | 4208.49x | 159.88x | - |
| Goodwill | 62.68M | 63.06M | 61.48M | 40.23M | 0 | 0 | 0 |
| Intangible Assets | 30.54M | 31.1M | 53.34M | 34.94M | 1.34M | 1.34M | 4.76B |
| Long-Term Investments | 23.58M | 5.73M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 8.63M | 24.18M | 4.01M | 5.92M | 4.72M | 267K | 4K |
| Total Assets | 3.32B | 3.96B | 3.05B | 1.8B | 3.41B | 7.46B | 5.05B |
| Asset Turnover | 57.19x | 61.92x | 82.12x | 64.56x | 21.40x | 0.18x | - |
| Asset Growth % | 54.57% | 29.83% | 68.88% | -47.02% | -54.31% | 47.65% | - |
| Total Current Liabilities | 120.28M | 129.91M | 85.05M | 37.74M | 1.51B | 172.42M | 28.12M |
| Accounts Payable | 0 | 0 | 0 | 62K | 66.08M | 33.58M | 27.97M |
| Days Payables Outstanding | - | - | - | 0 | 0.33 | 5.18 | - |
| Short-Term Debt | 6.55M | 50.32M | 25M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 25.68M | 0 | 9.5M | 4.57M | 0 | 0 | 0 |
| Other Current Liabilities | 94.7M | 74.07M | 22.45M | 15.82M | 1.42B | 46.16M | 151K |
| Current Ratio | 26.42x | 29.28x | 34.24x | 45.20x | 2.23x | 43.17x | 10.38x |
| Quick Ratio | 25.23x | 27.69x | 27.50x | 11.04x | 1.14x | 7.73x | 10.38x |
| Cash Conversion Cycle | 1.05 | - | - | 4.12 | 8.41 | 937.91 | - |
| Total Non-Current Liabilities | 500.57M | 528.26M | 561.7M | 484.49M | 11.09M | 1.17B | 1.01B |
| Long-Term Debt | 487.74M | 528.25M | 503.06M | 428.91M | 0 | 0 | 1.01B |
| Capital Lease Obligations | 48.96M | 17.38M | 10.76M | 7.67M | 10.91M | 5.54M | 0 |
| Deferred Tax Liabilities | 48K | 18K | 6K | 25K | 42K | 14K | 0 |
| Other Non-Current Liabilities | 0 | -17.38M | 47.88M | 47.88M | 145K | 1.17B | 0 |
| Total Liabilities | 620.85M | 658.17M | 646.75M | 522.23M | 1.52B | 1.34B | 1.04B |
| Total Debt | 507.1M | 601.46M | 543.07M | 440.4M | 14.13M | 6.5M | 1.01B |
| Net Debt | 414.04M | 496.73M | 511.52M | 327.5M | -1.37B | -1.23B | 770M |
| Debt / Equity | 0.19x | 0.18x | 0.23x | 0.34x | 0.01x | 0.00x | 0.25x |
| Debt / EBITDA | -29.82x | 10.22x | 13.42x | 28.17x | 0.73x | - | - |
| Net Debt / EBITDA | -24.35x | 8.44x | 12.64x | 20.95x | -71.07x | - | - |
| Interest Coverage | -8.06x | -14.02x | 3.19x | 437.30x | -33.59x | -10.05x | - |
| Total Equity | 2.7B | 3.3B | 2.4B | 1.28B | 1.88B | 6.11B | 4.01B |
| Equity Growth % | 75.04% | 37.39% | 87.22% | -31.9% | -69.19% | 52.32% | - |
| Book Value per Share | 17.88 | 25.82 | 16.42 | 8.77 | 12.88 | 41.80 | 24.96 |
| Total Shareholders' Equity | 2.65B | 3.23B | 2.39B | 1.28B | 1.88B | 6.11B | 4.01B |
| Common Stock | 302K | 5.11B | 3.82B | 3.79B | 3.79B | 3.79B | 3.79B |
| Retained Earnings | -2.86B | -2.66B | -2.31B | -2.67B | -2.21B | 2.03B | -19.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 390.21M | 774.22M | 858.8M | 142.74M | 0 | 0 | 0 |
| Minority Interest | 53.88M | 70.37M | 10.98M | 848K | 0 | 0 | 0 |
Liquidity Provision Volatility
As reported in financial statements, Bullish's total assets fluctuated from $3.0B in 2024Q4 to a peak of $4.6B in 2025Q3 before contracting to $3.3B by 2026Q1, signaling that the company's asset base is highly sensitive to the underlying volatility of digital asset market valuations.
The contraction in total assets suggests that the firm's balance sheet is not expanding in a linear fashion, but rather oscillating in tandem with market-wide liquidity cycles. This trend warrants caution, as it implies that the company's fundamental strength is tethered to external market conditions rather than internal capital accumulation.
Based on reported figures, Bullish maintains a low debt-to-equity ratio of 0.19 as of 2026Q1, with total debt of $507.1M, suggesting that management has avoided aggressive external financing despite the persistent net losses observed in the company's income statement history.
While the low leverage profile provides a buffer against insolvency, it also highlights a reliance on equity funding to sustain operations. Investors should monitor whether this conservative debt structure is a strategic choice or a limitation imposed by the firm's inability to generate consistent, debt-serviceable cash flows.
According to recent SEC filings, Bullish reports a current ratio of 26.42 as of 2026Q1, yet this figure is potentially misleading as it likely includes significant digital asset holdings that may not be readily convertible to cash during periods of extreme market stress.
The massive current ratio appears to be a function of the company's business model as a liquidity provider rather than a sign of true cash-on-hand liquidity. Analysts should look past the headline ratio to assess the actual cash runway, which remains constrained by the firm's ongoing operational burn.
As indicated by the company's balance sheet, retained earnings have reached a negative $2.9B as of 2026Q1, which underscores the significant erosion of shareholder equity caused by persistent net losses and the high costs associated with maintaining the exchange's proprietary liquidity pools.
The consistent negative trajectory in retained earnings suggests that the company is effectively consuming its capital base to fund its current growth strategy. This trend raises questions about the long-term sustainability of the business model if the firm cannot achieve a transition to positive, self-sustaining profitability.
Based on the provided financial data, the company's asset mix is heavily skewed toward liquidity-related holdings, which makes the balance sheet highly susceptible to impairment risks if the digital assets used for market making experience a sudden, sharp decline in market value.
The reliance on these assets for operational liquidity creates a non-obvious risk where the company's ability to function as an exchange is directly tied to the valuation of the assets it holds. This circular dependency suggests that the balance sheet may be more vulnerable to market shocks than the headline figures imply.
Quick answers to the most common questions about buying BLSH stock.
As of 2025, Bullish (BLSH) had total assets of $3.96B including $3.80B in current assets.
Bullish (BLSH) carries total debt of $601.5M, offset by $508.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bullish (BLSH) has total shareholders' equity (book value) of $3.23B ($25.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bullish (BLSH) reported a current ratio of 29.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.