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Bullish (BLSH) Bitcoin Treasury Dashboard

Track BLSH BTC holdings, mNAV, volume, volatility, price, and treasury analytics.

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Bullish (BLSH)
🇺🇸
#6
BitcoinQuant
BTC Price
Current price of Bitcoin
$68,179
BLSH BTC Holdings
Bitcoins held on balance sheet
₿24,300
BLSH mNAV (EV)
Enterprise Value ÷ BTC NAV; premium (>1) or discount (<1)
2.94x
BLSH Stock Price
Latest stock price (in USD)
$31.73
BLSH % from 52W High
Current price gap from 52-week high
-73%
BLSH Enterprise Value
MCap + Debt + Pref - Cash
$4.9B
BLSH Market Cap
Equity market value
$4.8B
BLSH BTC NAV
Current value of BTC = holdings × BTC price
$1.7B
BLSH MCAP as % of BTC
Market capitalization as a percentage of Bitcoin holdings value
289%
BLSH BTC Supply %
Company BTC holdings as % of total 21M Bitcoin supply
0.116%
BLSH mNAV (MCap)
Market Cap ÷ BTC NAV; premium (>1) or discount (<1)
2.89x
BLSH 1W Return
Feb 6, 2026 ($27.45) → Feb 16, 2026 ($31.73)
+15.59%
BLSH 1M Return
Jan 12, 2026 ($40.00) → Feb 16, 2026 ($31.73)
-20.68%
BLSH 3M Return
Nov 12, 2025 ($45.50) → Feb 16, 2026 ($31.73)
-30.26%
BLSH YTD Return
Dec 31, 2025 ($37.87) → Feb 16, 2026 ($31.73)
-16.21%
BLSH 1Y Return
1Y stock return
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BLSH 1Y vs BTC
Stock 1Y return minus BTC 1Y return (percentage points)
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BLSH 52W High
Highest price in the last 52 weeks (in USD)
$118.00
BLSH Basic Shares
Estimated basic shares outstanding
150,683,739
BLSH Shares per BTC held
How many shares you need to get exposure to 1 full Bitcoin through the stock
—
BLSH Trading Volume ($)
Most recent day's trading volume (VWAP × Volume)
$81.07M
BLSH Avg 30D Volume
Average daily trading volume over the last 30 calendar days (VWAP × Volume)
$97.70M
BLSH Debt
Total outstanding debt (Latest reported Yahoo Finance value)
$581.1M
BLSH Debt/BTC NAV
Debt as a % of BTC NAV
—
BLSH BTC Rating
BTC NAV ÷ Total Debt
—
BLSH Cash
Total cash and cash equivalents
$492.04M
BLSH Hist Volatility (30D)
Annualized standard deviation of the daily natural log return measured over the last 30 trading days
78.9%
BLSH Hist Volatility (1Y)
Annualized standard deviation of the daily natural log return measured over the last calendar year
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BLSH Implied Volatility
Open interest-weighted implied volatility from options market across all expirations
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BLSH Open Interest
Outstanding open interest contracts × 100 shares × live share price
—
BLSH Put Open Interest
Outstanding put open interest contracts × 100 shares × live share price
—
BLSH Call Open Interest
Outstanding call open interest contracts × 100 shares × live share price
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BLSH Put to Call
Ratio of put open interest to call open interest (put OI ÷ call OI). < 1.0 = more calls (bullish), > 1.0 = more puts (bearish)
—
BLSH Duration (Days)
Open Interest-weighted average of days to expiration for options on this asset. Higher values indicate longer-term options activity.
—
BLSH Short Interest (% Float)
% of tradable shares sold short
—
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About Bullish's Bitcoin Treasury Strategy

Bullish (BLSH) ranks #6 globally among Bitcoin treasury companies, with 24,300 Bitcoin in its corporate treasury worth approximately $1.66B at current prices. This represents 0.116% of the total 21 million Bitcoin that will ever exist.

Trading at a stock price of $31.73 per share with a market capitalization of $4.78B, Bullish's stock currently trades at an mNAV (enterprise value to Bitcoin NAV multiple) of 2.94x. Bitcoin holdings represent 35% of the company's market cap, underscoring Bitcoin's central role in Bullish's balance sheet strategy.

Recent stock performance shows +15.59% over the past week, -20.68% over the past month, -16.21% year-to-date. Bullish currently trades -73.11% from its 52-week high. The stock averages $97.70M in daily trading volume over the past 30 days, with 30-day volatility at 78.9%.

Bullish's Bitcoin treasury strategy is led by Thomas Farley (CEO).

Related Bitcoin Treasury Companies

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Other Companies in US

Strategy (MSTR)MARA Holdings (MARA)Twenty One Capital (XXI) (XXI)Bitcoin Standard Treasury Company (CEPO)Riot Platforms (RIOT)Coinbase Global (COIN)Hut 8 Mining Corp (HUT)Strive (ASST)

Bitcoin Preferred Equity

Preferred Equity Dashboard (STRC, STRD, STRF, STRK, SATA)

Bullish (BLSH) Bitcoin Treasury Detailed Analysis

Bitcoin Exposure & Holdings

Bullish (BLSH) currently holds 24,300 Bitcoin in its corporate treasury. This represents 0.116% of the total 21 million Bitcoin that will ever exist.

At a current Bitcoin price of $68,866.00, Bullish's Bitcoin holdings are worth approximately $1.67 billion, which represents the company's Bitcoin NAV (Net Asset Value).

Bullish's total cost basis for its Bitcoin holdings is $0.00, putting the company at a N/A unrealized loss on its Bitcoin position.

Bullish held 0 Bitcoin on January 1st, 2024. Since then, Bullish has been acquiring an average of 0.00 BTC per day, representing N/A growth in Bitcoin holdings since then.

Valuation Metrics & Market Capitalization

Bullish (BLSH) stock price currently trades at $31.73 per share.

With a market capitalization of $4.78 billion, Bullish ranks as a leading Bitcoin treasury company by equity market value.

On an Enterprise Value basis, Bullish's mNAV is 2.91x, meaning the market values the company's total capital structure at 2.91x times its underlying Bitcoin holdings.

On a Market Cap basis, Bullish's mNAV is 2.86x relative to Bitcoin NAV.

Bitcoin holdings represent 35.0% of Bullish's total market capitalization, underscoring Bitcoin's central role in the company's balance sheet strategy.

Bullish's Enterprise Value is $4.87 billion, calculated as Market Cap plus Debt plus Preferred Stock minus Cash.

Financial Health & Balance Sheet

Bullish has total outstanding debt of $581.08 million, representing a debt-to-Bitcoin NAV ratio of 0.35x.

The BTC Rating for Bullish is 2.88x (Bitcoin NAV ÷ Total Debt), indicating 2.88x coverage of total debt by Bitcoin holdings.

In cash and cash equivalents, Bullish holds $492.04 million.

Bullish reported total revenue of $237.24 million.

Trading Volume & Risk Metrics

In the most recent trading session, BLSH recorded $81.07 million in dollar volume.

Over the past 30 days, BLSH has averaged $97.70 million in daily trading volume.

Bullish's 30-day historical volatility is 78.9%.

Short interest for BLSH represents 16.0% of tradable shares.

Bullish's 90-day correlation with IBIT (iShares Bitcoin Trust ETF) is 60.7%, measuring how closely the stock tracks spot Bitcoin exposure.

BLSH currently trades -73.11% from its 52-week high.

Options Market & Trading Activity

Implied volatility from the options market for BLSH is 88.7%.

Total open interest for BLSH options is $279.55 million. Put open interest totals $142.12 million and call open interest totals $137.43 million.

The put-to-call ratio for Bullish is 1.03x.

Weighted by open interest, the average duration for BLSH options is 88.7 days to expiration.

Bitcoin Strategy Leadership

Bullish's Bitcoin treasury strategy is led by Thomas Farley (CEO).

Bullish Bitcoin Treasury Data & Analysis on BitcoinQuant

The interactive Bullish Bitcoin treasury chart above provides a comprehensive visualization of the company's Bitcoin treasury performance over time, allowing investors to track BTC holdings, acquisition rates, and valuation metrics.

All of the data on this page — including Bullish's Bitcoin NAV, mNAV, BTC Rating, cost basis, and options activity — is calculated in real time and updated continuously on BitcoinQuant. By analyzing these treasury metrics alongside historical acquisition data and market performance, investors can gain insights into Bullish's Bitcoin accumulation strategy and compare it against other Bitcoin treasury companies tracked across the BitcoinQuant platform.

BitcoinQuant tracks the full universe of public companies holding Bitcoin, providing real-time analytics on holdings, valuations, financial health, trading activity, and risk metrics across every Bitcoin treasury stock in the market.

Data as of: 02/16/2026, 8:02 PM ET

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