Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.46, read 2026-11-03
Ethical passes the values gate
Price22.96 USD
Fair value29.36
Ethical score70.0/100
Value readUndervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-10-18Read Markdown31.87-28.0% to today ✓Distribution gives way to Markdown after a 21% slide in 7 days
2026-10-11Read Distribution40.11-42.8% to today ✓Markup gives way to Distribution after a 63% rise in 7 weeks
2026-08-23Read Markup24.62-6.7% to today Distribution gives way to Markup after a 10% slide in 7 weeks
2026-07-02Read Distribution27.21-15.6% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Bullish holds its Distribution at $22.96. Elevated stress, defensive posture warranted, held for 182 days.
As held on the ledger · 2026-11-03
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 182 days
Price at the screen
$22.96
Valuation
N/A trailing · 40.18 forward price to earnings
Values screen
PASS· score 70.0
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
9.30%
Below 33%
Interest-bearing debt is just 9.3% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
7.87%
Below 33%
Cash held in interest-bearing accounts and securities is 7.9% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.01%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Bullish clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 9%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when BLSH's ethical verdict changes
Today BLSH passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 3 Nov 2026: it trades at roughly a 22% discount to our $29.36 fair value, weak competitive moat, 68.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 21.8% discount to the base estimate.
Where our models see it going: fair-value estimate $29.36, with a range of $22.50 to $33.77, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Crypto Exchange Growing Fast But Still Unprofitable
Picture a trading venue built for crypto flows that must still prove it can turn activity into steady cash. Bullish runs a spot and derivatives exchange with a central order book and automated tools, yet it posts zero profit margins and a negative 45 percent return on equity. Revenue is expanding at 66 percent, which draws analyst attention, but the shares already trade above our fair value estimate with a forward multiple of 25.7 times.
We pass because the combination of weak competitive protection and absent bottom-line delivery outweighs the growth headline. The market prices in optimism that has not yet arrived in reported earnings, and the opportunity rating flags the stock as overvalued at current levels. Ethical screens clear, yet that alone does not fix the missing profits or thin moat.
Risk sits in execution and crypto volatility, where revenue can swing sharply and competition from larger platforms remains intense. Negative returns and zero margins signal the business has yet to clear the basic test of durable cash generation. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Cayman Islands and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BLSH trades on the NYSE (the company is based in Cayman Islands). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Markdown$23.90-25.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 25.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49. Insiders have been net sellers over the past quarter. Since the last review it entered the Titan Ethical 500.
2026-10-25Markdown$31.87+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49. Insiders have been net sellers over the past quarter.
2026-10-18Markdown · changed$31.87-20.5%Entry 8
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 20.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49. Insiders have been net sellers over the past quarter.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49. Insiders have been net sellers over the past quarter.
2026-10-02Markup$40.11+62.9%Entry 6
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 62.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49. Insiders have been net sellers over the past quarter.
2026-08-23Markup · changed$24.62+9.9%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 9.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49.
2026-07-23Distribution$22.41-17.6%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 17.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49.
2026-07-18Distribution$27.21+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (10 analysts) rates it buy, with a mean price target of $49.
2026-07-03Distribution$27.21+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$27.21Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.