Screened 2026-09-04 · the tape above runs as of 21:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
Bullish holds its Markup at $36.00. The statistical read favours the buyers, held for 22 days.
As held on the ledger · 2026-09-04
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 22 days
Price at the screen
$36.00
Valuation
N/A trailing · 51.43 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
0.00%
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.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads OVERVALUED: it trades above our $28.60 fair value estimate, weak competitive moat, 68.80% revenue growth.
Fair value range in USD, drawn from the 2026-09-04 screen. The gold marker is the market price at the same screen. The price runs 20.6% above the base estimate.
Third-party analyst targets: 9 covering, consensus Buy. The average target sits +8% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-04 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.
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
2026-08-23Markup · 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
The framework 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
The framework 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
The framework 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
The framework 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.