Bullish (BLSH) Cost of Revenue (2024 - 2026)
Bullish (BLSH) recorded Cost of Revenue of $32.57 billion in Q2 2026, down 44.4% from $58.62 billion a year earlier and down 37.1% from the prior quarter.
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Analysis
Bullish (BLSH) Cost of Revenue (2024 - 2026) Analysis & Trends
On a TTM basis, Bullish's Cost of Revenue came in at $190.27 billion as of Jun 30, 2026, down 26.5% year-over-year; for FY2025, it was $244.73 billion, down 2.1% from FY2024.
- Across earlier years, Cost of Revenue came in at $250.1 billion in FY2024 (+114.8%) and $116.42 billion in FY2023.
- The Q2 2026 figure is the lowest quarterly Cost of Revenue in data going back to Q2 2024.
- On a year-over-year basis, Cost of Revenue has declined for five consecutive quarters, with an average decline of 41.1% over the last five quarters.
- Per Business Quant, the preceding three quarters came in at $51.79 billion (Q1 2026), $64.32 billion (Q4 2025) and $41.58 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | PayPal Holdings | 49.49 Bn | 7.72 Bn | - | - |
| 2 | Block | 46.34 Bn | 17.64 Bn | 3.17 Bn | 3.45 Bn |
| 3 | Coinbase Global | 44.39 Bn | 1.20 Bn | - | - |
| 4 | Corpay | 26.40 Bn | 16.28 Bn | - | - |
| 5 | Fiserv | 25.40 Bn | 22.08 Bn | 2.90 Bn | 2.40 Bn |
| 6 | Global Payments | 22.86 Bn | 652.84 Mn | 2.03 Bn | 1.29 Bn |
| 7 | Guidewire Software | 14.45 Bn | 11.02 Bn | 269.68 Mn | 141.41 Mn |
| 8 | Bitmine Immersion Technologies | 11.93 Bn | 9.31 Bn | 40.81 Mn | 5.73 Mn |
| 9 | Chime Financial | 11.25 Bn | 7.04 Bn | 594.87 Mn | 74.90 Mn |
| 10 | Bullish | 3.49 Bn | -1.33 Bn | 15.53 Mn | 32.57 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.57 Bn |
| Mar 31, 2026 | 51.79 Bn |
| Dec 31, 2025 | 64.32 Bn |
| Sep 30, 2025 | 41.58 Bn |
| Jun 30, 2025 | 58.62 Bn |
| Mar 31, 2025 | 80.21 Bn |
| Dec 31, 2024 | 66.00 Bn |
| Sep 30, 2024 | 54.17 Bn |
| Jun 30, 2024 | 49,556.48 Bn |
API Access
Bullish Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=BLSH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "BLSH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=BLSH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();