Bullish (BLSH) Cost of Revenue (2024 - 2026)
Bullish's (BLSH) quarterly Cost of Revenue came in at $32.6 billion in Q2 2026, down 44.44% year-over-year from $58.6 billion in Q2 2025, and down 37.12% quarter-over-quarter from $51.8 billion in Q1 2026.
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Analysis
Bullish (BLSH) Cost of Revenue (2024 - 2026) Analysis & Trends
Bullish has disclosed Cost of Revenue across 3 years of filings, most recently posting $32.6 billion for Q2 2026.
- In Q2 2026, Cost of Revenue fell 44.44% year-over-year to $32.6 billion; the TTM figure through Jun 2026 stood at $190.3 billion (down 26.54% YoY), while the FY2025 annual figure was $244.7 billion, down 2.15% from the prior year.
- Cost of Revenue came in at $32.6 billion for Q2 2026 at Bullish, down from $51.8 billion in the prior quarter.
- In the past five years, Cost of Revenue ranged from a high of $49556.5 billion in Q2 2024 to a low of $32.6 billion in Q2 2026.
- Average Cost of Revenue over 3 years is $5556.2 billion, with a median of $58.6 billion recorded in 2025.
- The largest YoY upside for Cost of Revenue was 2.54% in 2025 against a maximum downside of 99.88% in 2025.
- Over 3 years, Cost of Revenue stood at $66.0 billion in 2024, then fell by 2.54% to $64.3 billion in 2025, then tumbled by 49.37% to $32.6 billion in 2026.
- Per Business Quant data, the three most recent Cost of Revenue figures were $32.6 billion in Q2 2026, $51.8 billion in Q1 2026, and $64.3 billion in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Bitmine Immersion Technologies | 57.68 Bn | 57.34 Bn | 40.81 Mn | 5.73 Mn |
| 2 | Coinbase Global | 52.26 Bn | 43.47 Bn | 1.16 Bn | 59.69 Mn |
| 3 | PayPal Holdings | 45.26 Bn | 34.01 Bn | - | - |
| 4 | Block | 44.88 Bn | 38.42 Bn | 3.17 Bn | 3.45 Bn |
| 5 | Iren | 35.80 Bn | 28.23 Bn | 103.89 Mn | 33.34 Mn |
| 6 | Corpay | 25.96 Bn | 19.27 Bn | 1.19 Bn | 150.61 Mn |
| 7 | Fiserv | 24.43 Bn | 23.83 Bn | 3.59 Bn | 1.71 Bn |
| 8 | Global Payments | 22.33 Bn | 17.57 Bn | 2.03 Bn | 1.29 Bn |
| 9 | Hut 8 | 12.62 Bn | 6.14 Bn | 48.04 Mn | 26.89 Mn |
| 10 | Bullish | 6.05 Bn | 5.99 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();