Bullish (BLSH) Enterprise Value (2023 - 2025)
Bullish's (BLSH) quarterly Enterprise Value came in at -$87.9 million in Q4 2025, down 178.67% year-on-year from $111.7 million in Q4 2024, and down 2.22% quarter-over-quarter from -$86.0 million in Q3 2025.
Bullish (BLSH) Enterprise Value (2023 - 2025) Analysis & Trends
Bullish has disclosed Enterprise Value across 3 years of filings, most recently posting -$87.9 million for Q4 2025.
- Enterprise Value for Q4 2025 came in at -$87.9 million, down 178.67% year-over-year; the trailing twelve-month figure through Dec 2025 was -$87.9 million (down 178.67% YoY), and the FY2025 annual result was -$87.9 million, down 178.67% from the prior year.
- Enterprise Value came in at -$87.9 million for Q4 2025 at Bullish, down from -$86.0 million in the prior quarter.
- In the past five years, Enterprise Value ranged from a high of -$31.5 million in Q4 2024 to a low of -$112.9 million in Q4 2023.
- The 3-year median for Enterprise Value is -$70.2 million (2024), against an average of -$70.2 million.
- Across the five-year window, Enterprise Value jumped 72.06% in 2024 and plunged 178.67% in 2025, its largest moves.
- Bullish's Enterprise Value stood at -$112.9 million in 2023, then surged by 72.06% to -$31.5 million in 2024, then plunged by 178.67% to -$87.9 million in 2025.
- The last three Enterprise Value figures came in at -$87.9 million (Q4 2025), -$86.0 million (Q3 2025), and -$53.7 million (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Enterprise Value (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 2,819.83 Bn | 2,741.56 Bn | 56.06 Bn | -78.27 Bn |
| 2 | Alarum Technologies | 1,056.91 Bn | 1,042.76 Bn | 7.23 Mn | -14.15 Bn |
| 3 | Oracle | 530.68 Bn | 492.11 Bn | 15.14 Bn | -38.58 Bn |
| 4 | Palantir Technologies | 306.85 Bn | 298.93 Bn | 1.42 Bn | -7.92 Bn |
| 5 | Palo Alto Networks | 199.03 Bn | 194.49 Bn | 1.91 Bn | -4.54 Bn |
| 6 | CrowdStrike Holdings | 170.56 Bn | 167.51 Bn | 993.68 Mn | -3.06 Bn |
| 7 | Fortinet | 106.91 Bn | 103.62 Bn | 1.49 Bn | -3.29 Bn |
| 8 | Synopsys | 86.43 Bn | 86.31 Bn | 1.77 Bn | -117.84 Mn |
| 9 | Cloudflare | 79.42 Bn | 78.48 Bn | 455.60 Mn | -943.18 Mn |
| 10 | Bullish | 3.08 Bn | 3.00 Bn | 21.51 Mn | -87.89 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -87.89 Mn |
| Sep 30, 2025 | -85.98 Mn |
| Jun 30, 2025 | -53.72 Mn |
| Dec 31, 2024 | -31.54 Mn |
| Sep 30, 2024 | -48.91 Mn |
| Jun 30, 2024 | -70.16 Mn |
| Dec 31, 2023 | -112.90 Mn |