Bullish (BLSH) Invested Capital (2024 - 2026)
Bullish's (BLSH) quarterly Invested Capital came in at $2.4 billion in Q2 2026, down 7.62% year-over-year from $2.6 billion in Q2 2025, and down 9.19% quarter-over-quarter from $2.7 billion in Q1 2026.
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Analysis
Bullish (BLSH) Invested Capital (2024 - 2026) Analysis & Trends
Bullish has disclosed Invested Capital across 3 years of filings, most recently posting $2.4 billion for Q2 2026.
- In Q2 2026, Invested Capital fell 7.62% year-over-year to $2.4 billion; the TTM figure through Jun 2026 stood at $2.4 billion (down 7.62% YoY), while the FY2025 annual figure was $3.3 billion, up 34.69% from the prior year.
- Invested Capital came in at $2.4 billion for Q2 2026 at Bullish, down from $2.7 billion in the prior quarter.
- In the past five years, Invested Capital ranged from a high of $4.0 billion in Q3 2025 to a low of $2.4 billion in Q2 2026.
- Average Invested Capital over 3 years is $2.9 billion, with a median of $2.6 billion recorded in 2025.
- Year-over-year, Invested Capital surged 34.69% in 2025 and slipped 7.62% in 2026.
- Over 3 years, Invested Capital stood at $2.4 billion in 2024, then jumped by 34.69% to $3.3 billion in 2025, then dropped by 26.29% to $2.4 billion in 2026.
- Per Business Quant data, the three most recent Invested Capital figures were $2.4 billion in Q2 2026, $2.7 billion in Q1 2026, and $3.3 billion in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Bitmine Immersion Technologies | 57.68 Bn | 57.34 Bn | 40.81 Mn | - |
| 2 | Coinbase Global | 52.26 Bn | 43.47 Bn | 1.16 Bn | 23.86 Bn |
| 3 | PayPal Holdings | 45.26 Bn | 34.01 Bn | - | 35.05 Bn |
| 4 | Block | 44.88 Bn | 38.42 Bn | 3.17 Bn | 28.34 Bn |
| 5 | Iren | 35.80 Bn | 28.23 Bn | 103.89 Mn | 11.95 Bn |
| 6 | Corpay | 25.96 Bn | 19.27 Bn | 1.19 Bn | 20.31 Bn |
| 7 | Fiserv | 24.43 Bn | 23.83 Bn | 3.59 Bn | 54.81 Bn |
| 8 | Global Payments | 22.33 Bn | 17.57 Bn | 2.03 Bn | 47.41 Bn |
| 9 | Hut 8 | 12.62 Bn | 6.14 Bn | 48.04 Mn | 9.39 Bn |
| 10 | Bullish | 6.05 Bn | 5.99 Bn | 15.53 Mn | 2.46 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.46 Bn |
| Mar 31, 2026 | 2.72 Bn |
| Dec 31, 2025 | 3.36 Bn |
| Sep 30, 2025 | 4.04 Bn |
| Jun 30, 2025 | 2.63 Bn |
| Dec 31, 2024 | 2.45 Bn |
API Access
Bullish Invested Capital 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=invested-capital&ticker=BLSH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=BLSH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();