Bullish (BLSH) Operating Expenses (2024 - 2026)
Bullish's (BLSH) quarterly Operating Expenses came in at -$56.3 million in Q2 2026, down 28.42% year-over-year from -$78.6 million in Q2 2025, and down 14.71% quarter-over-quarter from -$49.1 million in Q1 2026.
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Analysis
Bullish (BLSH) Operating Expenses (2024 - 2026) Analysis & Trends
Bullish has disclosed Operating Expenses across 3 years of filings, most recently posting -$56.3 million for Q2 2026.
- In Q2 2026, Operating Expenses fell 28.42% year-over-year to -$56.3 million; the TTM figure through Jun 2026 stood at -$198.8 million (down 16.75% YoY), while the FY2025 annual figure was -$185.3 million, down 18.04% from the prior year.
- Operating Expenses came in at -$56.3 million for Q2 2026 at Bullish, down from -$49.1 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of -$38.1 million in Q4 2024 to a low of -$39.7 billion in Q2 2024.
- Average Operating Expenses over 3 years is -$4.4 billion, with a median of -$46.9 million recorded in 2025.
- Year-over-year, Operating Expenses soared 99.89% in 2025 and retreated 28.42% in 2026.
- Over 3 years, Operating Expenses stood at -$38.1 million in 2024, then slipped by 23.1% to -$46.9 million in 2025, then decreased by 20.1% to -$56.3 million in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were -$56.3 million in Q2 2026, -$49.1 million in Q1 2026, and -$46.9 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Bitmine Immersion Technologies | 57.68 Bn | 57.34 Bn | 40.81 Mn | 52.67 Mn |
| 2 | Coinbase Global | 52.26 Bn | 43.47 Bn | 1.16 Bn | 1.33 Bn |
| 3 | PayPal Holdings | 45.26 Bn | 34.01 Bn | - | 7.26 Bn |
| 4 | Block | 44.88 Bn | 38.42 Bn | 3.17 Bn | 2.72 Bn |
| 5 | Iren | 35.80 Bn | 28.23 Bn | 103.89 Mn | 128.25 Mn |
| 6 | Corpay | 25.96 Bn | 19.27 Bn | 1.19 Bn | 260.40 Mn |
| 7 | Fiserv | 24.43 Bn | 23.83 Bn | 3.59 Bn | 4.28 Bn |
| 8 | Global Payments | 22.33 Bn | 17.57 Bn | 2.03 Bn | 2.98 Bn |
| 9 | Hut 8 | 12.62 Bn | 6.14 Bn | 48.04 Mn | 78.04 Mn |
| 10 | Bullish | 6.05 Bn | 5.99 Bn | 15.53 Mn | -56.27 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -56.27 Mn |
| Mar 31, 2026 | -49.05 Mn |
| Dec 31, 2025 | -46.85 Mn |
| Sep 30, 2025 | -46.61 Mn |
| Jun 30, 2025 | -43.82 Mn |
| Mar 31, 2025 | -47.98 Mn |
| Dec 31, 2024 | -38.06 Mn |
| Sep 30, 2024 | -40.42 Mn |
| Jun 30, 2024 | -39.66 Bn |
API Access
Bullish Operating Expenses 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=operating-expenses&ticker=BLSH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=BLSH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();