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Bullish's Competitiveness

Name: Bullish Competitors and Peer Comparison
Creator: CSIMarket
License: https://csimarket.com/help/terms-of-use

A competitive positioning analysis and financial ratio benchmarking of Bullish (BLSH) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.

Peer Data As of Q4 2025

Competitors Tracked

Publicly traded peers

Peer Group Market Share

100.00 %

Share of combined sales, Q4 2025

Revenue Growth Y/Y

Q4 2025

Net Margin

-0.32 %

Q4 2025

Key Findings: Bullish vs Its Competitors

TTM: Trailing 12-month revenue of 244,811M vs -M combined for tracked competitors (100.0% combined share).
Trending: Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
Scale: Bullish ranks #21 of 117 companies by market capitalization in the Miscellaneous Financial Services industry, holding 0.7% of industry market cap.
Peer revenue share: Bullish accounted for 100.0% of combined revenue among its tracked peer group.

Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).

BLSH Sales vs. its Competitors, Q4 2025

Bullish generated 100.00 % of the combined sales of its peer group.

API endpoints for this dataset

                        https://api.csimarket.com/api/v1/companies/BLSH/competitors                    

                        https://api.csimarket.com/api/v1/companies/BLSH/relationships                    

                        https://api.csimarket.com/api/v1/companies/BLSH/similar                    

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Bullish's Competitor Quality Breadth

Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).

Entity	Profitable	Expanding	Above Industry Growth	Distressed
Bullish	-	-	-	-
Similar-Size Competitors (10)

Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.

BLSH Stock Performance relative to its Competitors

BLSH Competitors (weighted) Percent change over the selected range

Bullish's Share Price Performance vs Peer Groups

Trailing 12-month total share price return, and the share of each group that outperformed the U.S.A. 500 over the same period. Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC.

Similar-Size
(3 of 10)

Entity	TTM Share Price Return (group: median)	vs U.S.A. 500
Bullish	-43.10 %	Underperformed
Competitors combined (0)	40.4%	63.2%
High-Confidence Competitors (0)	40.4%	63.2%
Similar-Size Competitors (10)	40.4%	63.2%
Similar Growth & Profitability (0)	40.4%	63.2%

Peer Group Share Price Returns

TTM share price return and U.S.A. 500 outperformance for Bullish's competitor groups requires a Commercial License.

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Source: CSIMarket API (daily market-structure computation). Outperformance is trailing-12-month total return vs the U.S.A. 500 over the same window, not risk-adjusted.

BLSH Stock Performance relative to Similar-Size Competitors

BLSH Similar-Size Competitors (equal-weighted, 10) Percent change over the selected range

Bullish's Comment on Competition and Industry Peers

The company operates in a highly competitive industry that includes unregulated and less regulated entities such as decentralized finance (DeFi) platforms, noncustodial platforms, decentralized exchanges (DEXs), and distributed autonomous organizations (DAOs). These competitors may innovate more rapidly and offer products and services that the company is unable to provide due to regulatory constraints. The company faces competition from various firms and platforms both within the United States and internationally, encompassing traditional financial services and digital asset-based services. The competitive environment has been affected by security concerns following the Chapter 11 bankruptcy filing of FTX Trading Ltd and allegations against its founder and former CEO, which may lead users to prefer decentralized and noncustodial platforms with fewer regulatory requirements such as know-your-customer (KYC) procedures.

Bullish's Competitors Named by the Company

Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.

Competitor	Basis	Confidence	Active	Sources
FTX Trading Ltd	Named by the company	85%	2022 to 2026	3

Competitor Evidence Detail

Filing basis, confidence, active dates and source counts for Bullish's named competitors require a Commercial License.