Bullish balance sheet

At the end of fiscal 2025, Bullish had total assets of $3.96bn, total liabilities of $658m and shareholders' equity of $3.22bn. It held $87.9m in cash against $100.0m of debt: net debt of $12.1m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bullish: balance sheet, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	113	32	88
Total current assets	—	2,912	3,804
Goodwill	—	61	63
Total assets	—	3,047	3,957
Total current liabilities	—	85	130
Short-term debt	—	25	50
Long-term debt	—	25	50
Total debt	0	50	100
Total liabilities	—	647	658
Shareholders' equity	1,282	2,390	3,216
Non-controlling interests and other (assets − liabilities − equity)	—	—	82
Net debt (negative = net cash)	−113	18	12

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Bullish's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bullish.