BLSH

Bullish releases July 2026 monthly metrics

Bullish reports July 2026 metrics showing strong trading activity and liquidity

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    <h3>Information</h3>
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    <h3>AI Summary</h3>
    <p>Bullish disclosed July 2026 metrics, including trading volume, spread, and BTC/ETH volatility, with data labeled unaudited and preliminary. July trading volume reached about $83.7B on its exchange, signaling solid platform activity and potential near-term revenue visibility from spreads. The release also reinforces Bullish&#039;s ecosystem with CoinDesk and MiCAR-regulated Europe exposure.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Bullish releases July 2026 metrics; unaudited and preliminary.</li><li>July trading volume $83.7B on Bullish Exchange.</li><li>Average trading spread about 1.90 bps; revenue per unit visible.</li><li>Bullish Europe regulated under MiCAR; CoinDesk assets tied to platform.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Bullish (BLSH)</strong>: Institutional digital asset platform; July metrics may influence valuation via volume and spreads.</li><li><strong>CoinDesk (N/A)</strong>: Bullish subsidiary providing data/indices and media; potential revenue and ecosystem synergies.</li><li><strong>Bullish Europe (N/A)</strong>: MiCAR-regulated unit; exposure to European spot trading and custody services.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The release provides company-specific metrics and regulatory context, informing investors about platform usage and potential revenue drivers rather than standalone earnings.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>July 2026 total trading volume signals robust platform activity.</li><li>Average spread around 1.90 bps suggests steady revenue per trade.</li><li>BTC/ETH volatility metrics may influence risk/reward for traders.</li><li>Unaudited data may limit immediate price impact until quarterly results.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Date of release: Aug 6, 2026.</li><li>Monthly Metrics: July 2026.</li><li>Total Trading Volume: 83.7 (billion dollars).</li><li>Average Trading Spread: 1.90 basis points.</li><li>Volatility metrics derived from Coindesk Data Adaptive Diversified Liquidity Index; annualization method described.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Near-term upside for BLSH if July metrics indicate sustained volume growth and narrower spreads; catalysts in weeks to a quarter.</p>
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    <p>George Town, Cayman Islands — on <strong>Thursday, August 6, 2026</strong>, Bullish (NYSE:<strong>BLSH</strong>), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its July 2026 monthly metrics. This release summarizes trading activity and risk indicators for Bitcoin and Ethereum, reflecting Bullish’s ongoing work to provide market access and data transparency for institutional participants.</p>
    <p>These metrics include <strong>trading volume</strong>, <strong>average trading spread</strong>, and measures of <strong>volatility</strong> for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on <a href="https://investors.bullish.com" target="_blank" rel="nofollow"><strong>investors.bullish.com</strong></a>.</p>
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  <section>
    <h2>July 2026 Metrics Overview</h2>
    <p>The July 2026 monthly metrics provide insight into Bullish’s platform activity and market dynamics for Bitcoin and Ethereum. Key components include:</p>
    <ul>
      <li><strong>Trading Volume</strong>: Represents the notional value of trades, i.e. the product of the quantity of assets transacted and the trade price at the time the transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement.</li>
      <li><strong>Average Trading Spread</strong>: Represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform.</li>
      <li><strong>Volatility</strong>: Is calculated using 1-minute price intervals from Coindesk Data's Adaptive Diversified Liquidity Index for BTC and ETH. We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes, which provides a more granular view of price fluctuations. This daily figure is then converted to an annualized volatility by multiplying it by the square root of 365, a standard practice for making risk metrics comparable over a one-year period.</li>
    </ul>
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  <section>
    <h2>About Bullish and the BLSH Ticker</h2>
    <p><strong>Bullish</strong> (NYSE:<strong>BLSH</strong>) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.</p>
    <p>Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of <a href="https://www.coindesk.com" target="_blank" rel="nofollow"><u>coindesk.com</u></a>, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.</p>
    <p>For more information, please visit <a href="https://investors.bullish.com" target="_blank" rel="nofollow"><u>bullish.com</u></a> and follow <a href="https://www.linkedin.com/company/bullish" target="_blank" rel="nofollow"><u>LinkedIn</u></a> and <a href="https://twitter.com/bullish" target="_blank" rel="nofollow"><u>X</u></a>.</p>
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  <section>
    <h2>Use of Websites to Distribute Material Company Information</h2>
    <p>We use the Bullish Investor Relations website (<a href="https://investors.bullish.com" target="_blank" rel="nofollow"><u>investors.bullish.com</u></a>) and our X account (<a href="https://twitter.com/bullish" target="_blank" rel="nofollow"><u>x.com/bullish</u></a>) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.</p>
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  <section>
    <h2>Contacts</h2>
    <p><strong>Media:</strong> <a href="https://media.bullish.com" target="_blank" rel="nofollow"><u>media@bullish.com</u></a></p>
    <p><strong>Investor Relations:</strong> <a href="https://investors.bullish.com" target="_blank" rel="nofollow"><u>investors@bullish.com</u></a></p>
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    <p><strong>Source:</strong> Bullish</p>
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  <section>
    <h2>Additional Information &amp; Disclosures</h2>
    <p><em>This monthly metrics package provides certain limited purpose monthly performance results of Bullish. This information is presented without commentary and should be read together with our most recent quarterly and annual results and our filings with the U.S. Securities and Exchange Commission (SEC), which are available on our Investor Relations website at <a href="https://investors.bullish.com" target="_blank" rel="nofollow"><u>investors.bullish.com</u></a>.</em></p>
    <p><em>The information provided is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the quarter, as reported in our SEC filings, might vary from the information provided in this monthly metrics package.</em></p>
    <p><em>Bullish expects to release monthly metrics packages for the prior month’s performance after the end of each month.</em></p>
    <p><em>We use our Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the SEC and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.</em></p>
  </section>

  <section>
    <h2>Definitions</h2>
    <ul>
      <li><strong><u>Trading Volume</u></strong> represents the notional value of trades, i.e. the product of the quantity of assets transacted and the trade price at the time the transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement.</li>
      <li><strong><u>Average Trading Spread</u></strong> represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform.</li>
      <li><strong><u>Volatility</u></strong> is calculated using 1-minute price intervals from Coindesk Data's Adaptive Diversified Liquidity Index for BTC and ETH. We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes, which provides a more granular view of price fluctuations. This daily figure is then converted to an annualized volatility by multiplying it by the square root of 365, a standard practice for making risk metrics comparable over a one-year period.</li>
    </ul>
  </section>
</article>

Bullish disclosed July 2026 metrics, including trading volume, spread, and BTC/ETH volatility, with data labeled unaudited and preliminary. July trading volume reached about $83.7B on its exchange, signaling solid platform activity and potential near-term revenue visibility from spreads. The release also reinforces Bullish's ecosystem with CoinDesk and MiCAR-regulated Europe exposure.

News insight

Bullish releases July 2026 monthly metrics

AI summary

Sentiment rationale

Key facts

Corporate Developments