Bullish
BLSHMarket valuation vs the Bitcoin it holds
2.57×
Premium
a 157% premium to Bitcoin NAV
Bullish trades at 2.57× its Bitcoin NAV — you pay $2.57 for every $1 of Bitcoin it holds, a 1.55B USD pile.
Live · last updated
BTC held
24.3K BTC
Bitcoin treasury
Bitcoin NAV
1.55B USD
at today's BTC price
Market cap
3.64B USD
Fully diluted
Share price
24.1 USD
USD
Last BTC buy
24.3K BTC
Aug 13, 2025
mNAV over time
Full history · dilutedToday's 2.57× sits in a 52-week range of 1.90× to 3.52×.
mNAV · 52-week range
1.90×–3.52×
1.90×now 2.57×3.52×
About Bullish
Bullish (BLSH) owns 24.3K BTC. At today's price that Bitcoin is worth 1.55B USD. The market caps the whole company at 3.64B USD — 2.57× its Bitcoin. Put plainly: you pay $2.57 for every $1 of Bitcoin it holds, a 157% premium for everything that isn't the Bitcoin. It bought in at an average of 120.2K USD per coin.
Bullish (BLSH) mNAV — frequently asked
- What is Bullish (BLSH)'s mNAV?
- Bullish's mNAV is currently 2.57×. mNAV divides BLSH's market capitalisation by the value of the Bitcoin it holds, so 2.57× means the market values the company at 2.57× the worth of its Bitcoin treasury (1.55B USD).
- Is Bullish (BLSH) overvalued versus its Bitcoin?
- At 2.57×, Bullish (BLSH) trades at a 157% premium to the Bitcoin it holds. Whether that is rich or cheap is best read against its own history: over the past year its mNAV has ranged 1.90×–3.52×.
- How much Bitcoin does Bullish (BLSH) hold?
- Bullish holds 24.3K BTC, worth 1.55B USD at current prices. Its most recent purchase was 24.3K BTC on Aug 13, 2025.
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