What is Bullish (BLSH)'s mNAV?

Bullish's mNAV is currently 6.45×. mNAV divides BLSH's market capitalisation by the value of the Bitcoin it holds, so 6.45× means the market values the company at 6.45× the worth of its Bitcoin treasury (578.8M USD).

Is Bullish (BLSH) overvalued versus its Bitcoin?

At 6.45×, Bullish (BLSH) trades at a 545% 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 3.01×–9.66×.

How much Bitcoin does Bullish (BLSH) hold?

Bullish holds 7,516 BTC, worth 578.8M USD at current prices. Its most recent purchase was 18.0K BTC on Dec 31, 2025.

Bullish

Name: Bullish (BLSH) mNAV time series
Creator: mNAV

BLSH

Market valuation vs the Bitcoin it holds

6.45×

live

Premium

a 545% premium to Bitcoin NAV

Bullish trades at 6.45× its Bitcoin NAV — you pay $6.45 for every $1 of Bitcoin it holds, a 578.8M USD pile.

Live · last updated Nov 3, 2026

BTC held

7,516 BTC

Bitcoin treasury

Bitcoin NAV

578.8M USD

at today's BTC price

Market cap

3.73B USD

Fully diluted

Share price

22.5 USD

USD

Last BTC buy

18.0K BTC

Dec 31, 2025

mNAV over time

Last 12 months · diluted

Today's 6.45× sits in a 52-week range of 3.01× to 9.66×.

mNAV · 52-week range

3.01×–9.66×

3.01×now 6.45×9.66×

About Bullish

Bullish (BLSH) owns 7,516 BTC. At today's price that Bitcoin is worth 578.8M USD. The market caps the whole company at 3.73B USD — 6.45× its Bitcoin. Put plainly: you pay $6.45 for every $1 of Bitcoin it holds, a 545% premium for everything that isn't the Bitcoin.

Company facts

Country: Cayman Islandssource
Headquarters: George Town, Cayman Islandssource
Incorporated: Cayman Islands (exempted company)source
Business: Institutional digital asset exchange and information services (CoinDesk)source
Fiscal year end: December 31source
Auditor: Deloitte & Touche LLP (San Francisco, California)source
Website: bullish.com ↗source
Investor relations: IR site ↗source
Social: X ↗LinkedIn ↗source

Each fact links to the filing or official page it was taken from.

Bullish (BLSH) mNAV — frequently asked

What is Bullish (BLSH)'s mNAV?: Bullish's mNAV is currently 6.45×. mNAV divides BLSH's market capitalisation by the value of the Bitcoin it holds, so 6.45× means the market values the company at 6.45× the worth of its Bitcoin treasury (578.8M USD).
Is Bullish (BLSH) overvalued versus its Bitcoin?: At 6.45×, Bullish (BLSH) trades at a 545% 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 3.01×–9.66×.
How much Bitcoin does Bullish (BLSH) hold?: Bullish holds 7,516 BTC, worth 578.8M USD at current prices. Its most recent purchase was 18.0K BTC on Dec 31, 2025.

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Full Bullish dashboard →Live treasury terminal Bitcoin treasuries by mNAV What is mNAV?BLSH investor relations ↗