Bullish (BLSH) — Market Cap vs Bitcoin NAV
Bullish (BLSH) currently trades at a market cap vs Bitcoin NAV ratio of 3.12x, which means the market values the company at 212.5% premium to the underlying Bitcoin holdings. With 22,000 Bitcoin on its balance sheet worth $1,779,757,870 at the live spot price, and a market capitalisation of $5,561,005,500, BLSH holds rank #31 of 68 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How BLSH's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for Bullish is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the Bitcoin spot price. At the last update the inputs for BLSH were a market cap of $5,561,005,500, 22,000 BTC, and a Bitcoin spot price of 80,898. The resulting ratio of 3.12x quantifies how much premium (or premium, when above 1.0x) the equity market is assigning to BLSH beyond the value of the underlying Bitcoin treasury. A ratio above 1.0x means the company is trading at a premium to the value of its Bitcoin stash; below 1.0x means a discount. The number does not account for operating businesses, capital structure, debt, preferred shares, or other liabilities that sit between common shareholders and the underlying Bitcoin.
What 3.12x Means for Bullish Shareholders
Bullish's ratio of 3.12x places the stock at a 212.5% premium to its Bitcoin NAV. When investors pay a premium for a Bitcoin treasury equity, the additional value typically reflects the company's operating business, ability to issue new shares accretively, exposure to future Bitcoin acquisition, or simply the convenience of holding Bitcoin exposure inside a regulated equity wrapper. Premiums can compress quickly if dilution accelerates or if the underlying Bitcoin acquisition slows. The ratio is one input among several; capital structure, debt obligations, share class differences, and operating cash flow all influence what shareholders actually receive per share of BLSH.
BLSH vs Other Bitcoin Treasury Companies
How BLSH compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 29 | GPUS | Hyperscale Data | 🇺🇸 | 3.59x |
| 30 | NCTY | The9 Limited | 🇨🇳 | 3.16x |
| 31 | BLSH | Bullish | 🇺🇸 | 3.12x |
| 32 | SRAG | Samara Asset Group | 🇲🇹 | 2.99x |
| 33 | K33 | K33 AB | 🇳🇴 | 2.86x |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is Bullish (BLSH)'s market cap vs Bitcoin NAV ratio?
Bullish trades at a market cap vs Bitcoin NAV ratio of 3.12x, calculated as its market capitalisation of $5,561,005,500 divided by the value of its 22,000 BTC holdings ($1,779,757,870 at the last recorded Bitcoin spot price). This represents a 212.5% premium to the underlying Bitcoin NAV.
Why is BLSH trading at a premium to its Bitcoin NAV?
premium values reflect the market's view of Bullish beyond its Bitcoin holdings alone. A premium typically indicates investors are paying extra for the company's operating business, capital structure access, optionality on future Bitcoin accumulation, or the convenience of equity exposure to BTC.
How often is BLSH's market cap vs Bitcoin NAV updated on HodlingBTC?
The figures on this page are a snapshot, recalculated a few times each trading day rather than quoted live. Bitcoin spot price is sourced from Coinbase, market capitalisation from the latest available share count multiplied by the most recent stock price, and BTC holdings from the most recent disclosed figure in Bullish's SEC or primary-source filings.