Bullish (NYSE: BLSH) details July 2026 trading volume, spreads and crypto volatility

Rhea-AI Filing Summary

Bullish, an institutionally focused global digital asset platform, released its July 2026 monthly operating metrics, covering trading volumes, average trading spreads and volatility measures for Bitcoin (BTC) and Ethereum (ETH). The data are unaudited, preliminary for the current quarter and intended to complement quarterly and annual results.

In July 2026, total trading volume was $30.7 billion, including total spot volume of $29.1 billion across BTC ($16.7 billion), ETH ($3.0 billion), stablecoins ($7.3 billion) and other assets ($2.2 billion). Perpetual trading volume was $1.5 billion. The overall average trading spread was 2.62 bps, with spot at 2.71 bps, options at 1.09 bps and perpetual at 1.21 bps. Monthly average annualized volatility was 32 % for BTC and 44 % for ETH. Bullish also reiterates that investors can access detailed metric definitions and historical packages via its investor relations website and X account.

Filing Explained

Bullish’s July metrics are unaudited and preliminary for the most recent fiscal quarter, so they are not yet the company’s final quarterly results; the company says those results, reported in later SEC filings, might vary from this package.

Key Figures

Total Trading Volume: $30.7 billion Total Spot Volume: $29.1 billion BTC Spot Volume: $16.7 billion +4 more

7 metrics

Total Trading Volume $30.7 billion For July 2026 across all Bullish markets

Total Spot Volume $29.1 billion Spot trading volume for July 2026

BTC Spot Volume $16.7 billion Bitcoin spot trading volume in July 2026

ETH Spot Volume $3.0 billion Ethereum spot trading volume in July 2026

Average Trading Spread 2.62 bps Overall average trading spread in July 2026

BTC Volatility 32 % Monthly average annualized BTC volatility for July 2026

ETH Volatility 44 % Monthly average annualized ETH volatility for July 2026

Key Terms

Trading Volume, Average Trading Spread, perpetual futures, annualized volatility, +1 more

5 terms

Trading Volume financial

"Trading Volume represents the notional value of trades, i.e. the product"

Trading volume is the total number of shares, units, or contracts that are bought and sold within a specific period. It indicates how active or busy a market is, much like how many customers visit a store in a day. Higher trading volume generally suggests greater interest and can influence the price movements of a financial asset.

Average Trading Spread financial

"Average Trading Spread represents total commissions earned from transactions"

The average trading spread is the difference between the highest price a buyer is willing to pay and the lowest price a seller is asking for a financial asset, averaged over a certain period. It indicates how easily the asset can be bought or sold without affecting its price; a smaller spread usually means better liquidity and lower transaction costs for investors.

perpetual futures financial

"changes in fair value of perpetual futures, and rebates, for insight"

Perpetual futures are contracts that let investors bet on an asset’s price without a set expiration date, combining the ability to use borrowed funds with a recurring small payment or receipt that keeps the contract price close to the actual market price. They matter because they offer continuous, high-leverage exposure and deep liquidity—useful for quick trading and price discovery—but also raise the risk of forced exits and amplified losses, so they change how investors manage risk.

annualized volatility financial

"This daily figure is then converted to an annualized volatility by multiplying"

A measure of how much a security's returns tend to fluctuate over a one‑year period, expressed as the standard deviation of returns scaled to a year. It gives investors a sense of the typical size of price swings (think of it as how “bumpy” a ride would be if short‑term ups and downs were projected over a full year), and is used to compare risk, size positions, and price derivatives.

MiCAR regulatory

"Bullish Europe is regulated under MiCAR as a crypto asset service provider"

MiCAR is a regulatory framework from the European Union that sets rules for crypto assets and the firms that issue, trade, or manage them, like a traffic code for digital tokens and the services around them. It matters to investors because it aims to reduce fraud and operational risk, increase transparency, and create consistent rules across markets so crypto offerings and platforms become easier to compare and potentially safer to hold or trade.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/06/2026 - 06:45 AM Accepted by SEC EDGAR 08/06/2026 - 06:45 AM Learn about SEC filing dates

FAQ

What trading volume did Bullish (BLSH) report for July 2026?

Bullish reported total trading volume of $30.7 billion for July 2026. This included $29.1 billion in spot trading and $1.5 billion in perpetuals, across BTC, ETH, stablecoins and other digital assets.

How were Bullish (BLSH) spot volumes by asset type in July 2026?

In July 2026, Bullish recorded spot volume of $16.7 billion in BTC, $3.0 billion in ETH, $7.3 billion in stablecoins and $2.2 billion in other assets, for total spot trading volume of $29.1 billion.

What average trading spreads did Bullish (BLSH) report for July 2026?

For July 2026, Bullish reported an overall average trading spread of 2.62 bps. The average spread was 2.71 bps for spot markets, 1.09 bps for options and 1.21 bps for perpetual trading.

What were BTC and ETH volatility levels on Bullish (BLSH) in July 2026?

Bullish reported monthly average annualized volatility of 32 % for BTC and 44 % for ETH in July 2026, calculated from CoinDesk Data indices using one-minute price intervals.

Are Bullish (BLSH) July 2026 monthly metrics audited financial results?

No. Bullish states that these July 2026 metrics are unaudited and recent-month figures are preliminary, based on estimates and subject to completion of financial closing procedures, and should be read together with its quarterly and annual SEC filings.

Where can investors access Bullish (BLSH) monthly metrics packages?

Investors can access Bullish monthly metrics and definitions on its investor relations website (investors.bullish.com). The company also uses its X account (x.com/bullish) to publicize information that may be relevant or material to investors.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of August 2026

Commission File No. 001-42797

BULLISH

Office 101, 103, 105 Suite 70202, Unit 7A-2B, 2nd Floor

Building A, Block 7, 60 Nexus Way, Camana Bay,

George Town, Grand Cayman, Cayman Islands, KY1-9005

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On August 6, 2026, Bullish issued a press release titled “Bullish releases July 2026 monthly metrics.” A copy of the press release and the monthly metrics for July 2026 are furnished as Exhibits 99.1 and 99.2, respectively, to this report on Form 6-K.

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press release of Bullish dated August 6, 2026
99.2	Monthly Metrics Report for July 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BULLISH
Date: August 6, 2026	By:	/s/ Jose A. Torres
		Jose A. Torres
		Chief Accounting Officer

Exhibit 99.1

Bullish releases July 2026 monthly metrics

8/6/2026

Cayman Islands, August 6, 2026 – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for July 2026 on Thursday, August 6, 2026. 

These metrics include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on investors.bullish.com. 

About Bullish

Bullish (NYSE: BLSH) 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. 

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 coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.

For more information, please visit bullish.com and follow LinkedIn and X. 

Use of Websites to Distribute Material Company Information

We use the Bullish 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 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. 

Contacts

Media: media@bullish.com 

Investor Relations: investors@bullish.com 

Source: Bullish 

Exhibit 99.2

Bullish

Monthly Metrics Report for July 2026 

(Unaudited)

		2025																																																2026
		Jan				Feb				Mar				Apr				May				Jun				Jul				Aug				Sep				Oct				Nov				Dec				Jan				Feb				Mar				Apr				May				June				July
(B - in billions)
Trading Volume ($B)
Spot - BTC			34.6				30.9				43.2				39.2				32.8				19.9				20.8				18.2				16.4				38.2				38.4				25.9				22.5				41.8				29.1				20.9				16.8				26.9				16.7
Spot - ETH			18.3				19.2				14.9				10.9				12.0				9.5				11.1				12.8				8.8				15.1				14.1				9.6				8.4				12.9				8.0				5.4				3.4				4.9				3.0
Spot - Stablecoin			19.4				20.9				17.0				13.3				10.3				8.1				12.9				8.6				8.1				19.6				18.4				13.8				11.2				19.0				13.2				9.6				7.4				10.8				7.3
Spot - Other			4.8				3.8				2.7				2.2				2.6				2.4				4.0				4.6				4.1				4.6				4.4				2.9				3.4				3.7				2.7				2.1				2.5				2.9				2.2
Total Spot			77.1				74.8				77.7				65.5				57.6				39.9				48.8				44.3				37.3				77.5				75.3				52.2				45.4				77.4				52.9				38.0				30.0				45.5				29.1
Options																															0.0				0.0				0.0				2.8				6.2				4.8				3.6				3.2				5.6				0.9				2.3				0.2
Perpetual			6.6				7.8				8.0				6.8				5.8				4.1				5.0				4.6				2.2				3.0				2.7				2.6				2.0				3.1				4.4				3.4				2.0				3.1				1.5
Total Trading Volume			83.7				82.5				85.7				72.3				63.4				44.0				53.8				48.8				39.6				80.5				80.8				61.1				52.2				84.1				60.4				46.9				32.9				50.9				30.7
Average Trading Spread (bps)
Spot			2.14				1.97				1.87				1.65				1.55				1.58				1.76				2.55				1.96				1.75				1.94				1.82				1.74				2.22				2.01				2.05				2.40				2.84				2.71
Options																															1.00				0.93				1.29				1.34				1.66				1.95				2.42				1.86				2.50				1.65				0.59				1.09
Perpetual			(1.06	)			(1.41	)			(2.38	)			(1.47	)			(0.86	)			(1.22	)			(0.80	)			(0.65	)			0.21				(2.67	)			(0.13	)			(0.30	)			(0.61	)			0.37				0.09				(0.08	)			(0.12	)			(0.14	)			1.21
Average Trading Spread			1.90				1.65				1.47				1.36				1.32				1.32				1.52				2.25				1.86				1.59				1.85				1.71				1.67				2.16				1.86				1.95				2.23				2.56				2.62
Monthly Average Volatility
BTC			48	%			44	%			50	%			44	%			33	%			28	%			27	%			28	%			23	%			38	%			45	%			39	%			33	%			61	%			48	%			35	%			28	%			47	%			32	%
ETH			60	%			78	%			69	%			70	%			67	%			54	%			54	%			60	%			42	%			58	%			68	%			53	%			46	%			82	%			60	%			44	%			36	%			67	%			44	%

**Figures may not sum due to rounding

Additional Information & Disclosures

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 investors.bullish.com.

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.

Bullish expects to release monthly metrics packages for the prior month’s performance after the end of each month.

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.

Definitions

Trading Volume 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.

Average Trading Spread 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.

Volatility 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. 

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 6.6 KB
• EX-99.2 EXHIBIT 99.2 254.9 KB