Bullish (NYSE: BLSH) posts $50.9B June trading with tight spreads

Rhea-AI Filing Summary

Bullish released unaudited monthly metrics for June 2026, reporting total trading volume of $50.9 billion, mostly from spot markets at $45.5 billion. Spot Bitcoin led with $26.9 billion in volume, followed by Ethereum and stablecoins.

The overall average trading spread was 2.56 basis points, indicating the average fees and trading costs on the platform. Monthly average volatility was 47% for Bitcoin and 67% for Ethereum, based on CoinDesk Data indices. Management notes these figures are preliminary, unaudited and may differ from final quarterly results filed with the SEC.

Key Figures

Total Trading Volume: $50.9B Total Spot Volume: $45.5B Spot BTC Volume: $26.9B +3 more

6 metrics

Total Trading Volume $50.9B June 2026 total trading volume

Total Spot Volume $45.5B June 2026 spot trading volume across assets

Spot BTC Volume $26.9B June 2026 Bitcoin spot trading volume

Average Trading Spread 2.56 bps June 2026 overall average spread

BTC Volatility 47% June 2026 monthly average volatility for Bitcoin

ETH Volatility 67% June 2026 monthly average volatility for Ethereum

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 of the quantity of assets transacted and the trade price"

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 on the Bullish Exchange for the period, expressed as a percentage of the trading volume"

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

"this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates"

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 it by the square root of 365"

standard deviation financial

"We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes"

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FAQ

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

Bullish reported June 2026 total trading volume of $50.9 billion. Most activity came from spot markets at $45.5 billion, with the remainder from options and perpetual futures trading on its digital asset platform.

How much of Bullish (BLSH) June 2026 volume was in Bitcoin spot trading?

In June 2026, Bullish recorded $26.9 billion of spot Bitcoin trading volume. This made Bitcoin the largest contributor within total spot volume of $45.5 billion across Bitcoin, Ethereum, stablecoins and other digital assets on the platform.

What was Bullish (BLSH) average trading spread in June 2026?

Bullish’s overall average trading spread in June 2026 was 2.56 basis points. This metric reflects total commissions as a percentage of trading volume and helps indicate average transaction costs and revenue per unit of volume on the Bullish Exchange.

What were Bitcoin and Ethereum volatility levels on Bullish in June 2026?

For June 2026, Bullish reported monthly average volatility of 47% for Bitcoin and 67% for Ethereum. These annualized figures are based on minute‑by‑minute price changes from CoinDesk Data’s Adaptive Diversified Liquidity Index for BTC and ETH.

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

No. Bullish describes the June 2026 monthly metrics as unaudited and preliminary. The company states figures for months in the most recent fiscal quarter may change when final quarterly results are completed and filed with the SEC.

Where can investors find Bullish (BLSH) monthly metrics and SEC filings?

Investors can access Bullish monthly metrics and SEC filings on its Investor Relations website at investors.bullish.com. The company also distributes investor information through its X account at x.com/bullish alongside formal SEC reports and press releases.

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 July 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 July 7, 2026, Bullish issued a press release titled “Bullish releases June 2026 monthly metrics.” A copy of the press release and the monthly metrics for June 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 July 7, 2026
99.2	Monthly Metrics Report for June 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: July 7, 2026	By:	/s/ Jose A. Torres
		Jose A. Torres
		Chief Accounting Officer

Exhibit 99.1

Bullish releases June 2026 monthly metrics

7/7/2026

Cayman Islands, July 7, 2026 – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for June 2026 on Tuesday, July 7, 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 June 2026

(Unaudited)

		2025																																																2026
		Jan				Feb				Mar				Apr				May				Jun				Jul				Aug				Sep				Oct				Nov				Dec				Jan				Feb				Mar				Apr				May				June
(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
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
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
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
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
Options																															0.0				0.0				0.0				2.8				6.2				4.8				3.6				3.2				5.6				0.9				2.3
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
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
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
Options																															1.00				0.93				1.29				1.34				1.66				1.95				2.42				1.86				2.50				1.65				0.59
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	)
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
Monthly Average Volatility
BTC			48	%			44	%			50	%			44	%			33	%			28	%			27	%			28	%			23	%			38	%			45	%			39	%			33	%			61	%			48	%			35	%			28	%			47	%
ETH			60	%			78	%			69	%			70	%			67	%			54	%			54	%			60	%			42	%			58	%			68	%			53	%			46	%			82	%			60	%			44	%			36	%			67	%

**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 99.2 232.2 KB