🇺🇸 SECBullishQwen · 实盘不做把握 7/10不做原因:无增量信息
北京时间·🕒 发布 18:45:11·⟳ 抓取 18:45:47 +36s·⚡ 决策 09-08 21:09:39 +2h23m·49.1 天前
Bullish（BLSH.US）披露2026年8月月度经营指标：总交易量425亿美元环比+38%但同比-13%，平均点差2.13bp环比-19%，与本日11:04 UTC已处理的同一6-K催化完全重复
跨源查重命中同一具体催化：本信号（sec_edgar 6-K，事件时间2026-09-08 10:45 UTC）与已处理记录（09-08 11:04 UTC，wire源，标题同为“Bullish releases August 2026 monthly metrics”）指向同一份披露，四项关键事实（8月425亿 vs 7月307亿 vs 去年8月488亿；点差2.13bp vs 2.62bp vs 2.25bp；未经审计无指引；每月持续披露）逐条一致，无任何新增信息，前次结论为「不做」。独立复核亦不支持改变结论：量价合成后8月收入代理约905万美元，环比+12.6%（仅从7月序列低点307亿美元反弹）但同比-17.6%、且低于2026年月均约1,060万美元，点差环比-18.7%抵消了大部分放量，BTC/ETH波动率继续回落；同时BLSH近20日+52.4%、距60日高仅-2.96%、9月3日单日+10.97%放量，属强动量拥挤状态，本条例行月度数据既非超预期正面surprise，也不构成足以开空的强空催化。
📄 原文Bullish↗ 原文
----- blsh20260807_6k.htm ----- 6-K 1 blsh20260807_6k.htm FORM 6-K blsh20260807_6k.htm UNITED STATES SECURITIES AND EXC…
不做 Bullish（BLSH.US）
跨源重复：与本日11:04 UTC已处理记录（wire源，同一份2026年8月月度指标6-K）为同一具体催化，四项关键事实逐条一致，无新增金额、指引修正、官方确认/否认或监管进展，前次已判「不做」。独立复核亦无edge：8月量×点差收入代理约905万美元，环比+12.6%仅是从7月序列低点（307亿美元）的均值回归，同比-17.6%且低于2026年月均约1,060万美元，点差环比-18.7%抵消大部分放量，BTC/ETH波动率继续回落；该披露本身为每月排程、未经审计、无管理…
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
事实：Bullish于2026-09-08以6-K提交8月月度指标（Exhibit 99.1新闻稿+99.2数据表），总交易量425亿美元、平均点差2.13bp、BTC/ETH月均波动率30%/39%，未经审计、无指引、每月例行披露。影响链：交易所收入≈交易量×点差，8月代理收入约905万美元，环比7月约804万美元+12.6%，但同比2025年8月约1,098万美元-17.6%，也低于2026年前8月月均约1,060万美元——放量主要来自7月序列低点的均值回归，点差环比-18.7%抵消大半，量价并未同向改善。价格/证据：BLSH现价36.00美元（9/4收盘），总市值约54.6亿美元，PE(TTM)为负（-6.9，仍亏损），近20日+52.4%、近5日+9.46%、距60日高-2.96%、距52周高（74.98美元）-51.99%，20日实现波动率5.28%，9月3日放量+10.97%后9月4日-0.61%；本条披露落在美股盘前（09:05 ET未开盘），盘前session_price 35.50美元、-1.39%但成交仅1,689股，属无实质反应的薄量漂移。跨源查重：命中同日11:04 UTC对同一催化的「不做」记录，无新增事实。结论：例行月度数据+正负抵消+无预期差+标的处于强动量拥挤位，既不满足LONG的新增正向surprise门槛，也不满足做空红线（无强空催化），AVOI
🔎 新鲜度:最早出现 2026-09-08 · 扩散 low · price-in 风险 high ↗
关键理由
- 8月量价合成收入代理约905万美元，环比+12.6%但同比-17.6%且低于2026年月均约1,060万美元，放量仅是7月序列低点的反弹，点差环比-18.7%抵消大半，不构成超预期正向surprise
- 该6-K为每月排程的例行未经审计指标披露，无管理层评论、无指引修正、无新增战略/融资/监管事实，与11:04 UTC已处理的同一催化完全重复
- BLSH近20日+52.4%、距60日高仅-2.96%、9月3日放量+10.97%，已处强动量拥挤位，例行数据既不足以支撑追多，也不构成做空红线所需的强空催化
主要风险
- 若把同比口径当主基准（量-12.9%×价-5.3%≈收入-17.6%）并叠加BTC/ETH波动率继续回落，Q3收入斜率仍弱于去年同期，属存量趋势而非本次新增净损害；反向若Spot-Other（8月66亿美元创序列新高）代表新品类/新上币持续放量，则可能改善后续量价结构
- 月度指标为初步未审计数据，公司明示季度最终结果可能与之不同，任何据此推导的季度收入弹性都存在被修正风险
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-04-14 · 影响 none
内部KB无Bullish专项研报或纪要；仅一篇《Web3行业研究：万物交易所趋势下的全球加密交易所比较研究》把Bullish与Coinbase/Robinhood/OSL等并列比较现货交易额与费率，无本次8月数据的解读或上调观点——找不到支撑追多的第三方正向预期差
检索:Bullish BLSH 月度经营数据 交易量 点差 收入 交易所 take rate - 做多前查反向 · 来源 filing · 日期 2026-09-08 · 影响 weakens
stock_quote(full)显示近20日+52.41%、近5日+9.46%、距60日高-2.96%、13周指数化轨迹100→138持续上行、9月3日单日+10.97%（量比0.64但涨幅显著），20日实现波动率5.28%、PE(TTM)为负——标的已处强动量高位，且本次例行数据低于年内月均，追多的price-in与拥挤度风险高
检索:BLSH 近20日涨幅/距高/量能/事件前抢跑检查 原文 ↗ - 做空前查反向 · 来源 filing · 日期 2026-09-08 · 影响 none
同比口径量-12.9%、价-5.3%（合成约-17.6%）确为经营KPI下滑，但环比口径量+38.4%、合成收入+12.6%为改善，且该同比弱势在2026年逐月披露中已持续可见（非本次新增），公司亦无指引下调/监管/客户流失等确认性负面动作；对已+52%的强动量股以此开空不满足做空红线①“明确强的看空催化”
检索:Bullish 8月交易量同比下滑 点差压缩 是否构成强空催化 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例缺失未改变结论：重复判定与量价合成计算已足以支撑AVOID，无需借助先例幅度
方向:未采用外部先例定价：本次以“同一催化跨源重复 + 例行月度披露无预期差”直接结论AVOID，方向判断不依赖先例基率
涨幅量级:无高相似且锚定首发的先例用于校准tp/sl；本决策为AVOID，未设定止盈止损数字
形态:未做见光死/高开低走统计。仅从本次行情侧观察到：9月3日放量+10.97%后9月4日-0.61%、盘前薄量-1.39%，未见对该例行数据的追价行为
工具执行结果 · 成功 5 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 38 ms
{"result": "search_processed_events:agent query=`blsh 8月月度经营数据 成交量 | bullish august 2026 monthly metrics | bullish releases monthly metrics trading volume spread | bullish 交易所 交易量 平均点差 6-k`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 56.5/72 小时、359 条本臂决策(完整)，返回 1 条候选。\n• 09-08 11:04 UTC(CST 19:04) [ticker] 不做 BLSH.US - fetch_decision_experience 成功 stock_tools HTTP · 10 ms
{ - stock_quote 成功 stock_tools HTTP · 252 ms
{ - search_case_library 成功 stock_tools HTTP · 23 ms
{"result": "search_case_library「BLSH.US」—— 与这些标的相关的自家决策案例(本页 15 条,该标的全历史相关记录共 24 条；ENTER 只按该标的自己的腿统计):\n◆ BLSH.US：相关历史决策 24 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n【最近 15 条其它决策(多为「不做」,用来看这票最近在被什么消息刷屏)】\n• 2026-09-08 UTC 不做 · 事件:Bullish（BLSH.US）按 - kb_search 成功 stock_tools HTTP · 3,208 ms
{
原文全文
展开原文 · 8,428 字
----- blsh20260807_6k.htm -----
6-K
1
blsh20260807_6k.htm
FORM 6-K
blsh20260807_6k.htm
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
September 2026
Commission File No.
001-42797
BULLISH
Unit B1, The Grove Too
Esterley Tibbets Highway
Grand Cayman, Cayman Islands
(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 September 8
, 2026,
Bullish issued a press release titled “Bullish releases August 2026 monthly metrics.” A copy of the press release and the monthly metrics for August 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 September 8, 2026
99.2
Monthly Metrics Report for August 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:
September 8,
2026
By:
/s/ Jose A. Torres
Jose A. Torres
Chief Accounting Officer
----- ex_1001232.htm -----
EX-99.1
2
ex_1001232.htm
EXHIBIT 99.1
ex_1001232.htm
Exhibit 99.1
Bullish releases August 2026 monthly metrics
9/8/
2026
Cayman Islands, September 8
,
2026
– Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for August 2026 on
Tuesday
, September 8, 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
----- ex_1001233.htm -----
EX-99.2
3
ex_1001233.htm
EXHIBIT 99.2
ex_1001233.htm
Exhibit 99.2
Bullish
Monthly Metrics Report for
August 2026
(Unaudited)
2025
2026
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
(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
17.6
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
3.7
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
7.9
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
6.6
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
35.8
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
4.7
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
2.0
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
42.5
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
2.53
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
0.14
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
(0.32
)
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
2.13
Monthly Average Volatility
BTC
48%
44%
50%
44%
33%
28%
27%
28%
23%
38%
45%
39%
33%
61%
48%
35%
28%
47%
32%
30%
ETH
60%
78%
69%
70%
67%
54%
54%
60%
42%
58%
68%
53%
46%
82%
60%
44%
36%
67%
44%
39%
**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.
6-K
1
blsh20260807_6k.htm
FORM 6-K
blsh20260807_6k.htm
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
September 2026
Commission File No.
001-42797
BULLISH
Unit B1, The Grove Too
Esterley Tibbets Highway
Grand Cayman, Cayman Islands
(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 September 8
, 2026,
Bullish issued a press release titled “Bullish releases August 2026 monthly metrics.” A copy of the press release and the monthly metrics for August 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 September 8, 2026
99.2
Monthly Metrics Report for August 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:
September 8,
2026
By:
/s/ Jose A. Torres
Jose A. Torres
Chief Accounting Officer
----- ex_1001232.htm -----
EX-99.1
2
ex_1001232.htm
EXHIBIT 99.1
ex_1001232.htm
Exhibit 99.1
Bullish releases August 2026 monthly metrics
9/8/
2026
Cayman Islands, September 8
,
2026
– Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for August 2026 on
Tuesday
, September 8, 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
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
----- ex_1001233.htm -----
EX-99.2
3
ex_1001233.htm
EXHIBIT 99.2
ex_1001233.htm
Exhibit 99.2
Bullish
Monthly Metrics Report for
August 2026
(Unaudited)
2025
2026
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
(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
17.6
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
3.7
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
7.9
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
6.6
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
35.8
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
4.7
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
2.0
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
42.5
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
2.53
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
0.14
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
(0.32
)
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
2.13
Monthly Average Volatility
BTC
48%
44%
50%
44%
33%
28%
27%
28%
23%
38%
45%
39%
33%
61%
48%
35%
28%
47%
32%
30%
ETH
60%
78%
69%
70%
67%
54%
54%
60%
42%
58%
68%
53%
46%
82%
60%
44%
36%
67%
44%
39%
**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.
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