BLSH NYSE

If the stock fell to about $0.49 (down 98%), Bullish would be worth roughly what it owes.
Total debt $518.2M against a stock market value of $4.39B.
Distance to default 3.85 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $255.8M (short-term plus half of long-term), stock volatility 73.8%; Altman Z'' 4.27. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.