Analyzing Bluemount (NASDAQ:BMHL) & Bullish (NYSE:BLSH)

Bluemount (NASDAQ:BMHL) and Bullish (NYSE:BLSH) are both financial services companies, but which is the superior business? We will contrast the two companies based on the strength of their analyst recommendations, valuation, risk, institutional ownership, dividends, profitability and earnings.

Profitability

This table compares Bluemount and Bullish’s net margins, return on equity and return on assets.

	Net Margins	Return on Equity	Return on Assets
Bluemount	N/A	N/A	N/A
Bullish	-0.04%	-6.70%	-5.37%

Analyst Ratings

This is a breakdown of current ratings and price targets for Bluemount and Bullish, as reported by MarketBeat.com.

	Sell Ratings	Hold Ratings	Buy Ratings	Strong Buy Ratings	Rating Score
Bluemount	1	0	0	0	1.00
Bullish	1	7	5	0	2.31

Bullish has a consensus target price of $53.25, indicating a potential upside of 95.63%. Given Bullish’s stronger consensus rating and higher probable upside, analysts plainly believe Bullish is more favorable than Bluemount.

Earnings & Valuation

This table compares Bluemount and Bullish”s revenue, earnings per share and valuation.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
Bluemount	$6.89 million	13.70	$1.29 million	N/A	N/A
Bullish	$250.26 billion	0.02	$78.53 million	$0.02	1,361.00

Bullish has higher revenue and earnings than Bluemount.

Summary

Bullish beats Bluemount on 5 of the 9 factors compared between the two stocks.

About Bluemount

We, through our operating subsidiaries, are a Hong Kong-based consulting and advisory and financial services provider, as well as trader of commodities such as luxury timepieces. For the six months ended September 30, 2024, approximately 70.92% of our total revenue was derived from provision of consulting and advisory services, approximately 26.08% was derived from trading of commodities such as luxury timepieces and approximately 3.00% derived from financial services. For the years ended March 31, 2024 and 2023, approximately 57.05% and 77.50% of our total revenue was derived from provision of consulting and advisory services, respectively; approximately 40.45% and 19.27% of our total revenue was derived from trading of commodities such as luxury timepieces, respectively; whereas financial services (namely underwriting and placing services, securities dealing and brokerage services, and asset management services) in the aggregate only accounted for 2.50% and 3.23% of our total revenue, respectively. Therefore, we consider our consulting and advisory services the most material business line in our business. Consulting and Advisory Services Through Bluemount Capital, we provide comprehensive consulting and advisory services on business development strategies to our diverse clientele. The core focus of our offerings lies in proactively seeking and evaluating suitable transaction projects which can contribute to the growth and diversification of clients’ business. We are dedicated to helping organizations manage changes and mitigate risks. provide comprehensive consulting and advisory services on business development strategies to our diverse clientele. The core focus of the company’s offerings lies in proactively seeking and evaluating suitable transaction projects which can contribute to the growth and diversification of clients’ business. Individually, our service is staffed with experts recognized for the depth of their knowledge and a track record of making an impact. Collectively, we offer a comprehensive suite of services designed to assist clients across the business cycle, from proactive risk management to business development strategies for dynamic business environments. We work closely with our clients to help them anticipate and overcome complex business challenges and make the most of opportunities arising from factors such as the economy, financial and credit markets, governmental legislation and regulation, and litigation. We provide our clients with expert advice and solutions involving business transformation, strategy, transactions, and financial communications. Our experienced professionals are acknowledged leaders in their chosen field not only for their level of knowledge and understanding, but for their ability to structure practical workable solutions to complex issues and real-world problems. For the six months ended September 30, 2024, approximately 70.92% of our total revenue was derived from provision of consulting and advisory services. For the years ended March 31, 2024 and 2023, approximately 57.05% and 77.50% of our total revenue was derived from provision of consulting and advisory services, respectively. Generally, we provide consulting and advisory business for the following segments: · Corporate Finance; and · Strategic Communications. Corporate Finance Our Corporate Finance segment focuses on the strategic, operational, financial, transactional and capital needs of our clients. In additional, we offer services in seeking suitable transaction projects for the development or diversification; and (ii) seeking suitable business partners/investors for our clients for fund raising projects. Our clients include companies, boards of directors, and as well as other parties-in-interest. We deliver a wide range of services centered around three core offerings: Business Transformation, Strategy and Transactions. Business Transformation: We provide independent business transformation expertise to help drive change across the enterprise, enhance performance, build sustainable growth and value and foster a culture of excellence, which are limited to the following offerings: (i) enterprise transformation; (ii) revenue & operations; and (iii) technology transformation. Strategy: We deliver tangible value throughout the entire strategy-to-execution journey for corporations, private equity and debt investors and mid-market companies from our industry-specialized strategy practice, which are limited to the following offerings: (i) commercial diligence; (ii) cost transformation; (iii) merger & acquisition (“M&A”) strategy; and (iv) organization and governance. Transactions: We provide services that help clients strategize, structure, conduct diligence, integrate, carve-out, value and communicate around business transactions, which are limited to the following offerings: (i) diligence (financial, information technology and regulatory); (ii) merger integration; and (iii) strategic alternatives. Strategic Communications Our Strategic Communications segment develops and executes communications strategies to help management teams and boards of directors manage change and mitigate risk surrounding transformational and disruptive events, including transactions, investigations, disputes, crises, regulation and legislation. We deliver our strategic communications offering through financial communications. Financial Communications: We design and provide communications strategies to help business leaders deliver consistent and credible narratives to raise capital, engage with investors and navigate transitional business events, which are limited to the following offerings: (i) M&A communications; (ii) financial issues; and (iii) corporate governance. Commodity Trading For the six months ended September 30, 2024, approximately 26.08% was derived from trading of commodities such as luxury timepieces. For the years ended March 31, 2024 and 2023, approximately 40.45% and 19.27% of our total revenue was derived from trading of luxury timepieces, respectively. We operate a subsidiary, namely Bluemount Commodities, dedicated to the trading of luxury branded timepieces, where we source, buy, and sell prestigious timepieces. Bluemount Commodities is involved in the trading of brand-new luxury branded timepieces. Our business model revolves around sourcing these watches from individuals or corporate entities and subsequently reselling them to consumers in Hong Kong. We specialize in procuring hard-to-get, rare and luxury timepieces and offering them to the discerning market of luxury timepiece enthusiasts in the region. Bluemount Commodities serves as a reliable intermediary, ensuring that these sought-after watches reach the hands of eager consumers in Hong Kong. Bluemount Commodities employs a distribution strategy centered on direct offline sales conducted from our office (no physical retail store), complemented by an enhanced online presence for showcasing timepiece collection and facilitating inquiries from potential clients. We focus on cultivating exclusive corporate relationships, offering personalized sourcing services for unique timepieces, and leveraging customer relationship management tools to provide tailored experiences. Additionally, Bluemount Commodities engages in networking within the luxury timepiece industry to expand their reach. In 2023 and 2024, Bluemount Commodities strategically limited the number of corporate customers to provide a personalized and tailored service, ensuring high quality standards and efficient resource allocation. The customer base comprises entirely of corporate entities. Most of the revenue we make comes from selling to one important customer, Prince Luxury Limited who is a private company incorporated in Hong Kong with limited liability. Prince Luxury Limited engages in the business of trading of timepieces. The demand from this customer has been strong since December 2021, helping us maintain stable trading revenue and showing that they will probably keep buying from us. This focused approach, coupled with a restrained marketing and promotion budget due to fewer customers, allowed us to prioritize customer satisfaction, manage growth sustainably, and strategically position ourselves as a premium service provider in the luxury timepiece market in Hong Kong. As we continue to expand our luxury timepiece trading endeavors, we remain resolute in our dedication to maintaining the same level of excellence and integrity that defines our primary financial services. The dual facets of our business complement one another, providing us with insights that enrich our understanding of both financial markets and the luxury sector. Financial Services In our financial services segment, we are principally engaged in the provision of (i) underwriting and placing services; (ii) securities dealing and brokerage services under Bluemount Securities; and (iii) asset management services under Bluemount Asset Management. Bluemount Securities is licensed to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the SFO in Hong Kong, and Bluemount Asset Management, is licensed to conduct Type 9 (asset management) regulated activities under the SFO in Hong Kong. Bluemount Securities is the Stock Exchange Participant and holds one Stock Exchange Trading Right, and also a participant of the HKSCC. The table below sets forth the licenses obtained by our Operating Subsidiaries under the jurisdiction of Hong Kong: License type and trading right Entity name HKSFC Type 1 License — Dealing in securities Bluemount Securities HKSFC Type 4 License — Advising on securities Bluemount Securities HKSFC Type 9 License — Asset management Bluemount Asset Management Stock Exchange Participants (Participant ID: 02054) Bluemount Securities HKSCC Participants (Participant ID: B02054) Bluemount Securities Underwriting and Placing Services: acting as (i) book runner, lead manager, or underwriter of listing applicants in IPOs or other fundraising activities; and (ii) placing agent of listed companies in connection with their issuance or sale of securities, in return for underwriting and/or placing commission. We also charge investors a brokerage commission when they subscribe for or acquire securities in respect of offerings of listed issuers who engaged us to provide placing and underwriting services in respect of the relevant securities. For the six months ended September 30, 2024, no revenue derived underwriting and placement commissions. Our revenue derived from our placing and underwriting services accounted for 0% and 1.32% of our total revenue for the years ended March 31, 2024 and 2023, respectively. Securities Dealing and Brokerage Services: providing securities dealing and brokerage services for trading in securities on the Hong Kong Stock Exchange and in other overseas markets. We act as an intermediary between buyers and sellers of securities listed on the Main Board and GEM of the Hong Kong Stock Exchange and facilitate our clients’ trading of securities listed on selected overseas stock exchanges, including the United States, in return for brokerage commission income. Ancillary to our securities brokerage and dealing services, we provide nominee services, custodian services, scrip handling services and handling services for corporate actions to our brokerage clients. At the same time, we also facilitate the subscriptions to IPOs and secondary placings, either conducted by Hong Kong issuers who engage our placing and underwriting services or conducted by other financial services providers in Hong Kong. For the six months ended September 30, 2024, approximately 1.92% of our total revenue was derived from securities dealing and brokerage services. For the years ended March 31, 2024 and 2023, respectively, 0.17% and 0.08% of our total revenue was derived from securities dealing and brokerage services. Asset Management Services: offering discretionary account management and fund management services that cater to different investment objectives of our clients, through Bluemount Asset Management. Our asset management services accounted for 1.08% of our total revenue for the six months ended September 30, 2024 and 2.33% and 1.83% of our total revenue for the years ended March 31, 2024 and 2023, respectively. We plan to keep our business growing by strengthening our securities brokerage, underwriting and placement services and develop our asset management business and margin financing services. Our diversified business portfolio allows us to create synergies between our business lines under our financial services business segment, generate new business opportunities for each financial services business segment and provide integrated financial services to clients. As we continue to expand our luxury timepiece trading endeavors, we remain resolute in our dedication to maintaining the same level of excellence and integrity that defines our primary financial services. The dual facets of our business complement one another, providing us with insights that enrich our understanding of both financial markets and the luxury sector. Our principal office are located in Wan Chai, Hong Kong.

About Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. Our objective is to provide mission critical products and services that are designed to help institutions grow their businesses, empower individual customers, and drive the adoption of stablecoins, digital assets, and blockchain technology. Bullish was founded in 2020 with the vision to build an institutional-grade global exchange enabling optimized execution powered by a customizable, compliance-first infrastructure. Through the acquisition of CoinDesk in 2023, we expanded our product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through our flagship Consensus conference. Our October 2024 acquisition of CCData significantly expanded our data and information services capabilities, integrating one of the industry’s foremost digital asset data and index providers and further cementing our best-in-class product suite. This strategic acquisition enhances our ability to deliver cutting-edge data solutions and analytics, further solidifying our position as a leader in the digital assets industry and enabling us to offer valuable insights and indices to our global customers. Operating under the brands “Bullish” and “CoinDesk”, we provide several distinct but complementary services that span the digital assets industry: • Trading and Liquidity Infrastructure (branded as Bullish Exchange): At our core, we operate the Bullish Exchange, an institutionally focused and regulated global digital assets exchange business. The Bullish Exchange is regulated in the United States, Germany, Hong Kong and Gibraltar, and is taking steps to secure licenses in several other jurisdictions. Our operations span multiple countries, providing a robust trading and liquidity infrastructure that supports a global customer base via a single global order book. We provide a comprehensive trading platform, inclusive of spot, margin, and derivatives trading, along with services for liquidity and risk management. We believe our competitive advantages include reliable liquidity, diverse product selection, institutional grade infrastructure, global order book, our unconflicted business model, regulatory licenses, and capital efficiency, that together enable institutions, professional investors, active traders, and individual investors to manage their digital assets exposures comprehensively. We also offer subscription-based liquidity and stablecoin services whereby we provision liquidity to a client’s desired asset. Reflecting our strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025. Furthermore, our total global spot trading volume market share for Bitcoin (BTC/USDx) and Ethereum (ETH/USDx) was approximately $284.8 billion and $144.5 billion, respectively, in 2024, which we believe based on available information represented approximately 35% and 44%, respectively, among the peer set of exchanges with which we compare ourselves. • Information Services (branded as CoinDesk): Information Services encompasses our indices, data, and insights businesses. • Indices: CoinDesk Indices provides a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global traditional finance and digital assets institutions including trading firms, hedge funds, asset managers, exchanges, banks, and financial product manufacturers. Since 2014, we believe CoinDesk Indices has been a leader in digital asset indexing, measured by the Assets Under Management (AUM) of underlying products. Our offerings include proprietary multi-asset indices that track the broad digital assets market, specific sectors, and systemic strategies, and single-asset reference indices that track individual digital assets, like Bitcoin. Notable products are the CoinDesk 20 Index, representing the performance of 20 selected digital assets (with eligibility driven through a multi-step process and weighted predominantly on market capitalization for liquid, non-stablecoin digital assets), and the CoinDesk Bitcoin Price Index (XBX), a US$ reference rate for Bitcoin with a long track record in the industry, serving as a benchmark for over $21 billion in AUM. In aggregate, we provide reference rates for products with over $41 billion of AUM and over $15 billion of trading volume as of June 30, 2025. • Data: CoinDesk Data provides a comprehensive suite of digital assets market data and analytics, offering real-time and historic insights into prices, trends, and market dynamics. Serving as a key resource for more than 11,000 investors and industry professionals on a monthly basis, it delivers accurate information to navigate the digital asset ecosystem. Beyond spot and derivatives market data, CoinDesk Data provides in-depth research reports and analytics, empowering users to make informed decisions. Our L1 and L2 order book data is captured at full depth for all major exchanges, and our on-chain data covers BTC, ETH, and others. The acquisition of CCData enhanced the CoinDesk Data product by expanding data coverage and analytics capabilities and fostering innovative products to broaden market reach. • Insights: CoinDesk Insights provides news, analysis and real-time information on digital assets and blockchain technology and holds large-scale conferences for industry professionals. CoinDesk Insights’s products and services reached an estimated global audience of 82.1 million people in 2024. By generating engagement through news articles, newsletters, social media, podcasts, live streaming videos, live events, research reports, and our Consensus conferences, we believe CoinDesk Insights plays a pivotal role in informing and connecting the global investment community, championing the contributions of digital assets to the financial system, and driving awareness and credibility in this rapidly innovating space. We have organized our global business into interconnected divisions, supported by common unified infrastructure, services and personnel. We believe this structure creates a synergistic flywheel effect that promotes cross-utilization of our products and services, such as tradable products powered by CoinDesk Indices being listed by the Bullish Exchange, supported by a unified and efficient cost base across the enterprise. Additionally, the integration between CoinDesk Data and CoinDesk Indices enhances this flywheel effect, as CoinDesk Data provides the comprehensive market insights and analytics that underpin the indices, while CoinDesk Indices, in turn, leverages this data to develop index solutions, thereby reinforcing each other’s business. Our group businesses offer diversified revenue streams within the digital assets ecosystem but, more importantly offer significant lead generation and cross-selling opportunities between the different product lines with an ultimate objective of increasing the surface area of client relationships and the value delivered, thus driving Bullish’s relevance as a diversified service provider. Consolidated group-wide functions include finance, human resources, cybersecurity, legal, engineering and internal technology systems. With our extensive base of institutional customers, we see a significant opportunity to increase the number of customers utilizing two or more products or services offered across our various businesses. We intend to drive broader cross-utilization through further integration and collaboration in our sales strategies, as well as enhancements to our customer relationship technology. This integrated operating model allows us to leverage our unified internal expertise and corporate resources across all businesses in a cost-effective manner. Our principal executive office is located in Camana Bay, George Town, Grand Cayman, Cayman Islands.