Bullish (BLSH) vs Coinbase (COIN)
Side-by-side Bitcoin treasury comparison: holdings, market cap, mNAV ratio, BTC per share, cost basis, and recent purchases. Numbers refresh every 5 minutes from SEC filings and live market data.
Metric
BLSH
COIN
BTC holdings
24,300
14,548
Market value of BTC
$1.9B
$1.1B
Average cost per BTC
—
$35,634.00
Total cost basis
—
$518.4M
mNAV (market cap ÷ BTC value)
1.05×
35.24×
Sats per share
16.1k
6.5k
Last disclosed purchase
—
2/12/2026
Country
🇺🇸 US
🇺🇸 US
No tracked purchases yet
- 2/12/2026+841$75.0M
- 10/30/2025+2,682$300.0M
- 7/30/2025+2,509$222.0M
- 5/9/2025+267$25.4M
- 12/31/2022+1,127$23.7M
BLSH vs COIN: frequently asked
Which company holds more Bitcoin, BLSH or COIN?▾
Bullish (BLSH) holds 24,300 BTC, compared to Coinbase's (COIN) 14,548 BTC — roughly 1.7× more.
What's the total Bitcoin value on the balance sheets of BLSH and COIN?▾
BLSH holds $1.9B worth of Bitcoin at current market prices. COIN holds $1.1B.
Who has a lower cost basis per Bitcoin, BLSH or COIN?▾
Cost basis disclosure is inconsistent across these two entities; check each company's detail page for per-purchase history.
When did BLSH last buy Bitcoin?▾
BLSH's last BTC purchase isn't in our tracked history yet.
When did COIN last buy Bitcoin?▾
COIN disclosed a 841 BTC purchase on February 12, 2026.