What is Bullish's Shariah compliance score?

Bullish (BLSH) has a Shariah compliance score of 0/100 (Grade: F, Non-Compliant). AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%.

Does Bullish pass AAOIFI screening?

Bullish (BLSH) does not pass AAOIFI Shariah screening. AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%. BLSH's debt-to-market-cap is 11.2%.

How much purification is needed for Bullish?

Muslim investors purify the portion of dividends and realized gains that comes from non-permissible income by donating it to charity. HalalScreener's purification calculator at halalscreener.app/en/purification computes the percentage and amount for Bullish (BLSH) using the latest financial data.

Where can I screen Bullish for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Bullish (BLSH) and 8,200+ securities. US-listed stocks and ETFs are screened under AAOIFI Standard No. 21. Bursa Malaysia securities carry the Securities Commission Malaysia's official status. Coins are screened separately, under published scholarly opinion. The verdict is free, with no credit card or signup required for basic screening. The compliance grade, score, and debt ratio are free too; the full ratio breakdown is part of Pro.

BLSHNot HalalF

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Compliance Status

Not Halal

Screened on Oct 15, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is Bullish (BLSH) halal? Not Halal. Based on AAOIFI screening, Bullish has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

Quote this verdict

HalalScreener rates Bullish (BLSH) Not Halal, 0/100, grade F under AAOIFI Standard 21, screened Oct 15, 2026. Source: https://halalscreener.app/en/stock/BLSH

AvoidBorderlineClean

Business activity

Involved in prohibited business activities.

Failed

Company debt

Well clear of the limit

How much the company borrows, compared to its total value. AAOIFI allows up to 30%.

11.2% of 30.0% limit

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The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

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Screened according to AAOIFI Standard 21

What this means for you

Most scholars advise not holding BLSH

It does not pass AAOIFI Shariah screening.

See halal alternatives from the same sector further down this page

BLSH: Is Bullish Halal?

Bullish

NYSETechnologyKY

$29.49

Market Cap: 4.5B

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About Bullish

Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. It also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets to leading traditional finance institutions, including exchanges and asset managers; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights offers news, analysis, information, conferences and networking opportunities related to digital assets, blockchain technology and the broader financial technology industry. Bullish was founded in 2020 and is based in George Town, Cayman Islands.

Sector: Technology · Industry: Software - Application

Why this does not pass

Business activity: the company earns from an activity AAOIFI treats as prohibited.

Screened under AAOIFI Standard 21. The exact figure behind this is part of Pro; the failing check and its limit are always free.

Shariah Compliance Status

AAOIFI Standard 21Updated Oct 15, 2026

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Business Activity Screen

Failed

Checks if the business is involved in prohibited activities (alcohol, gambling, pork, conventional banking, etc.)

Interest on margin lending, credit facilities and customer funds: 5.1% of FY2025 adjusted revenue
DeFi lending yield: 0.8% of FY2025 adjusted revenue
Operates perpetual futures and options venues (8.5% of FY2025 trading volume)

Source: the company's latest Form 20-F, computed from figures the filing states. View its filings on SEC EDGAR

PRO DETAIL

The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

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Screened according to AAOIFI Standard 21

Compliance History

Not Halalnow
since Aug 2026
Halal
until the change above

Tracked since Jun 2026. Updates automatically on each re-screen.

Fiscal: Q2 2026Data source: FMP

Halal Alternatives in Technology

This stock is not Shariah-compliant. Here are halal alternatives from the same sector, ranked by compliance score:

0008.KLA+

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IRIS Corporation Bhd

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IFCA MSC Bhd

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+0.05%

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Key Alliance Group Bhd

$0.06

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OpenSys (M) Bhd

$0.30

+0.00%

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Frequently Asked Questions

Is Bullish (BLSH) halal to invest in?

Bullish (BLSH) is rated Not Halal under AAOIFI Standard 21 screening. It fails either the business activity screen (primary involvement in prohibited sectors such as conventional banking, alcohol, or gambling) or one of the quantitative financial ratio thresholds. Muslim investors should avoid or exit this position.

Why did Bullish get a F compliance rating?

Bullish (BLSH) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 11.2% (limit 30%). The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change Bullish's Shariah verdict?

Bullish's verdict is re-evaluated at each annual re-screen. Three events could change it: (1) the debt-to-market-cap ratio crossing 30%, typically from new debt issuance or a major drop in share price; (2) interest-bearing deposits exceeding 30% of market cap; or (3) prohibited revenue (alcohol, gambling, conventional finance, etc.) exceeding 5% of total revenue. Verdict flips are tracked in the compliance history section above.

How often is Bullish re-screened for Shariah compliance?

Bullish (BLSH) is re-screened annually using the most recent full-year financial data from SEC filings. HalalScreener also triggers an on-demand re-screen whenever the stored data is more than 7 days old, ensuring the ratios reflect the latest available financial statements. Last screened: Oct 15, 2026.

Screened according to AAOIFI Standard No. 21 · For informational purposes only. Consult a qualified Islamic finance advisor before investing.

Disclaimer: This screening is for informational purposes only and does not constitute financial, legal, or religious advice. Compliance is evaluated using AAOIFI financial standards (debt, deposits, and prohibited income ratios) and publicly available data. Ethical, political, social, or environmental considerations are outside the scope of this screening. Individual scholars and methodologies may differ. Always consult a qualified Islamic finance advisor before making investment decisions.