Grande Group (NASDAQ:GRAN) vs. Bullish (NYSE:BLSH) Critical Comparison

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

Analyst Recommendations

This is a summary of current recommendations and price targets for Bullish and Grande Group, as reported by MarketBeat.com.

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

Bullish currently has a consensus price target of $53.25, indicating a potential upside of 55.20%. Given Bullish’s stronger consensus rating and higher probable upside, equities analysts clearly believe Bullish is more favorable than Grande Group.

Earnings and Valuation

This table compares Bullish and Grande Group”s gross revenue, earnings per share and valuation.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
Bullish	$250.26 billion	0.02	$78.53 million	$0.02	1,715.50
Grande Group	$2.88 million	24.69	$1.62 million	N/A	N/A

Bullish has higher revenue and earnings than Grande Group.

Profitability

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

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

Summary

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

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.

About Grande Group

Headquartered in Hong Kong, we are a holding company incorporated in the British Virgin Islands, and all of our business is carried out by our wholly-owned Operating Subsidiary in Hong Kong, Grande Capital. Grande Capital is a boutique financial firm that focuses on providing quality corporate finance advisory services to clients in Asia. Grande Capital is a licensed corporation under the SFO to engage in Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities in Hong Kong. According to the Industry Report, Grande Capital ranked 10th out of a total of 301 licensed corporations licensed to carry out Type 6 regulated activity, in terms of number of deals for financial advisers in Hong Kong from March 31, 2023 to March 31, 2024, with a market share of 3.6%. Since Grande Capital, our Operating Subsidiary, first obtained its licenses under the SFO on January 23, 2018, Grande Capital has sponsored and completed 16 successful IPOs (i.e. IPO that successfully closed and listed) on the HKSE. For the six months ended September 20, 2024 and the years ended March 31, 2023 and 2024, Grande Capital sponsored and completed nil, 3 and 3 successful IPOs on the HKSE, respectively. Furthermore, for the years ended March 31, 2023 and 2024 and the six months ended September 30, 2024, 2, nil and 1 listing applicants mandated Grande Capital as their listing sponsors for their IPO processes on the HKSE, respectively. From September 30, 2024 to the date of the prospectus, Grande Capital has not received any new listing sponsorship mandate. The service offerings of our Operating Subsidiary mainly include the following: (1) IPO sponsorship and related services Grande Capital acts as sponsor to companies aspiring to list on the HKSE. Grande Capital takes the principal role of advising and guiding listing applicants throughout the IPO process, coordinating the listing progress, conducting due diligence, performing all duties of a sponsor as required under the applicable rules and regulations and acting as the primary channel of communication with the regulators such as the HKSE and the HKSFC concerning the listing, in return for a sponsor’s fee. The clients pay us by way of progress payment based on achievement of certain milestones, such as signing of the engagement letter, submission of listing application, and first dealing of shares, in the IPO progress and we recognize the listing sponsorship services fee as our revenue when the performance obligation is satisfied. Since 2022, as part of our IPO sponsorship services, the Operating Subsidiary has also started participating in underwriting syndicates for those IPOs in which the Operating Subsidiary acted as sponsors, in return for underwriting commissions. (2) Corporate financial advisory services Grande Capital also provides a wide range of corporate financial advisory services to clients, which can be broadly classified into the following 3 categories: General advisory services: these mainly include (i) advisory works for private companies, public companies listed on HKSE, as well as their shareholders, advising them on the terms and structures of proposed transactions, such as takeovers, merger and acquisitions, and investment, and the relevant implications of the Hong Kong regulatory framework, which primarily include the HK Listing Rules and the HK Takeovers Codes, in relation to the transactions; and (ii) project coordination works for clients pursuing listing on other stock exchanges, such as U.S. exchanges. The Operating Subsidiary charges a fixed fee payable by progress payment based on achievement of certain milestones, such as submission to the regulators, receiving approvals from the regulators and/or publishing the relevant documents on the HKSE. Independent financial advisory services: these mainly include providing advice to the independent board committee members and independent shareholders of companies listed on HKSE, rendering recommendation and opinions, in return for a fixed fee paid by progress payment based on achievement of certain milestones, such as submission to the regulators, receiving approvals from the regulators and/or publishing the relevant documents on the HKSE. Compliance advisory services: these mainly include advisory works to listed companies in Hong Kong in relation to post-listing compliance matters, in return for a monthly fee. (3) Referral services Since mid-2024, Grande Capital also provide referral services to other professional parties, such as financial institutions, for equity and debt fund raising exercises, for referral fees. Occasionally we may on a case by case basis come across fund-raising exercises which require the introduction of other professional parties in which we may obtain referral fees. Such referral fee is generally based on a percentage of the fee charged by our clients in the particular fund-raising exercises. Grande Capital has been an active player in the equity capital market in Hong Kong, serving clients from a wide spectrum of industry sectors, either listed or planning to list in Hong Kong. Our client base spans Hong Kong, Singapore and the PRC. For the year ended March 31, 2024, we had 16, 6 and 4 clients from Hong Kong, the PRC and Singapore, respectively, while for the year ended March 31, 2023, we had 9, 2 and 5 clients from Hong Kong, the PRC and Singapore, respectively. For the six months ended September 30, 2024, we had 12, 6 and 4 clients from Hong Kong, the PRC and Singapore, respectively. For the nine months ended December 31, 2024, we had 16, 6 and 4 clients from Hong Kong, Mainland China, and Singapore, respectively. Revenues derived from clients in Hong Kong, the PRC and Singapore was approximately 59.2%, 34.0% and 6.8% of our total revenue for the year ended March 31, 2024, respectively, and 34.0%, 50.8% and 15.2% of our total revenue for the year ended March 31, 2023, respectively. Revenues derived from clients in Hong Kong, the PRC and Singapore was approximately 52.9%, 28.9% and 18.2% of our total revenue for the six months ended September 30, 2024, respectively. The sales and marketing function of Grande Capital is primarily performed by our management and project execution team who are responsible for maintaining relationships with existing clients, exploring sales lead from new clients, and maintaining relationships with professional parties partners in the financial services industry. Grande Capital’s projects generally originate from the networks of our management and our project execution team, referrals from existing clients or other professional parties and direct approaches by clients due to our market reputation. Grande Capital maintains a company website which showcases our completed projects. Attributable mainly to the increase of successful IPOs where Grande Capital acted as a sponsor, our revenue increased from approximately US$3.9 million for the year ended March 31, 2023 to approximately US$4.5 million for the year ended March 31, 2024; while our profit before tax increased from approximately US$1.5 million to approximately US$2.1 million in the corresponding years. According to Migo, Hong Kong is one of the world’s largest securities markets by market capitalization. According to the HKSE, there were a total of 2,283 companies and 326 companies listed on the Main Board and GEM in 2023, respectively, with a CAGR of approximately 4.4% and 5.3% since 2014, respectively. Driven by (i) Hong Kong having well-established financial and legal systems with a comprehensive regulatory regime; (ii) Hong Kong’s capital market having a high level of openness to and freedom of capital flow; (iii) financial technology being adopted comprehensively in the financial industry; and (iv) the HKSE opening up new capital sources such as listing exchange traded fund tracking stocks in the Middle East, it is expected that the Hong Kong corporate finance market will continue to grow. Our principal executive offices are located in Admiralty, Hong Kong.