Bullish (NYSE:BLSH) vs. Prestige Wealth (NASDAQ:AURE) Critical Comparison

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

Analyst Recommendations

This is a breakdown of recent recommendations for Prestige Wealth and Bullish, as provided by MarketBeat.

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

Bullish has a consensus price target of $52.08, indicating a potential upside of 65.65%. Given Bullish’s stronger consensus rating and higher probable upside, analysts plainly believe Bullish is more favorable than Prestige Wealth.

Institutional and Insider Ownership

7.7% of Prestige Wealth shares are held by institutional investors. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.

Profitability

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

	Net Margins	Return on Equity	Return on Assets
Prestige Wealth	N/A	N/A	N/A
Bullish	-0.95%	-10.58%	-8.62%

Earnings and Valuation

This table compares Prestige Wealth and Bullish”s top-line revenue, earnings per share and valuation.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
Prestige Wealth	$1.79 million	31.31	-$22.73 million	N/A	N/A
Bullish	$288.45 million	15.93	-$764.68 million	$0.10	314.42

Prestige Wealth has higher earnings, but lower revenue than Bullish.

Summary

Prestige Wealth beats Bullish on 6 of the 10 factors compared between the two stocks.

About Prestige Wealth

Through our subsidiaries, we are a wealth management and asset management services provider based in Hong Kong, with the majority of our subsidiaries’ operations in Hong Kong. Our subsidiaries assist their clients in identifying and purchasing well matched wealth management products and global asset management products. Our subsidiaries’ clients for both wealth management and asset management services are primarily high net worth and ultra-high net worth individuals in Asia, and a majority of our subsidiaries’ clients reside in mainland China or Hong Kong. High net worth individuals and ultra-high net worth individuals refer to people who own individual investable assets, including financial assets and investment property, with total value over $1.5 million or over $4.5 million, respectively. In the fiscal year ended September 30, 2020, our subsidiaries’ wealth management services and asset management services contributed to approximately 68.64% and 31.36% of our total revenue, respectively. In the fiscal year ended September 30, 2021, our subsidiaries’ wealth management services and asset management services contributed to approximately 0.07% and 99.93% of our total revenue, respectively. In the six months ended March 31, 2022, our subsidiaries’ wealth management services and asset management services contributed to approximately 98.64% and 1.36% of our total revenue, respectively. • Wealth management services. Our subsidiaries work with licensed product brokers licensed in Hong Kong or in the U.S., who are primarily insurance brokers and distribute wealth management products, which currently consist only of insurance products, and assist them in customizing wealth management investment portfolios for our clients. Since late 2021, our subsidiaries started providing wealth management services in the U.S. Our subsidiaries also provide customized value-added services to their clients, including personal assistant services in Hong Kong, referrals to suitable wealth planning and inheritance related professionals such as trust lawyers and tax accountants, and referrals to renowned high end medical and education resources. Our subsidiaries do not charge their clients fees for these value-added services. In addition to insurance products, we intend to expand the network of product brokers our subsidiaries work with to provide clients with access to other types of wealth management products. • Asset management services. Our wholly-owned subsidiary, PRESTIGE ASSET INTERNATIONAL INC. (“PAI”) and its subsidiaries provide asset management services to their clients acting as investment advisors and fund managers. Currently, our subsidiaries manage a fund of funds (“FOF”), Prestige Global Allocation Fund (“PGA”). In addition to managing PGA, our subsidiaries also provide discretionary account management services to their clients. Previously, our subsidiaries managed a fund Prestige Capital Markets Fund I L.P. (“PCM1”), and our subsidiaries also provided asset management related advisory services. For our subsidiaries’ asset management services, they charge investors certain fees for managing and advising a fund, including subscription fees, performance fees and management fees. Our subsidiaries mainly provide their wealth management and asset management services to high net worth and ultra-high net worth individuals or institutions owned by them in Asia, including business owners, executives, heirs of rich families and other affluent individuals. Word-of-mouth is currently one of the most effective marketing tools for our subsidiaries’ business and a majority of our subsidiaries’ new clients have come through referrals from existing clients. Our subsidiaries are also actively expanding their client referral network by actively maintaining client relationship, seeking referrals from existing clients, and expanding their business network. In mid-2017, our subsidiaries launched their wealth management operation providing referral services to clients in connection with the clients’ purchase of wealth management products from third-party brokers. For wealth management services, we generated revenues through a limited number of product brokers. For the years ended September 30, 2020 and 2021, we generated 100% of wealth management services revenue through a Hong Kong-based insurance broker. For the six months ended March 31, 2022, we generated approximately 99.99% of wealth management services revenue through a U.S.-based insurance broker. We intend to further develop our subsidiaries’ wealth management business in the future by engaging with more product brokers that offer additional types of wealth management products. In early 2017, our subsidiaries started to provide asset management services to their clients. In late 2018, our subsidiaries began providing asset management related advisory services as a type of their asset management services at the request of certain clients. In late 2020, our subsidiaries started to provide discretionary account management services to their clients as a type of our asset management services. For the fiscal years ended September 30, 2020 and 2021 and the six months ended March 31, 2022, we generated the majority of asset management services revenue from our advisory service clients and asset management fund. We generated approximately 89.70% of asset management services revenue from one advisory service client for the fiscal year ended September 30, 2020, approximately 60.32% of that from one asset management fund for the fiscal year ended September 30, 2021, and 100% of that from one asset management fund for the six months ended March 31, 2022. In the future, our subsidiaries will continue to provide their clients with existing asset management services, and develop or introduce more highly desirable product and service opportunities that meet the ever-evolving standards of our subsidiaries’ clients. For the years ended September 30, 2020 and 2021 and the six months ended March 31, 2022, our subsidiaries provided wealth management services to 13, three and two clients, respectively, and we generated revenue from wealth management services in the amount of $1,758,331, $1,833 and $1,765,325, respectively. Our subsidiaries’ wealth management clients decreased in number from the fiscal year ended September 30, 2020 to the fiscal year ended September 30, 2021 because as affected by COVID-19 related travel restrictions and related mandatory quarantine measures, our subsidiaries’ mainland China resident clients were unable to travel to Hong Kong to complete procedures required for purchasing insurance products, and correspondingly, our revenue generated from wealth management services decreased from the fiscal year ended September 30, 2020 to the fiscal year ended September 30, 2021. However, our wealth management revenue significantly increased for the six months ended March 31, 2022 because through our subsidiaries, we worked with a licensed product broker in the U.S. and provided wealth management services to a client in the U.S. For the years ended September 30, 2020 and 2021 and the six months ended March 31, 2022, our subsidiaries provided asset management services to six, 21 and five clients, respectively, and generated revenue from asset management services in the amount of $803,469, $2,790,346 and $24,356, respectively. Among the 21 clients our subsidiaries provided asset management services to in the fiscal year ended September 30, 2021, 15 clients received short-term asset management services that lasted for less than one fiscal year, such as our discretionary account management services and PCM1. For our subsidiaries’ asset management services, as of September 30, 2020 and 2021 and March 31, 2022, three, five and five clients had their assets under our subsidiaries’ management, respectively. The assets under management (“AUM”) of PGA was $5,081,020, $4,589,962 and $5,023,496, as of September 30, 2020 and 2021, and March 31, 2022, respectively. The AUM of our subsidiaries’ discretionary account management was $125,917 as of March 31, 2022. With respect to our subsidiaries’ asset management related advisory services, our subsidiaries provided services to two, one, and zero client(s), for the years ended September 30, 2020 and 2021 and the six months ended March 31, 2022, respectively. Our subsidiaries actively maintain their relationships with their clients, and we believe that the quality of our subsidiaries’ services, our client-centric culture, and our subsidiaries’ value-added services have contributed to a generally steady client base. From March 31, 2022 to the date of this prospectus, our subsidiaries do not have any new client for either wealth management services or asset management services. As of the date of this prospectus, five clients have their assets under our subsidiaries’ management. Among them, two clients have their assets in our subsidiaries’ PGA fund, and three clients have their assets under our subsidiaries’ discretionary account management. Our revenue increased by approximately 8.99% from approximately $2.56 million in the fiscal year ended September 30, 2020 to approximately $2.79 million in the fiscal year ended September 30, 2021, and decreased by approximately 31.30% from approximately $2.61 million in the six months ended March 31, 2021 to approximately $1.79 million in the six months ended March 31, 2022. Our net income for the fiscal years ended September 30, 2020 and 2021 and the six months ended March 31, 2022 were approximately $1.73 million, $1.91 million and $1.31 million, respectively. For the six months ended March 31, 2022, wealth management services and asset management services contributed to approximately 98.64% and 1.36% of our total revenue, respectively. Approximately 99.99% of revenues from wealth management services for the six months ended March 31, 2022, or approximately $1.77 million, was generated from a client in the U.S. The client purchased three life insurance policies with an average premium of more than approximately $9.60 million for each policy. On average, we generated approximately 6.13% of the total premiums of these three life insurance policies as referral fees. For our revenue for the fiscal year ended September 30, 2021, wealth management services and asset management services contributed to approximately 0.07% and 99.93% of our revenue, respectively. Our subsidiaries utilized short-term initial public offering (“IPO”) investment strategy in their asset management services. The ultimate investments of PCM1, a fund our subsidiaries managed, and the discretionary accounts our subsidiaries managed were the IPO shares of certain target companies on the main board of the Hong Kong Stock Exchange. Among them, PCM1 invested in an underlying fund that participated in the IPO of a company on the Hong Kong Stock Exchange, whereas the discretionary accounts our subsidiaries managed invested by directly purchasing the IPO shares of and participating in the IPOs of certain companies on the main board of the Hong Kong Stock Exchange. Our subsidiaries’ asset management services involving short-term IPO investment strategy contributed to a total of approximately 82.34% of our total revenue for the fiscal year ended September 30, 2021, among which discretionary account management services involving this strategy contributed to approximately 22.06% of our total revenue, and PCM1, a fund our subsidiaries managed that also adopted short-term IPO investment strategy, contributed to approximately 60.28% of our total revenue. Investments involving short-term IPO investment strategy could be subject to substantial risks. We did not utilize short-term IPO investment strategy in the fiscal year ended September 30, 2020 or in the six months ended March 31, 2022. Our principal executive offices are located at Suite 5102, 51/F, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong. Our registered office is located at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY11111, Cayman Islands, and its phone number is +1 345 949 1040. Our agent for service of process in the United States is Cogency Global Inc., is located in New York, NY.

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.