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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_Statement1Table" xlink:label="blsh_Statement1Table" xlink:type="locator"/>
    <link:label xlink:label="blsh_Statement1Table-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement Table [Table]</link:label>
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    <link:label xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_InterestPaidClassifiedAsFinancingActivities</link:label>
    <link:label xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsFinancingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_Statement1LineItems" xlink:label="blsh_Statement1LineItems" xlink:type="locator"/>
    <link:label xlink:label="blsh_Statement1LineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement Line Items [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_Statement1LineItems" xlink:to="blsh_Statement1LineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:label="blsh_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:type="locator"/>
    <link:label xlink:label="blsh_DisclosureOfSignificantAccountingPoliciesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discloure of Significant Accounting Policies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:to="blsh_DisclosureOfSignificantAccountingPoliciesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DocumentAndEntityInformation" xlink:label="blsh_DocumentAndEntityInformation" xlink:type="locator"/>
    <link:label xlink:label="blsh_DocumentAndEntityInformation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document And Entity Information</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DocumentAndEntityInformation" xlink:to="blsh_DocumentAndEntityInformation-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</link:label>
    <link:label xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from borrowings, classified as financing activities</link:label>
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    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoteToFinancialStatementDetailsTextual" xlink:label="blsh_NoteToFinancialStatementDetailsTextual" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoteToFinancialStatementDetailsTextual-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note To Financial Statement Details Textual</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoteToFinancialStatementDetailsTextual" xlink:to="blsh_NoteToFinancialStatementDetailsTextual-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</link:label>
    <link:label xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayment on lease liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-significant-accounting-policies-policies" xlink:label="blsh_statement-statement-significant-accounting-policies-policies" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-significant-accounting-policies-policies-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-significant-accounting-policies-policies" xlink:to="blsh_statement-statement-significant-accounting-policies-policies-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TopOfRangeMember" xlink:label="ifrs-full_TopOfRangeMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TopOfRangeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Top of range [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-4-digital-assets-sales-tables" xlink:label="blsh_statement-statement-note-4-digital-assets-sales-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-4-digital-assets-sales-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 4 - Digital Assets Sales</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-4-digital-assets-sales-tables" xlink:to="blsh_statement-statement-note-4-digital-assets-sales-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-tables" xlink:label="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 5 - Cost of Digital Assets Derecognized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-tables" xlink:to="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NotionalAmount" xlink:label="ifrs-full_NotionalAmount" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Derivative notional amount</link:label>
    <link:label xlink:label="ifrs-full_NotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NotionalAmount</link:label>
    <link:label xlink:label="ifrs-full_NotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notional amount</link:label>
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    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-6-other-revenues-tables" xlink:label="blsh_statement-statement-note-6-other-revenues-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-6-other-revenues-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 6 - Other Revenues</link:label>
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    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-tables" xlink:label="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 7 - Change in Fair Value of Digital Assets Held, Net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-tables" xlink:to="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-8-administrative-expenses-tables" xlink:label="blsh_statement-statement-note-8-administrative-expenses-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-8-administrative-expenses-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 8 - Administrative Expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-8-administrative-expenses-tables" xlink:to="blsh_statement-statement-note-8-administrative-expenses-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from financing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-9-other-expenses-tables" xlink:label="blsh_statement-statement-note-9-other-expenses-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-9-other-expenses-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 9 - Other Expenses</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CashFlowsFromUsedInInvestingActivities</link:label>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by/(used in) investing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-10-finance-expense-tables" xlink:label="blsh_statement-statement-note-10-finance-expense-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-10-finance-expense-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 10 - Finance Expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-10-finance-expense-tables" xlink:to="blsh_statement-statement-note-10-finance-expense-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RangeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-11-income-tax-tables" xlink:label="blsh_statement-statement-note-11-income-tax-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-11-income-tax-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Income Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-11-income-tax-tables" xlink:to="blsh_statement-statement-note-11-income-tax-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-12-digital-assets-held-tables" xlink:label="blsh_statement-statement-note-12-digital-assets-held-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-12-digital-assets-held-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 12 - Digital Assets Held</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-12-digital-assets-held-tables" xlink:to="blsh_statement-statement-note-12-digital-assets-held-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-tables" xlink:label="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 13 - Loan and Other Receivables - Digital Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-tables" xlink:to="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-14-investments-in-financial-assets-tables" xlink:label="blsh_statement-statement-note-14-investments-in-financial-assets-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-14-investments-in-financial-assets-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 14 - Investments in Financial Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-14-investments-in-financial-assets-tables" xlink:to="blsh_statement-statement-note-14-investments-in-financial-assets-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-tables" xlink:label="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 15 - Goodwill and Other Intangible Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-tables" xlink:to="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-tables" xlink:label="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 16 - Property and Equipment and Right-of-use Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-tables" xlink:to="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-17-other-assets-tables" xlink:label="blsh_statement-statement-note-17-other-assets-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-17-other-assets-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 17 - Other Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-17-other-assets-tables" xlink:to="blsh_statement-statement-note-17-other-assets-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-19-cash-and-cash-equivalents-tables" xlink:label="blsh_statement-statement-note-19-cash-and-cash-equivalents-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-19-cash-and-cash-equivalents-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 19 - Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-19-cash-and-cash-equivalents-tables" xlink:to="blsh_statement-statement-note-19-cash-and-cash-equivalents-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-21-other-payables-tables" xlink:label="blsh_statement-statement-note-21-other-payables-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-21-other-payables-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 21 - Other Payables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-21-other-payables-tables" xlink:to="blsh_statement-statement-note-21-other-payables-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-tables" xlink:label="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 22 - Borrowings from Related Parties and Borrowings</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-tables" xlink:to="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-23-digital-assets-loan-payable-tables" xlink:label="blsh_statement-statement-note-23-digital-assets-loan-payable-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-23-digital-assets-loan-payable-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 23 - Digital Assets Loan Payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-23-digital-assets-loan-payable-tables" xlink:to="blsh_statement-statement-note-23-digital-assets-loan-payable-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-24-share-capital-and-share-premium-tables" xlink:label="blsh_statement-statement-note-24-share-capital-and-share-premium-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-24-share-capital-and-share-premium-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 24 - Share Capital and Share Premium</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-24-share-capital-and-share-premium-tables" xlink:to="blsh_statement-statement-note-24-share-capital-and-share-premium-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-25-derivative-financial-instruments-tables" xlink:label="blsh_statement-statement-note-25-derivative-financial-instruments-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-25-derivative-financial-instruments-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 25 - Derivative Financial Instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-25-derivative-financial-instruments-tables" xlink:to="blsh_statement-statement-note-25-derivative-financial-instruments-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds on investment in financial assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-26-financial-risk-management-tables" xlink:label="blsh_statement-statement-note-26-financial-risk-management-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-26-financial-risk-management-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 26 - Financial Risk Management</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-26-financial-risk-management-tables" xlink:to="blsh_statement-statement-note-26-financial-risk-management-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-28-earningsloss-per-share-tables" xlink:label="blsh_statement-statement-note-28-earningsloss-per-share-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-28-earningsloss-per-share-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 28 - Earnings(Loss) Per Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-28-earningsloss-per-share-tables" xlink:to="blsh_statement-statement-note-28-earningsloss-per-share-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-29-sharebased-payments-tables" xlink:label="blsh_statement-statement-note-29-sharebased-payments-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-29-sharebased-payments-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 29 - Share-based Payments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-29-sharebased-payments-tables" xlink:to="blsh_statement-statement-note-29-sharebased-payments-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-30-related-party-transactions-tables" xlink:label="blsh_statement-statement-note-30-related-party-transactions-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-30-related-party-transactions-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 30 - Related Party Transactions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-30-related-party-transactions-tables" xlink:to="blsh_statement-statement-note-30-related-party-transactions-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-31-commitments-and-contingencies-tables" xlink:label="blsh_statement-statement-note-31-commitments-and-contingencies-tables" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-31-commitments-and-contingencies-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 31 - Commitments and Contingencies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-31-commitments-and-contingencies-tables" xlink:to="blsh_statement-statement-note-31-commitments-and-contingencies-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-4-digital-assets-sales-disaggregation-of-digital-assets-sales-details" xlink:label="blsh_statement-statement-note-4-digital-assets-sales-disaggregation-of-digital-assets-sales-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-4-digital-assets-sales-disaggregation-of-digital-assets-sales-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 4 - Digital Assets Sales - Disaggregation of Digital Assets Sales (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-4-digital-assets-sales-disaggregation-of-digital-assets-sales-details" xlink:to="blsh_statement-statement-note-4-digital-assets-sales-disaggregation-of-digital-assets-sales-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-4-digital-assets-sales-customer-concentrations-details" xlink:label="blsh_statement-statement-note-4-digital-assets-sales-customer-concentrations-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-4-digital-assets-sales-customer-concentrations-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 4 - Digital Assets Sales - Customer Concentrations (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-4-digital-assets-sales-customer-concentrations-details" xlink:to="blsh_statement-statement-note-4-digital-assets-sales-customer-concentrations-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-details-of-cost-of-digital-assets-derecognized-details" xlink:label="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-details-of-cost-of-digital-assets-derecognized-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-details-of-cost-of-digital-assets-derecognized-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 5 - Cost of Digital Assets Derecognized - Details of Cost of Digital Assets Derecognized (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-details-of-cost-of-digital-assets-derecognized-details" xlink:to="blsh_statement-statement-note-5-cost-of-digital-assets-derecognized-details-of-cost-of-digital-assets-derecognized-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-6-other-revenues-details-of-other-revenues-details" xlink:label="blsh_statement-statement-note-6-other-revenues-details-of-other-revenues-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-6-other-revenues-details-of-other-revenues-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 6 - Other Revenues - Details of Other Revenues (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-6-other-revenues-details-of-other-revenues-details" xlink:to="blsh_statement-statement-note-6-other-revenues-details-of-other-revenues-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-details-of-change-in-fair-value-of-digital-assets-held-net-details" xlink:label="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-details-of-change-in-fair-value-of-digital-assets-held-net-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-details-of-change-in-fair-value-of-digital-assets-held-net-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 7 - Change in Fair Value of Digital Assets Held, Net - Details of Change in Fair Value of Digital Assets Held, Net (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-details-of-change-in-fair-value-of-digital-assets-held-net-details" xlink:to="blsh_statement-statement-note-7-change-in-fair-value-of-digital-assets-held-net-details-of-change-in-fair-value-of-digital-assets-held-net-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-8-administrative-expenses-details-of-administrative-expenses-details" xlink:label="blsh_statement-statement-note-8-administrative-expenses-details-of-administrative-expenses-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-8-administrative-expenses-details-of-administrative-expenses-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 8 - Administrative Expenses - Details of Administrative Expenses (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-8-administrative-expenses-details-of-administrative-expenses-details" xlink:to="blsh_statement-statement-note-8-administrative-expenses-details-of-administrative-expenses-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-9-other-expenses-details-of-other-expenses-details" xlink:label="blsh_statement-statement-note-9-other-expenses-details-of-other-expenses-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-9-other-expenses-details-of-other-expenses-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 9 - Other Expenses - Details of Other Expenses (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-9-other-expenses-details-of-other-expenses-details" xlink:to="blsh_statement-statement-note-9-other-expenses-details-of-other-expenses-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-10-finance-expense-details-of-finance-expense-details" xlink:label="blsh_statement-statement-note-10-finance-expense-details-of-finance-expense-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-10-finance-expense-details-of-finance-expense-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 10 - Finance Expense - Details of Finance Expense (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-10-finance-expense-details-of-finance-expense-details" xlink:to="blsh_statement-statement-note-10-finance-expense-details-of-finance-expense-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-11-income-tax-schedule-of-income-tax-expense-details" xlink:label="blsh_statement-statement-note-11-income-tax-schedule-of-income-tax-expense-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-11-income-tax-schedule-of-income-tax-expense-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Income Tax - Schedule of Income Tax Expense (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-11-income-tax-schedule-of-income-tax-expense-details" xlink:to="blsh_statement-statement-note-11-income-tax-schedule-of-income-tax-expense-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-11-income-tax-deferred-tax-assets-and-liabilities-details" xlink:label="blsh_statement-statement-note-11-income-tax-deferred-tax-assets-and-liabilities-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-11-income-tax-deferred-tax-assets-and-liabilities-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Income Tax - Deferred Tax Assets and Liabilities (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-11-income-tax-deferred-tax-assets-and-liabilities-details" xlink:to="blsh_statement-statement-note-11-income-tax-deferred-tax-assets-and-liabilities-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details" xlink:label="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Income Tax - Reconciliation of Income Tax Expense (Benefit) and Profit (Loss) (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details" xlink:to="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details-parentheticals" xlink:label="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details-parentheticals" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details-parentheticals-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Income Tax - Reconciliation of Income Tax Expense (Benefit) and Profit (Loss) (Details) (Parentheticals)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details-parentheticals" xlink:to="blsh_statement-statement-note-11-income-tax-reconciliation-of-income-tax-expense-benefit-and-profit-loss-details-parentheticals-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-11-income-tax-schedule-of-temporary-differences-related-to-deferred-tax-assets-and-deferred-tax-liabilities-details" xlink:label="blsh_statement-statement-note-11-income-tax-schedule-of-temporary-differences-related-to-deferred-tax-assets-and-deferred-tax-liabilities-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-11-income-tax-schedule-of-temporary-differences-related-to-deferred-tax-assets-and-deferred-tax-liabilities-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Income Tax - Schedule of Temporary Differences Related to Deferred Tax Assets and Deferred Tax Liabilities (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-11-income-tax-schedule-of-temporary-differences-related-to-deferred-tax-assets-and-deferred-tax-liabilities-details" xlink:to="blsh_statement-statement-note-11-income-tax-schedule-of-temporary-differences-related-to-deferred-tax-assets-and-deferred-tax-liabilities-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-11-income-tax-schedule-of-deferred-assets-and-liabilities-details" xlink:label="blsh_statement-statement-note-11-income-tax-schedule-of-deferred-assets-and-liabilities-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-11-income-tax-schedule-of-deferred-assets-and-liabilities-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Income Tax - Schedule of Deferred Assets and Liabilities (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-11-income-tax-schedule-of-deferred-assets-and-liabilities-details" xlink:to="blsh_statement-statement-note-11-income-tax-schedule-of-deferred-assets-and-liabilities-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-12-digital-assets-held-reconciliation-of-digital-assets-held-details" xlink:label="blsh_statement-statement-note-12-digital-assets-held-reconciliation-of-digital-assets-held-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-12-digital-assets-held-reconciliation-of-digital-assets-held-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 12 - Digital Assets Held - Reconciliation of Digital Assets Held (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-12-digital-assets-held-reconciliation-of-digital-assets-held-details" xlink:to="blsh_statement-statement-note-12-digital-assets-held-reconciliation-of-digital-assets-held-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-12-digital-assets-held-details-of-digital-assets-held-details" xlink:label="blsh_statement-statement-note-12-digital-assets-held-details-of-digital-assets-held-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-12-digital-assets-held-details-of-digital-assets-held-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 12 - Digital Assets Held - Details of Digital Assets Held (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-12-digital-assets-held-details-of-digital-assets-held-details" xlink:to="blsh_statement-statement-note-12-digital-assets-held-details-of-digital-assets-held-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-reconciliation-of-loan-and-other-receivables-details" xlink:label="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-reconciliation-of-loan-and-other-receivables-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-reconciliation-of-loan-and-other-receivables-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 13 - Loan and Other Receivables - Digital Assets - Reconciliation of Loan and Other Receivables (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-reconciliation-of-loan-and-other-receivables-details" xlink:to="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-reconciliation-of-loan-and-other-receivables-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-details-of-digital-assets-held-details" xlink:label="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-details-of-digital-assets-held-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-details-of-digital-assets-held-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 13 - Loan and Other Receivables - Digital Assets - Details of Digital Assets Held (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-details-of-digital-assets-held-details" xlink:to="blsh_statement-statement-note-13-loan-and-other-receivables-digital-assets-details-of-digital-assets-held-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-14-investments-in-financial-assets-details-of-investments-in-financial-assets-details" xlink:label="blsh_statement-statement-note-14-investments-in-financial-assets-details-of-investments-in-financial-assets-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-14-investments-in-financial-assets-details-of-investments-in-financial-assets-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 14 - Investments in Financial Assets - Details of Investments in Financial Assets (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-14-investments-in-financial-assets-details-of-investments-in-financial-assets-details" xlink:to="blsh_statement-statement-note-14-investments-in-financial-assets-details-of-investments-in-financial-assets-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-details-of-intangible-assets-and-goodwill-details" xlink:label="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-details-of-intangible-assets-and-goodwill-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-details-of-intangible-assets-and-goodwill-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 15 - Goodwill and Other Intangible Assets - Details of Intangible Assets and Goodwill (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-details-of-intangible-assets-and-goodwill-details" xlink:to="blsh_statement-statement-note-15-goodwill-and-other-intangible-assets-details-of-intangible-assets-and-goodwill-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-detailed-information-about-property-and-equipment-details" xlink:label="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-detailed-information-about-property-and-equipment-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-detailed-information-about-property-and-equipment-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 16 - Property and Equipment and Right-of-use Assets - Detailed Information About Property and Equipment (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-detailed-information-about-property-and-equipment-details" xlink:to="blsh_statement-statement-note-16-property-and-equipment-and-rightofuse-assets-detailed-information-about-property-and-equipment-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-17-other-assets-details-of-other-assets-details" xlink:label="blsh_statement-statement-note-17-other-assets-details-of-other-assets-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-17-other-assets-details-of-other-assets-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 17 - Other Assets - Details of Other Assets (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-17-other-assets-details-of-other-assets-details" xlink:to="blsh_statement-statement-note-17-other-assets-details-of-other-assets-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-19-cash-and-cash-equivalents-details-of-cash-and-cash-equivalents-details" xlink:label="blsh_statement-statement-note-19-cash-and-cash-equivalents-details-of-cash-and-cash-equivalents-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-19-cash-and-cash-equivalents-details-of-cash-and-cash-equivalents-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 19 - Cash and Cash Equivalents - Details of Cash and Cash Equivalents (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-19-cash-and-cash-equivalents-details-of-cash-and-cash-equivalents-details" xlink:to="blsh_statement-statement-note-19-cash-and-cash-equivalents-details-of-cash-and-cash-equivalents-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-21-other-payables-details-of-other-liabilities-details" xlink:label="blsh_statement-statement-note-21-other-payables-details-of-other-liabilities-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-21-other-payables-details-of-other-liabilities-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 21 - Other Payables - Details of Other Liabilities (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-21-other-payables-details-of-other-liabilities-details" xlink:to="blsh_statement-statement-note-21-other-payables-details-of-other-liabilities-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-details-of-borrowings-details" xlink:label="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-details-of-borrowings-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-details-of-borrowings-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 22 - Borrowings from Related Parties and Borrowings - Details of Borrowings (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-details-of-borrowings-details" xlink:to="blsh_statement-statement-note-22-borrowings-from-related-parties-and-borrowings-details-of-borrowings-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-23-digital-assets-loan-payable-details-of-borrowings-details" xlink:label="blsh_statement-statement-note-23-digital-assets-loan-payable-details-of-borrowings-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-23-digital-assets-loan-payable-details-of-borrowings-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 23 - Digital Assets Loan Payable - Details of Borrowings (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-23-digital-assets-loan-payable-details-of-borrowings-details" xlink:to="blsh_statement-statement-note-23-digital-assets-loan-payable-details-of-borrowings-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-24-share-capital-and-share-premium-details-of-share-capital-details" xlink:label="blsh_statement-statement-note-24-share-capital-and-share-premium-details-of-share-capital-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-24-share-capital-and-share-premium-details-of-share-capital-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 24 - Share Capital and Share Premium - Details of Share Capital (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-24-share-capital-and-share-premium-details-of-share-capital-details" xlink:to="blsh_statement-statement-note-24-share-capital-and-share-premium-details-of-share-capital-details-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchase of digital assets held - intangible assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-25-derivative-financial-instruments-details-of-derivative-instruments-details" xlink:label="blsh_statement-statement-note-25-derivative-financial-instruments-details-of-derivative-instruments-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-25-derivative-financial-instruments-details-of-derivative-instruments-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 25 - Derivative Financial Instruments - Details of Derivative Instruments (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-25-derivative-financial-instruments-details-of-derivative-instruments-details" xlink:to="blsh_statement-statement-note-25-derivative-financial-instruments-details-of-derivative-instruments-details-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds on disposal of digital assets held - intangible assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-26-financial-risk-management-details-of-liquidity-risk-details" xlink:label="blsh_statement-statement-note-26-financial-risk-management-details-of-liquidity-risk-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-26-financial-risk-management-details-of-liquidity-risk-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 26 - Financial Risk Management - Details of Liquidity Risk (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-26-financial-risk-management-details-of-liquidity-risk-details" xlink:to="blsh_statement-statement-note-26-financial-risk-management-details-of-liquidity-risk-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-26-financial-risk-management-details-of-fair-value-of-estimation-details" xlink:label="blsh_statement-statement-note-26-financial-risk-management-details-of-fair-value-of-estimation-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-26-financial-risk-management-details-of-fair-value-of-estimation-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 26 - Financial Risk Management - Details of Fair Value of Estimation (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-26-financial-risk-management-details-of-fair-value-of-estimation-details" xlink:to="blsh_statement-statement-note-26-financial-risk-management-details-of-fair-value-of-estimation-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-26-financial-risk-management-activity-of-investments-in-financial-assets-and-liabilities-details" xlink:label="blsh_statement-statement-note-26-financial-risk-management-activity-of-investments-in-financial-assets-and-liabilities-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-26-financial-risk-management-activity-of-investments-in-financial-assets-and-liabilities-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 26 - Financial Risk Management - Activity of Investments in Financial Assets and Liabilities (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-26-financial-risk-management-activity-of-investments-in-financial-assets-and-liabilities-details" xlink:to="blsh_statement-statement-note-26-financial-risk-management-activity-of-investments-in-financial-assets-and-liabilities-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-26-financial-risk-management-reconciliation-of-level-3-measurements-details" xlink:label="blsh_statement-statement-note-26-financial-risk-management-reconciliation-of-level-3-measurements-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-26-financial-risk-management-reconciliation-of-level-3-measurements-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 26 - Financial Risk Management - Reconciliation of Level 3 Measurements (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-26-financial-risk-management-reconciliation-of-level-3-measurements-details" xlink:to="blsh_statement-statement-note-26-financial-risk-management-reconciliation-of-level-3-measurements-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-28-earnings-loss-per-share-details-of-earningsloss-per-share-details" xlink:label="blsh_statement-statement-note-28-earnings-loss-per-share-details-of-earningsloss-per-share-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-28-earnings-loss-per-share-details-of-earningsloss-per-share-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 28 - Earnings (Loss) Per Share - Details of Earnings/(Loss) Per Share (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-28-earnings-loss-per-share-details-of-earningsloss-per-share-details" xlink:to="blsh_statement-statement-note-28-earnings-loss-per-share-details-of-earningsloss-per-share-details-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchase of property and equipment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-29-sharebased-payments-components-of-sharebased-payments-details" xlink:label="blsh_statement-statement-note-29-sharebased-payments-components-of-sharebased-payments-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-29-sharebased-payments-components-of-sharebased-payments-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 29 - Share-based Payments - Components of Share-based Payments (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-29-sharebased-payments-components-of-sharebased-payments-details" xlink:to="blsh_statement-statement-note-29-sharebased-payments-components-of-sharebased-payments-details-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds on disposal of property and equipment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-details" xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 29 - Share-based Payments - Details of Option Activity (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-details" xlink:to="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-29-sharebased-payments-details-of-rsu-activity-details" xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-rsu-activity-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-rsu-activity-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 29 - Share-based Payments - Details of RSU Activity (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-29-sharebased-payments-details-of-rsu-activity-details" xlink:to="blsh_statement-statement-note-29-sharebased-payments-details-of-rsu-activity-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-29-sharebased-payments-details-of-class-a-of-bmc1-equity-plans-to-senior-management-details" xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-class-a-of-bmc1-equity-plans-to-senior-management-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-class-a-of-bmc1-equity-plans-to-senior-management-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 29 - Share-based Payments - Details of Class A of BMC1 Equity Plans to Senior Management (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-29-sharebased-payments-details-of-class-a-of-bmc1-equity-plans-to-senior-management-details" xlink:to="blsh_statement-statement-note-29-sharebased-payments-details-of-class-a-of-bmc1-equity-plans-to-senior-management-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-29-sharebased-payments-details-of-class-b-of-bmc1-equity-plans-to-senior-management-details" xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-class-b-of-bmc1-equity-plans-to-senior-management-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-class-b-of-bmc1-equity-plans-to-senior-management-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 29 - Share-based Payments - Details of Class B of BMC1 Equity Plans to Senior Management (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-29-sharebased-payments-details-of-class-b-of-bmc1-equity-plans-to-senior-management-details" xlink:to="blsh_statement-statement-note-29-sharebased-payments-details-of-class-b-of-bmc1-equity-plans-to-senior-management-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-with-advisor-details" xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-with-advisor-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-with-advisor-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 29 - Share-based Payments - Details of Option Activity with Advisor (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-with-advisor-details" xlink:to="blsh_statement-statement-note-29-sharebased-payments-details-of-option-activity-with-advisor-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-30-related-party-transactions-details-of-related-party-transactions-details" xlink:label="blsh_statement-statement-note-30-related-party-transactions-details-of-related-party-transactions-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-30-related-party-transactions-details-of-related-party-transactions-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 30 - Related Party Transactions - Details of Related Party Transactions (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-30-related-party-transactions-details-of-related-party-transactions-details" xlink:to="blsh_statement-statement-note-30-related-party-transactions-details-of-related-party-transactions-details-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_statement-statement-note-31-commitments-and-contingencies-details-of-financial-commitments-details" xlink:label="blsh_statement-statement-note-31-commitments-and-contingencies-details-of-financial-commitments-details" xlink:type="locator"/>
    <link:label xlink:label="blsh_statement-statement-note-31-commitments-and-contingencies-details-of-financial-commitments-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 31 - Commitments and Contingencies - Details of Financial Commitments (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_statement-statement-note-31-commitments-and-contingencies-details-of-financial-commitments-details" xlink:to="blsh_statement-statement-note-31-commitments-and-contingencies-details-of-financial-commitments-details-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from investing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NotesToFinancialStatements" xlink:label="blsh_NotesToFinancialStatements" xlink:type="locator"/>
    <link:label xlink:label="blsh_NotesToFinancialStatements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notes To Financial Statements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NotesToFinancialStatements" xlink:to="blsh_NotesToFinancialStatements-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CashFlowsFromUsedInOperatingActivities</link:label>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by/(used in) operating activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NotesToFinancialStatementsAbstract" xlink:label="blsh_NotesToFinancialStatementsAbstract" xlink:type="locator"/>
    <link:label xlink:label="blsh_NotesToFinancialStatementsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notes To Financial Statements [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NotesToFinancialStatementsAbstract" xlink:to="blsh_NotesToFinancialStatementsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital</link:label>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Operating cash flows before changes in operating assets and liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:to="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest received</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestReceivedClassifiedAsOperatingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net income/loss</link:label>
    <link:label xlink:label="ifrs-full_ProfitLoss-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net income/(loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfContractsAxis" xlink:label="ifrs-full_TypesOfContractsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TypesOfContractsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of contracts [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfContractsAxis" xlink:to="ifrs-full_TypesOfContractsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GeographicalAreasAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical areas [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ForeignCountriesMember" xlink:label="ifrs-full_ForeignCountriesMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ForeignCountriesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign countries [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ForeignCountriesMember" xlink:to="ifrs-full_ForeignCountriesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Investments in financial assets</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Investments in financial assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ifrs-full_ProductsAndServicesAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProductsAndServicesAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Products and services [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings/(loss) for the purpose of diluted earnings per share attributable to owners of the Group</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average shares outstanding for the purpose of basic earnings/(loss) per share (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageSharesAndAdjustedWeightedAverageSharesAbstract" xlink:label="ifrs-full_WeightedAverageSharesAndAdjustedWeightedAverageSharesAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageSharesAndAdjustedWeightedAverageSharesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average shares outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageSharesAndAdjustedWeightedAverageSharesAbstract" xlink:to="ifrs-full_WeightedAverageSharesAndAdjustedWeightedAverageSharesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings/(loss) for the purpose of basic earnings per share attributable to owners of the Group</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings/(loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of earnings per share [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:to="ifrs-full_DisclosureOfEarningsPerShareExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets at fair value through profit or loss, category [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FinancialLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_FinancialLiabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial assets [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="ifrs-full_CategoriesOfFinancialAssetsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial liabilities [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_CategoriesOfFinancialLiabilitiesAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities at fair value through profit or loss, category [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AdjustmentsForIncreaseDecreaseInIntangibleAssets" xlink:label="blsh_AdjustmentsForIncreaseDecreaseInIntangibleAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_AdjustmentsForIncreaseDecreaseInIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease/(increase) in digital assets held - intangible assets</link:label>
    <link:label xlink:label="blsh_AdjustmentsForIncreaseDecreaseInIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments for increase (decrease) in intangible assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AdjustmentsForIncreaseDecreaseInIntangibleAssets" xlink:to="blsh_AdjustmentsForIncreaseDecreaseInIntangibleAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashPrepaymentOnIntangibleAssetsMadeNet" xlink:label="blsh_NoncashPrepaymentOnIntangibleAssetsMadeNet" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashPrepaymentOnIntangibleAssetsMadeNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepayment on intangible assets made</link:label>
    <link:label xlink:label="blsh_NoncashPrepaymentOnIntangibleAssetsMadeNet-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The noncash prepayment on intangible assets made, net.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashPrepaymentOnIntangibleAssetsMadeNet" xlink:to="blsh_NoncashPrepaymentOnIntangibleAssetsMadeNet-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RepaymentsOfConvertibleRedeemablePreferenceShares" xlink:label="blsh_RepaymentsOfConvertibleRedeemablePreferenceShares" xlink:type="locator"/>
    <link:label xlink:label="blsh_RepaymentsOfConvertibleRedeemablePreferenceShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RepaymentsOfConvertibleRedeemablePreferenceShares</link:label>
    <link:label xlink:label="blsh_RepaymentsOfConvertibleRedeemablePreferenceShares-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayment of convertible redeemable preference shares</link:label>
    <link:label xlink:label="blsh_RepaymentsOfConvertibleRedeemablePreferenceShares-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The repayments of convertible redeemable preference shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RepaymentsOfConvertibleRedeemablePreferenceShares" xlink:to="blsh_RepaymentsOfConvertibleRedeemablePreferenceShares-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MajorCustomersAxis" xlink:label="ifrs-full_MajorCustomersAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_MajorCustomersAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Major customers [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorCustomersAxis" xlink:to="ifrs-full_MajorCustomersAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerDMember" xlink:label="blsh_CustomerDMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerDMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer D [member]</link:label>
    <link:label xlink:label="blsh_CustomerDMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to customer D.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerDMember" xlink:to="blsh_CustomerDMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerCMember" xlink:label="blsh_CustomerCMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer C [member]</link:label>
    <link:label xlink:label="blsh_CustomerCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to Customer C.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerCMember" xlink:to="blsh_CustomerCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerFMember" xlink:label="blsh_CustomerFMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerFMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer F [member]</link:label>
    <link:label xlink:label="blsh_CustomerFMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to customer F.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerFMember" xlink:to="blsh_CustomerFMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerEMember" xlink:label="blsh_CustomerEMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerEMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer E [member]</link:label>
    <link:label xlink:label="blsh_CustomerEMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to customer E.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerEMember" xlink:to="blsh_CustomerEMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerAMember" xlink:label="blsh_CustomerAMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerAMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer A [member]</link:label>
    <link:label xlink:label="blsh_CustomerAMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to customer A.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerAMember" xlink:to="blsh_CustomerAMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerBMember" xlink:label="blsh_CustomerBMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerBMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer B [member]</link:label>
    <link:label xlink:label="blsh_CustomerBMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to customer B.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerBMember" xlink:to="blsh_CustomerBMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ParentMember" xlink:label="ifrs-full_ParentMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ParentMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Parent [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ParentMember" xlink:to="ifrs-full_ParentMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:label xlink:label="ifrs-full_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_Liabilities</link:label>
    <link:label xlink:label="ifrs-full_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:label xlink:label="ifrs-full_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</link:label>
    <link:label xlink:label="ifrs-full_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:label="blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss</link:label>
    <link:label xlink:label="blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-customer interest income on financial assets designated at fair value through profit or loss</link:label>
    <link:label xlink:label="blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of non-customer based interest income on financial assets designated at fair value through profit or loss. [Refer: Interest income; Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="blsh_NoncustomerInterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ProfitLossBeforeTax</link:label>
    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Income/(loss) before income tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RelatedPartiesMember" xlink:label="ifrs-full_RelatedPartiesMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RelatedPartiesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total for all related parties [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RelatedPartiesMember" xlink:to="ifrs-full_RelatedPartiesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncurrentOptionRewardProgramCosts" xlink:label="blsh_NoncurrentOptionRewardProgramCosts" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncurrentOptionRewardProgramCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred options reward program costs</link:label>
    <link:label xlink:label="blsh_NoncurrentOptionRewardProgramCosts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of noncurrent option reward program costs.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncurrentOptionRewardProgramCosts" xlink:to="blsh_NoncurrentOptionRewardProgramCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Major ordinary share transactions [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:to="ifrs-full_MajorOrdinaryShareTransactionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-adjusting events after reporting period [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of events after reporting period [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DescriptionOfAccountingPolicyForCustomerSegregatedCashTextBlock" xlink:label="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedCashTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedCashTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for customer segregated cash [text block]</link:label>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedCashTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire policy disclosure for customer segregated cash.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedCashTextBlock" xlink:to="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedCashTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PrinciplesOfConsolidationExplanatory" xlink:label="blsh_PrinciplesOfConsolidationExplanatory" xlink:type="locator"/>
    <link:label xlink:label="blsh_PrinciplesOfConsolidationExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principles of consolidation explanatory [policy text block]</link:label>
    <link:label xlink:label="blsh_PrinciplesOfConsolidationExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire policy disclosure for the principles of consolidation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PrinciplesOfConsolidationExplanatory" xlink:to="blsh_PrinciplesOfConsolidationExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DescriptionOfAccountingPolicyForCustomerSegregatedDigitalAssetsTextBlock" xlink:label="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedDigitalAssetsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedDigitalAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for customer segregated digital assets [text block]</link:label>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedDigitalAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire policy disclosure for customer segregated digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedDigitalAssetsTextBlock" xlink:to="blsh_DescriptionOfAccountingPolicyForCustomerSegregatedDigitalAssetsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalLiabilitiesSafeguarded" xlink:label="blsh_DigitalLiabilitiesSafeguarded" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalLiabilitiesSafeguarded-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DigitalLiabilitiesSafeguarded</link:label>
    <link:label xlink:label="blsh_DigitalLiabilitiesSafeguarded-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital liabilities, safeguarded</link:label>
    <link:label xlink:label="blsh_DigitalLiabilitiesSafeguarded-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of safeguarded digital liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalLiabilitiesSafeguarded" xlink:to="blsh_DigitalLiabilitiesSafeguarded-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetsSafeguarded" xlink:label="blsh_DigitalAssetsSafeguarded" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetsSafeguarded-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DigitalAssetsSafeguarded</link:label>
    <link:label xlink:label="blsh_DigitalAssetsSafeguarded-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital assets, safeguarded</link:label>
    <link:label xlink:label="blsh_DigitalAssetsSafeguarded-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of safeguarded digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetsSafeguarded" xlink:to="blsh_DigitalAssetsSafeguarded-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption" xlink:label="blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption" xlink:type="locator"/>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains (losses) recognised in profit or loss including exchange differences, conversion or expiration of conversion option</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gains (losses) including exchange differences recognised in profit or loss on the conversion or expiration of conversion option. [Refer: At fair value [member]]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption" xlink:to="blsh_GainsLossesRecognisedInProfitOrLossIncludingExchangeDifferencesConversionOrExpirationOfConversionOption-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DescriptionOfAccountingPolicyForDigitalAssetLoansPayableExplanatory" xlink:label="blsh_DescriptionOfAccountingPolicyForDigitalAssetLoansPayableExplanatory" xlink:type="locator"/>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForDigitalAssetLoansPayableExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for digital asset loans payable [policy text block]</link:label>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForDigitalAssetLoansPayableExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire policy disclosure for digital asset loans payable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DescriptionOfAccountingPolicyForDigitalAssetLoansPayableExplanatory" xlink:to="blsh_DescriptionOfAccountingPolicyForDigitalAssetLoansPayableExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_FederalMember" xlink:label="blsh_FederalMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_FederalMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Federal [member]</link:label>
    <link:label xlink:label="blsh_FederalMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to the federal level of a country.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_FederalMember" xlink:to="blsh_FederalMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward" xlink:label="blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward" xlink:type="locator"/>
    <link:label xlink:label="blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax asset, estimated unused tax losses carryforward</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of estimated unused tax losses carryforward that resulted in a deferred tax asset.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward" xlink:to="blsh_DeferredTaxAssetEstimatedUnusedTaxLossesCarryforward-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ComputerAndOfficeEquipmentMember" xlink:label="blsh_ComputerAndOfficeEquipmentMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ComputerAndOfficeEquipmentMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Computer and office equipment [member]</link:label>
    <link:label xlink:label="blsh_ComputerAndOfficeEquipmentMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to computer and office equipment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ComputerAndOfficeEquipmentMember" xlink:to="blsh_ComputerAndOfficeEquipmentMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TransportationEquipmentHeldMember" xlink:label="blsh_TransportationEquipmentHeldMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_TransportationEquipmentHeldMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transportation equipment held [member]</link:label>
    <link:label xlink:label="blsh_TransportationEquipmentHeldMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to transportation equipment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TransportationEquipmentHeldMember" xlink:to="blsh_TransportationEquipmentHeldMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss" xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss" xlink:type="locator"/>
    <link:label xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Charged to profit or loss</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the total amount of deferred tax assets and liabilities recognized in profit or loss during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss" xlink:to="blsh_DeferredTaxAssetsAndLiabilitiesTotalRecognizedInProfitOrLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences" xlink:label="blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences" xlink:type="locator"/>
    <link:label xlink:label="blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences</link:label>
    <link:label xlink:label="blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Change in unrecognized temporary differences</link:label>
    <link:label xlink:label="blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to changes in unrecognized temporary differences. [Refer: Accounting profit]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences" xlink:to="blsh_TaxEffectOfChangesInUnrecognizedTemporaryDifferences-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CompensationAndBenefitsMember" xlink:label="blsh_CompensationAndBenefitsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CompensationAndBenefitsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation and benefits [member]</link:label>
    <link:label xlink:label="blsh_CompensationAndBenefitsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to compensation and benefits.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CompensationAndBenefitsMember" xlink:to="blsh_CompensationAndBenefitsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DeferredTaxAssetsAndLiabilitiesOther" xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesOther" xlink:type="locator"/>
    <link:label xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesOther-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DeferredTaxAssetsAndLiabilitiesOther</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesOther-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsAndLiabilitiesOther-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The total amount of other deferred tax assets and liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DeferredTaxAssetsAndLiabilitiesOther" xlink:to="blsh_DeferredTaxAssetsAndLiabilitiesOther-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DisclosureOfDetailedInformationAboutReconciliationBetweenIncomeTaxExpenseBenefitAndProfitLossExplanatoryTextBlock" xlink:label="blsh_DisclosureOfDetailedInformationAboutReconciliationBetweenIncomeTaxExpenseBenefitAndProfitLossExplanatoryTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DisclosureOfDetailedInformationAboutReconciliationBetweenIncomeTaxExpenseBenefitAndProfitLossExplanatoryTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about reconciliation between income tax expense (benefit) and profit (loss) explanatory [text block]</link:label>
    <link:label xlink:label="blsh_DisclosureOfDetailedInformationAboutReconciliationBetweenIncomeTaxExpenseBenefitAndProfitLossExplanatoryTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the tabular disclosure of the reconciliation of income tax expense (benefit) and profit (loss) during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DisclosureOfDetailedInformationAboutReconciliationBetweenIncomeTaxExpenseBenefitAndProfitLossExplanatoryTextBlock" xlink:to="blsh_DisclosureOfDetailedInformationAboutReconciliationBetweenIncomeTaxExpenseBenefitAndProfitLossExplanatoryTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_StatesMember" xlink:label="blsh_StatesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_StatesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">States [member]</link:label>
    <link:label xlink:label="blsh_StatesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to the state's jurisdiction in a country.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_StatesMember" xlink:to="blsh_StatesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions" xlink:label="blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions" xlink:type="locator"/>
    <link:label xlink:label="blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions</link:label>
    <link:label xlink:label="blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effects of different tax rates available to different jurisdictions</link:label>
    <link:label xlink:label="blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to different tax rates available to different jurisdictions. [Refer: Accounting profit]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions" xlink:to="blsh_TaxEffectOfDifferentTaxRatesAvailableToDifferentJurisdictions-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TaxEffectOfESOPWindfall" xlink:label="blsh_TaxEffectOfESOPWindfall" xlink:type="locator"/>
    <link:label xlink:label="blsh_TaxEffectOfESOPWindfall-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_TaxEffectOfESOPWindfall</link:label>
    <link:label xlink:label="blsh_TaxEffectOfESOPWindfall-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">ESOP windfall</link:label>
    <link:label xlink:label="blsh_TaxEffectOfESOPWindfall-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to ESOP windfall. [Refer: Accounting profit]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TaxEffectOfESOPWindfall" xlink:to="blsh_TaxEffectOfESOPWindfall-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xlink:label="blsh_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of deferred tax assets and liabilities [text block]</link:label>
    <link:label xlink:label="blsh_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire tabular disclosure for deferred tax assets and liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xlink:to="blsh_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity settled share-based payments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OthersMember" xlink:label="blsh_OthersMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_OthersMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Others [member]</link:label>
    <link:label xlink:label="blsh_OthersMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to items classified as "other".</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OthersMember" xlink:to="blsh_OthersMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DepreciationAllowancesMember" xlink:label="blsh_DepreciationAllowancesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DepreciationAllowancesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation allowances [member]</link:label>
    <link:label xlink:label="blsh_DepreciationAllowancesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to depreciation allowances.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DepreciationAllowancesMember" xlink:to="blsh_DepreciationAllowancesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deemed contribution from shareholder</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners" xlink:to="ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion" xlink:label="blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion" xlink:type="locator"/>
    <link:label xlink:label="blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion</link:label>
    <link:label xlink:label="blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in number of shares outstanding, conversion (in shares)</link:label>
    <link:label xlink:label="blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase (decrease) in the number of shares outstanding from conversion.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion" xlink:to="blsh_IncreaseDecreaseInNumberOfSharesOutstandingConversion-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total comprehensive income</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive income/(loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income/(loss) for the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BMC1Member" xlink:label="blsh_BMC1Member" xlink:type="locator"/>
    <link:label xlink:label="blsh_BMC1Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BMC1 [member]</link:label>
    <link:label xlink:label="blsh_BMC1Member-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents BMC1.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BMC1Member" xlink:to="blsh_BMC1Member-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaid" xlink:label="ifrs-full_DividendsPaid" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DividendsPaid-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_DividendsPaid</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaid-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividend declared and approved during the year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaid" xlink:to="ifrs-full_DividendsPaid-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ProportionOfOwnershipInterestInSubsidiaryConverted" xlink:label="blsh_ProportionOfOwnershipInterestInSubsidiaryConverted" xlink:type="locator"/>
    <link:label xlink:label="blsh_ProportionOfOwnershipInterestInSubsidiaryConverted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ProportionOfOwnershipInterestInSubsidiaryConverted</link:label>
    <link:label xlink:label="blsh_ProportionOfOwnershipInterestInSubsidiaryConverted-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in subsidiary, converted</link:label>
    <link:label xlink:label="blsh_ProportionOfOwnershipInterestInSubsidiaryConverted-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The proportion of ownership interest in a subsidiary that is converted.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ProportionOfOwnershipInterestInSubsidiaryConverted" xlink:to="blsh_ProportionOfOwnershipInterestInSubsidiaryConverted-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssueOfEquity" xlink:label="ifrs-full_IssueOfEquity" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IssueOfEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of shares, including exercise of stock options</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfEquity" xlink:to="ifrs-full_IssueOfEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement" xlink:label="blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Modified during the year (in shares)</link:label>
    <link:label xlink:label="blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of other equity instruments (ie other than share options) modified in a share-based payment arrangement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement" xlink:to="blsh_NumberOfOtherEquityInstrumentsModifiedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SettlementsFairValueMeasurementAssets" xlink:label="ifrs-full_SettlementsFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_SettlementsFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_SettlementsFairValueMeasurementAssets</link:label>
    <link:label xlink:label="ifrs-full_SettlementsFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net settlement of Investments in financial assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SettlementsFairValueMeasurementAssets" xlink:to="ifrs-full_SettlementsFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BitcoinMember" xlink:label="blsh_BitcoinMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BitcoinMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bitcoin [member]</link:label>
    <link:label xlink:label="blsh_BitcoinMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Bitcoin.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BitcoinMember" xlink:to="blsh_BitcoinMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssuesFairValueMeasurementAssets" xlink:label="ifrs-full_IssuesFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IssuesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital asset loan receivables made, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuesFairValueMeasurementAssets" xlink:to="ifrs-full_IssuesFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets</link:label>
    <link:label xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers Out of Level 3, assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_WeightedAverageExercisePriceOfShareOptionsModifiedInSharebasedPaymentArrangement" xlink:label="blsh_WeightedAverageExercisePriceOfShareOptionsModifiedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="blsh_WeightedAverageExercisePriceOfShareOptionsModifiedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Modified during the period, weighted average exercise price (in dollars per share)</link:label>
    <link:label xlink:label="blsh_WeightedAverageExercisePriceOfShareOptionsModifiedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The weighted average exercise price of share options modified in a share-based payment arrangement. [Refer: Weighted average [member]]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_WeightedAverageExercisePriceOfShareOptionsModifiedInSharebasedPaymentArrangement" xlink:to="blsh_WeightedAverageExercisePriceOfShareOptionsModifiedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets</link:label>
    <link:label xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers into Level 3, assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfShareOptionsModifiedInSharebasedPaymentArrangement" xlink:label="blsh_NumberOfShareOptionsModifiedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfShareOptionsModifiedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Modified during the period (in shares)</link:label>
    <link:label xlink:label="blsh_NumberOfShareOptionsModifiedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of share options modified in a share-based payment arrangement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfShareOptionsModifiedInSharebasedPaymentArrangement" xlink:to="blsh_NumberOfShareOptionsModifiedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ProportionOfTotalEquity" xlink:label="blsh_ProportionOfTotalEquity" xlink:type="locator"/>
    <link:label xlink:label="blsh_ProportionOfTotalEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ProportionOfTotalEquity</link:label>
    <link:label xlink:label="blsh_ProportionOfTotalEquity-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of total equity</link:label>
    <link:label xlink:label="blsh_ProportionOfTotalEquity-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The proportion of total equity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ProportionOfTotalEquity" xlink:to="blsh_ProportionOfTotalEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BullishGlobalMember" xlink:label="blsh_BullishGlobalMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BullishGlobalMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bullish Global [member]</link:label>
    <link:label xlink:label="blsh_BullishGlobalMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Bullish Global.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BullishGlobalMember" xlink:to="blsh_BullishGlobalMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets" xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Changes in fair value</link:label>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets" xlink:to="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary" xlink:label="blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary" xlink:type="locator"/>
    <link:label xlink:label="blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary</link:label>
    <link:label xlink:label="blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated total equity, difference from subsidiary</link:label>
    <link:label xlink:label="blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of difference from subsidiary of consolidated total equity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary" xlink:to="blsh_ConsolidatedTotalEquityDifferenceFromSubsidiary-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SalesFairValueMeasurementAssets" xlink:label="ifrs-full_SalesFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_SalesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_SalesFairValueMeasurementAssets</link:label>
    <link:label xlink:label="ifrs-full_SalesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sales, assets</link:label>
    <link:label xlink:label="ifrs-full_SalesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Disposals</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SalesFairValueMeasurementAssets" xlink:to="ifrs-full_SalesFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary" xlink:label="blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary" xlink:type="locator"/>
    <link:label xlink:label="blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary</link:label>
    <link:label xlink:label="blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated total liabilities, difference from subsidiary</link:label>
    <link:label xlink:label="blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of difference from subsidiary of consolidated total liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary" xlink:to="blsh_ConsolidatedTotalLiabilitiesDifferenceFromSubsidiary-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchasesFairValueMeasurementAssets" xlink:label="ifrs-full_PurchasesFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PurchasesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange</link:label>
    <link:label xlink:label="ifrs-full_PurchasesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label xlink:label="ifrs-full_PurchasesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchases, assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchasesFairValueMeasurementAssets" xlink:to="ifrs-full_PurchasesFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ReverseStockSplitConversionRatio" xlink:label="blsh_ReverseStockSplitConversionRatio" xlink:type="locator"/>
    <link:label xlink:label="blsh_ReverseStockSplitConversionRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ReverseStockSplitConversionRatio</link:label>
    <link:label xlink:label="blsh_ReverseStockSplitConversionRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse stock split, conversion ratio</link:label>
    <link:label xlink:label="blsh_ReverseStockSplitConversionRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Conversion ratio of reverse stock split.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ReverseStockSplitConversionRatio" xlink:to="blsh_ReverseStockSplitConversionRatio-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_EmployeeStockOwnershipPlanSharesMember" xlink:label="blsh_EmployeeStockOwnershipPlanSharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_EmployeeStockOwnershipPlanSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee stock ownership plan shares [member]</link:label>
    <link:label xlink:label="blsh_EmployeeStockOwnershipPlanSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents employee stock ownership plan shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_EmployeeStockOwnershipPlanSharesMember" xlink:to="blsh_EmployeeStockOwnershipPlanSharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ExpenseFromOtherSharebasedPaymentTransactions" xlink:label="blsh_ExpenseFromOtherSharebasedPaymentTransactions" xlink:type="locator"/>
    <link:label xlink:label="blsh_ExpenseFromOtherSharebasedPaymentTransactions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other share-based payment expenses</link:label>
    <link:label xlink:label="blsh_ExpenseFromOtherSharebasedPaymentTransactions-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of expense arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ExpenseFromOtherSharebasedPaymentTransactions" xlink:to="blsh_ExpenseFromOtherSharebasedPaymentTransactions-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AddressTypeDomain" xlink:label="dei_AddressTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="dei_AddressTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Address Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AddressTypeDomain" xlink:to="dei_AddressTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_AmendmentFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForLiabilitiesHeldAtEndOfPeriodFairValueMeasurement" xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForLiabilitiesHeldAtEndOfPeriodFairValueMeasurement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForLiabilitiesHeldAtEndOfPeriodFairValueMeasurement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForLiabilitiesHeldAtEndOfPeriodFairValueMeasurement</link:label>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForLiabilitiesHeldAtEndOfPeriodFairValueMeasurement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in unrealized gains (losses) for the period for investments still held, liailities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForLiabilitiesHeldAtEndOfPeriodFairValueMeasurement" xlink:to="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForLiabilitiesHeldAtEndOfPeriodFairValueMeasurement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_BusinessContactMember" xlink:label="dei_BusinessContactMember" xlink:type="locator"/>
    <link:label xlink:label="dei_BusinessContactMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Contact [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_BusinessContactMember" xlink:to="dei_BusinessContactMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:type="locator"/>
    <link:label xlink:label="dei_CityAreaCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementEntitysOwnEquityInstruments" xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementEntitysOwnEquityInstruments" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementEntitysOwnEquityInstruments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementEntitysOwnEquityInstruments</link:label>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementEntitysOwnEquityInstruments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, entity's own equity instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementEntitysOwnEquityInstruments" xlink:to="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementEntitysOwnEquityInstruments-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OptionsRewardProgramLiability" xlink:label="blsh_OptionsRewardProgramLiability" xlink:type="locator"/>
    <link:label xlink:label="blsh_OptionsRewardProgramLiability-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Options reward program liability</link:label>
    <link:label xlink:label="blsh_OptionsRewardProgramLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Options reward program liability</link:label>
    <link:label xlink:label="blsh_OptionsRewardProgramLiability-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of options reward program liability.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OptionsRewardProgramLiability" xlink:to="blsh_OptionsRewardProgramLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities</link:label>
    <link:label xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers out of level 3, liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities</link:label>
    <link:label xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers into level 3, liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ScheduleOfDeferredIncomeTaxAssetsAndLiabilitiesTextBlock" xlink:label="blsh_ScheduleOfDeferredIncomeTaxAssetsAndLiabilitiesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_ScheduleOfDeferredIncomeTaxAssetsAndLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of deferred income tax assets and liabilities [text block]</link:label>
    <link:label xlink:label="blsh_ScheduleOfDeferredIncomeTaxAssetsAndLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The tabular disclosure presenting the deferred income tax assets and liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ScheduleOfDeferredIncomeTaxAssetsAndLiabilitiesTextBlock" xlink:to="blsh_ScheduleOfDeferredIncomeTaxAssetsAndLiabilitiesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities" xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities</link:label>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities" xlink:to="ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SalesFairValueMeasurementLiabilities" xlink:label="ifrs-full_SalesFairValueMeasurementLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_SalesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_SalesFairValueMeasurementLiabilities</link:label>
    <link:label xlink:label="ifrs-full_SalesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sales, liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SalesFairValueMeasurementLiabilities" xlink:to="ifrs-full_SalesFairValueMeasurementLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward" xlink:label="blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward" xlink:type="locator"/>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax losses carried forward</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The deferred tax assets (liabilities) classified as tax loss carried forward.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward" xlink:to="blsh_DeferredTaxAssetsLiabilitiesTaxLossCarriedForward-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_ContactPersonnelName" xlink:label="dei_ContactPersonnelName" xlink:type="locator"/>
    <link:label xlink:label="dei_ContactPersonnelName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contact Personnel Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelName" xlink:to="dei_ContactPersonnelName-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchasesFairValueMeasurementLiabilities" xlink:label="ifrs-full_PurchasesFairValueMeasurementLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PurchasesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_PurchasesFairValueMeasurementLiabilities</link:label>
    <link:label xlink:label="ifrs-full_PurchasesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchases, liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchasesFairValueMeasurementLiabilities" xlink:to="ifrs-full_PurchasesFairValueMeasurementLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits" xlink:label="blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits" xlink:type="locator"/>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation and benefits</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax assets (liabilities) classified as compensation and benefits..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits" xlink:to="blsh_DeferredTaxAssetsLiabilitiesCompensationAndBenefits-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement" xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement</link:label>
    <link:label xlink:label="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in unrealized gains (losses) for the period for investments still held, assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement" xlink:to="ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:label="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in credit derivative, fair value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:to="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetPricePerUnit" xlink:label="blsh_DigitalAssetPricePerUnit" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetPricePerUnit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DigitalAssetPricePerUnit</link:label>
    <link:label xlink:label="blsh_DigitalAssetPricePerUnit-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital asset, price per unit</link:label>
    <link:label xlink:label="blsh_DigitalAssetPricePerUnit-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the price per unit of a digital asset.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetPricePerUnit" xlink:to="blsh_DigitalAssetPricePerUnit-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets</link:label>
    <link:label xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_CurrentFiscalYearEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability" xlink:label="ifrs-full_ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability</link:label>
    <link:label xlink:label="ifrs-full_ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability" xlink:to="ifrs-full_ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DeferredTaxAssetsLiabilitiesOther" xlink:label="blsh_DeferredTaxAssetsLiabilitiesOther" xlink:type="locator"/>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesOther-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DeferredTaxAssetsLiabilitiesOther</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesOther-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesOther-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax assets (liabilities) classified as other.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DeferredTaxAssetsLiabilitiesOther" xlink:to="blsh_DeferredTaxAssetsLiabilitiesOther-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance" xlink:label="blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance" xlink:type="locator"/>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation allowances</link:label>
    <link:label xlink:label="blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The deferred tax assets (liabilities) classified as depreciation allowances.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance" xlink:to="blsh_DeferredTaxAssetsLiabilitiesDepreciationAllowance-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_FinalFacilityWithBlockoneMember" xlink:label="blsh_FinalFacilityWithBlockoneMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_FinalFacilityWithBlockoneMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Final facility with block.one [member]</link:label>
    <link:label xlink:label="blsh_FinalFacilityWithBlockoneMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the final facility with block.one.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_FinalFacilityWithBlockoneMember" xlink:to="blsh_FinalFacilityWithBlockoneMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CreditLineFacilityMember" xlink:label="blsh_CreditLineFacilityMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CreditLineFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit line facility [member]</link:label>
    <link:label xlink:label="blsh_CreditLineFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the credit line facility.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CreditLineFacilityMember" xlink:to="blsh_CreditLineFacilityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RestrictedStockUnitsVestedAndConvertedIntoOrdinarySharesMember" xlink:label="blsh_RestrictedStockUnitsVestedAndConvertedIntoOrdinarySharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_RestrictedStockUnitsVestedAndConvertedIntoOrdinarySharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted stock units vested and converted into ordinary shares [member]</link:label>
    <link:label xlink:label="blsh_RestrictedStockUnitsVestedAndConvertedIntoOrdinarySharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the Restricted Stock Units vested and converted to Ordinary shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RestrictedStockUnitsVestedAndConvertedIntoOrdinarySharesMember" xlink:to="blsh_RestrictedStockUnitsVestedAndConvertedIntoOrdinarySharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalPeriodFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan" xlink:label="blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan" xlink:type="locator"/>
    <link:label xlink:label="blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan</link:label>
    <link:label xlink:label="blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allowance for credit losses, modified digital asset loan</link:label>
    <link:label xlink:label="blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The allowance for credit losses for modified digital asset loans.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan" xlink:to="blsh_AllowanceForCreditLossesModifiedDigitalAssetLoan-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalYearFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DefaultPastDueAndWriteoffOfPrinciple" xlink:label="blsh_DefaultPastDueAndWriteoffOfPrinciple" xlink:type="locator"/>
    <link:label xlink:label="blsh_DefaultPastDueAndWriteoffOfPrinciple-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DefaultPastDueAndWriteoffOfPrinciple</link:label>
    <link:label xlink:label="blsh_DefaultPastDueAndWriteoffOfPrinciple-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Default, past due and write-off of principle</link:label>
    <link:label xlink:label="blsh_DefaultPastDueAndWriteoffOfPrinciple-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of Default, past due and write-off of the principle amount of the loans.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DefaultPastDueAndWriteoffOfPrinciple" xlink:to="blsh_DefaultPastDueAndWriteoffOfPrinciple-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentPeriodEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ExerciseOfOptionsMember" xlink:label="blsh_ExerciseOfOptionsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ExerciseOfOptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exercise of options [member]</link:label>
    <link:label xlink:label="blsh_ExerciseOfOptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the options exercised.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ExerciseOfOptionsMember" xlink:to="blsh_ExerciseOfOptionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DifferenceInFairValueAndNotionalAmount" xlink:label="blsh_DifferenceInFairValueAndNotionalAmount" xlink:type="locator"/>
    <link:label xlink:label="blsh_DifferenceInFairValueAndNotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_DifferenceInFairValueAndNotionalAmount</link:label>
    <link:label xlink:label="blsh_DifferenceInFairValueAndNotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Difference in fair value and notional amount</link:label>
    <link:label xlink:label="blsh_DifferenceInFairValueAndNotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of difference in the fair value and the notional amount.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DifferenceInFairValueAndNotionalAmount" xlink:to="blsh_DifferenceInFairValueAndNotionalAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityFileNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_XRPLoanAgreementMember" xlink:label="blsh_XRPLoanAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_XRPLoanAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">XRP loan agreement [member]</link:label>
    <link:label xlink:label="blsh_XRPLoanAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the XRP loan agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_XRPLoanAgreementMember" xlink:to="blsh_XRPLoanAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BorrowingTerm" xlink:label="blsh_BorrowingTerm" xlink:type="locator"/>
    <link:label xlink:label="blsh_BorrowingTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_BorrowingTerm</link:label>
    <link:label xlink:label="blsh_BorrowingTerm-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowing, term (Year)</link:label>
    <link:label xlink:label="blsh_BorrowingTerm-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The term length for the borrowing.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BorrowingTerm" xlink:to="blsh_BorrowingTerm-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityEmergingGrowthCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentType-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_GainLossOnCustomersDigitalAssets" xlink:label="blsh_GainLossOnCustomersDigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_GainLossOnCustomersDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_GainLossOnCustomersDigitalAssets</link:label>
    <link:label xlink:label="blsh_GainLossOnCustomersDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain (loss) on customers' digital assets</link:label>
    <link:label xlink:label="blsh_GainLossOnCustomersDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gain (loss) on customers' digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_GainLossOnCustomersDigitalAssets" xlink:to="blsh_GainLossOnCustomersDigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityShellCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Shell Company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationTable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityFilerCategory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Filer Category</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DescriptionOfAccountingPolicyForDigitalAssetsHeldFinancialAssetsTextBlock" xlink:label="blsh_DescriptionOfAccountingPolicyForDigitalAssetsHeldFinancialAssetsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForDigitalAssetsHeldFinancialAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for digital assets held, financial assets [text block]</link:label>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForDigitalAssetsHeldFinancialAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The accounting policy for digital assets held, financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DescriptionOfAccountingPolicyForDigitalAssetsHeldFinancialAssetsTextBlock" xlink:to="blsh_DescriptionOfAccountingPolicyForDigitalAssetsHeldFinancialAssetsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCurrentReportingStatus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exchange differences</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityVoluntaryFilers-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:label="ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfFinanceCostExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of finance cost [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:to="ifrs-full_DisclosureOfFinanceCostExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityWellKnownSeasonedIssuer-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AllowanceForCreditLossesFinancialAssets" xlink:label="blsh_AllowanceForCreditLossesFinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_AllowanceForCreditLossesFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_AllowanceForCreditLossesFinancialAssets</link:label>
    <link:label xlink:label="blsh_AllowanceForCreditLossesFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allowance for credit losses, financial assets</link:label>
    <link:label xlink:label="blsh_AllowanceForCreditLossesFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of an allowance account used to record impairments to financial assets due to credit losses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AllowanceForCreditLossesFinancialAssets" xlink:to="blsh_AllowanceForCreditLossesFinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses" xlink:label="blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses" xlink:type="locator"/>
    <link:label xlink:label="blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses</link:label>
    <link:label xlink:label="blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in allowance for credit losses of financial asses</link:label>
    <link:label xlink:label="blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of change recorded for the allowance for credit losses of financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses" xlink:to="blsh_ChangeInAllowanceForCreditLossesOfFinancialAsses-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill</link:label>
    <link:label xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment losses of digital asset held - intangible assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCentralIndexKey-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTradingPoliciesProcLineItems" xlink:label="ecd_InsiderTradingPoliciesProcLineItems" xlink:type="locator"/>
    <link:label xlink:label="ecd_InsiderTradingPoliciesProcLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_InsiderTradingPoliciesProcLineItems" xlink:to="ecd_InsiderTradingPoliciesProcLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityRegistrantName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:label="ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:type="locator"/>
    <link:label xlink:label="ecd_InsiderTrdPoliciesProcAdoptedFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ecd_InsiderTrdPoliciesProcAdoptedFlag</link:label>
    <link:label xlink:label="ecd_InsiderTrdPoliciesProcAdoptedFlag-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Adopted [Flag]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:to="ecd_InsiderTrdPoliciesProcAdoptedFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:type="locator"/>
    <link:label xlink:label="dei_LegalEntityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressAddressLine1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressCityOrTown-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressCountry-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Country</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressPostalZipCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="ifrs-full_FinancialAssetsAtFairValue" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_FinancialAssetsAtFairValue</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Investments in Financial Assets, at fair value</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Investments in Financial Assets, at fair value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValue" xlink:to="ifrs-full_FinancialAssetsAtFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressesAddressTypeAxis" xlink:label="dei_EntityAddressesAddressTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressesAddressTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Addresses, Address Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressesAddressTypeAxis" xlink:to="dei_EntityAddressesAddressTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfFinancialAssetsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial assets [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialAssetsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CashAcquiredFromObtainingControlOfSubsidiariesOrOtherBusinesses" xlink:label="blsh_CashAcquiredFromObtainingControlOfSubsidiariesOrOtherBusinesses" xlink:type="locator"/>
    <link:label xlink:label="blsh_CashAcquiredFromObtainingControlOfSubsidiariesOrOtherBusinesses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash paid from business combinations</link:label>
    <link:label xlink:label="blsh_CashAcquiredFromObtainingControlOfSubsidiariesOrOtherBusinesses-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of cash obtained from the business combination.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CashAcquiredFromObtainingControlOfSubsidiariesOrOtherBusinesses" xlink:to="blsh_CashAcquiredFromObtainingControlOfSubsidiariesOrOtherBusinesses-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TradingArrByIndTable" xlink:label="ecd_TradingArrByIndTable" xlink:type="locator"/>
    <link:label xlink:label="ecd_TradingArrByIndTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangements, by Individual [Table]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TradingArrByIndTable" xlink:to="ecd_TradingArrByIndTable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherExpenseByFunction" xlink:label="ifrs-full_OtherExpenseByFunction" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherExpenseByFunction-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherExpenseByFunction</link:label>
    <link:label xlink:label="ifrs-full_OtherExpenseByFunction-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Other expenses</link:label>
    <link:label xlink:label="ifrs-full_OtherExpenseByFunction-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByFunction" xlink:to="ifrs-full_OtherExpenseByFunction-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherIncome" xlink:label="ifrs-full_OtherIncome" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIncome" xlink:to="ifrs-full_OtherIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_IncomeTaxExpenseContinuingOperations</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Income tax expense / (benefit)</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Income tax benefit/(expense)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>
    <link:label xlink:label="dei_TradingSymbol-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:type="locator"/>
    <link:label xlink:label="dei_LocalPhoneNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial instruments at fair value through profit or loss [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PolicyTable" xlink:label="blsh_PolicyTable" xlink:type="locator"/>
    <link:label xlink:label="blsh_PolicyTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_PolicyTable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PolicyTable" xlink:to="blsh_PolicyTable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer-related intangible assets [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:label="ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Copyrights, patents and other industrial property rights, service and operating rights [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:to="ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ifrs-full_ConstructionInProgressMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ConstructionInProgressMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Construction in progress [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgressMember" xlink:to="ifrs-full_ConstructionInProgressMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets other than goodwill [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="ifrs-full_FixturesAndFittingsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FixturesAndFittingsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixtures and fittings [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixturesAndFittingsMember" xlink:to="ifrs-full_FixturesAndFittingsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="ifrs-full_LeaseholdImprovementsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_LeaseholdImprovementsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leasehold improvements [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseholdImprovementsMember" xlink:to="ifrs-full_LeaseholdImprovementsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerSegregatedCash" xlink:label="blsh_CustomerSegregatedCash" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerSegregatedCash-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer segregated cash</link:label>
    <link:label xlink:label="blsh_CustomerSegregatedCash-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of customer segregated cash at period end.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerSegregatedCash" xlink:to="blsh_CustomerSegregatedCash-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_FinancialLiabilityMember" xlink:label="blsh_FinancialLiabilityMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_FinancialLiabilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liability [member]</link:label>
    <link:label xlink:label="blsh_FinancialLiabilityMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to financial liability.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_FinancialLiabilityMember" xlink:to="blsh_FinancialLiabilityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetsLoanPayableMember" xlink:label="blsh_DigitalAssetsLoanPayableMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetsLoanPayableMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital assets loan payable [member]</link:label>
    <link:label xlink:label="blsh_DigitalAssetsLoanPayableMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to digital assets loan payable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetsLoanPayableMember" xlink:to="blsh_DigitalAssetsLoanPayableMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustomerSegregatedCashLiabilities" xlink:label="blsh_CustomerSegregatedCashLiabilities" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustomerSegregatedCashLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Customer segregated cash liabilities</link:label>
    <link:label xlink:label="blsh_CustomerSegregatedCashLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer segregated cash liabilities</link:label>
    <link:label xlink:label="blsh_CustomerSegregatedCashLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of customer segregated cash liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustomerSegregatedCashLiabilities" xlink:to="blsh_CustomerSegregatedCashLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_InvestmentInFinancialAssetsMember" xlink:label="blsh_InvestmentInFinancialAssetsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_InvestmentInFinancialAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment in financial assets [member]</link:label>
    <link:label xlink:label="blsh_InvestmentInFinancialAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to investment in financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_InvestmentInFinancialAssetsMember" xlink:to="blsh_InvestmentInFinancialAssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DerivativesMember" xlink:label="ifrs-full_DerivativesMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DerivativesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativesMember" xlink:to="ifrs-full_DerivativesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetsMember" xlink:label="blsh_DigitalAssetsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital assets [member]</link:label>
    <link:label xlink:label="blsh_DigitalAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetsMember" xlink:to="blsh_DigitalAssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfReportableSegments1" xlink:label="blsh_NumberOfReportableSegments1" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfReportableSegments1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NumberOfReportableSegments1</link:label>
    <link:label xlink:label="blsh_NumberOfReportableSegments1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of reportable segments</link:label>
    <link:label xlink:label="blsh_NumberOfReportableSegments1-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of reportable segments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfReportableSegments1" xlink:to="blsh_NumberOfReportableSegments1-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AdjustmentsForLeaseinterestExpense" xlink:label="blsh_AdjustmentsForLeaseinterestExpense" xlink:type="locator"/>
    <link:label xlink:label="blsh_AdjustmentsForLeaseinterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Lease interest expense</link:label>
    <link:label xlink:label="blsh_AdjustmentsForLeaseinterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_AdjustmentsForLeaseinterestExpense</link:label>
    <link:label xlink:label="blsh_AdjustmentsForLeaseinterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments for lease interest expense to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AdjustmentsForLeaseinterestExpense" xlink:to="blsh_AdjustmentsForLeaseinterestExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AdjustmentsForLoanInterestExpense" xlink:label="blsh_AdjustmentsForLoanInterestExpense" xlink:type="locator"/>
    <link:label xlink:label="blsh_AdjustmentsForLoanInterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt interest expense</link:label>
    <link:label xlink:label="blsh_AdjustmentsForLoanInterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments for loan interest expense to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AdjustmentsForLoanInterestExpense" xlink:to="blsh_AdjustmentsForLoanInterestExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RightofuseAssetsMember" xlink:label="ifrs-full_RightofuseAssetsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RightofuseAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Right-of-use assets [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RightofuseAssetsMember" xlink:to="ifrs-full_RightofuseAssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_Reserves" xlink:label="blsh_Reserves" xlink:type="locator"/>
    <link:label xlink:label="blsh_Reserves-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserves</link:label>
    <link:label xlink:label="blsh_Reserves-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of equity reserves.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_Reserves" xlink:to="blsh_Reserves-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RelatedPartyBorrowingsMember" xlink:label="blsh_RelatedPartyBorrowingsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_RelatedPartyBorrowingsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related party borrowings [member]</link:label>
    <link:label xlink:label="blsh_RelatedPartyBorrowingsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to related party borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RelatedPartyBorrowingsMember" xlink:to="blsh_RelatedPartyBorrowingsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfOperatingSegments1" xlink:label="blsh_NumberOfOperatingSegments1" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfOperatingSegments1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NumberOfOperatingSegments1</link:label>
    <link:label xlink:label="blsh_NumberOfOperatingSegments1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of operating segments</link:label>
    <link:label xlink:label="blsh_NumberOfOperatingSegments1-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of operating segments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfOperatingSegments1" xlink:to="blsh_NumberOfOperatingSegments1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GoodwillMember" xlink:label="ifrs-full_GoodwillMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GoodwillMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillMember" xlink:to="ifrs-full_GoodwillMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_IssuedCapitalAndSharePremium" xlink:label="blsh_IssuedCapitalAndSharePremium" xlink:type="locator"/>
    <link:label xlink:label="blsh_IssuedCapitalAndSharePremium-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share capital and share premium</link:label>
    <link:label xlink:label="blsh_IssuedCapitalAndSharePremium-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of issued capital and share premium.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_IssuedCapitalAndSharePremium" xlink:to="blsh_IssuedCapitalAndSharePremium-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AdjustmentForIncreaseDecreaseInDeferredTaxAssets" xlink:label="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease in deferred tax assets</link:label>
    <link:label xlink:label="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of adjustment for increase (decrease) in deferred tax assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxAssets" xlink:to="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities" xlink:label="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities" xlink:type="locator"/>
    <link:label xlink:label="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities</link:label>
    <link:label xlink:label="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Increase/(decrease) in deferred tax liabilities</link:label>
    <link:label xlink:label="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of adjustment for increase (decrease) in deferred tax liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities" xlink:to="blsh_AdjustmentForIncreaseDecreaseInDeferredTaxLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ifrs-full_ClassesOfAssetsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfAssetsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of assets [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsAxis" xlink:to="ifrs-full_ClassesOfAssetsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PrepaymentOnIntangibleAssets" xlink:label="blsh_PrepaymentOnIntangibleAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_PrepaymentOnIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_PrepaymentOnIntangibleAssets</link:label>
    <link:label xlink:label="blsh_PrepaymentOnIntangibleAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Prepayment on intangible assets</link:label>
    <link:label xlink:label="blsh_PrepaymentOnIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of prepayment on intangible assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PrepaymentOnIntangibleAssets" xlink:to="blsh_PrepaymentOnIntangibleAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetsAndInvestmentsInFinancialAssetsMember" xlink:label="blsh_DigitalAssetsAndInvestmentsInFinancialAssetsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetsAndInvestmentsInFinancialAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital assets and investments in financial assets [member]</link:label>
    <link:label xlink:label="blsh_DigitalAssetsAndInvestmentsInFinancialAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to digital assets and investments in financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetsAndInvestmentsInFinancialAssetsMember" xlink:to="blsh_DigitalAssetsAndInvestmentsInFinancialAssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ImpairmentOfDigitalAssets" xlink:label="blsh_ImpairmentOfDigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_ImpairmentOfDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment losses of digital assets</link:label>
    <link:label xlink:label="blsh_ImpairmentOfDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of impairment of digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ImpairmentOfDigitalAssets" xlink:to="blsh_ImpairmentOfDigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AdjustmentForIncreaseDecreaseInCustomerSegregatedCashLiabilities" xlink:label="blsh_AdjustmentForIncreaseDecreaseInCustomerSegregatedCashLiabilities" xlink:type="locator"/>
    <link:label xlink:label="blsh_AdjustmentForIncreaseDecreaseInCustomerSegregatedCashLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase/(decrease) in customer segregated cash liabilities</link:label>
    <link:label xlink:label="blsh_AdjustmentForIncreaseDecreaseInCustomerSegregatedCashLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of adjustment for increase (decrease) in customer segregated cash liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AdjustmentForIncreaseDecreaseInCustomerSegregatedCashLiabilities" xlink:to="blsh_AdjustmentForIncreaseDecreaseInCustomerSegregatedCashLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashDigitalAssetPledgedPostedReturned" xlink:label="blsh_NoncashDigitalAssetPledgedPostedReturned" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashDigitalAssetPledgedPostedReturned-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital asset pledged as collateral posted, net</link:label>
    <link:label xlink:label="blsh_NoncashDigitalAssetPledgedPostedReturned-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of noncash digital asset pledged posted (returned).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashDigitalAssetPledgedPostedReturned" xlink:to="blsh_NoncashDigitalAssetPledgedPostedReturned-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashDigitalAssetReceivablesMadeReturned" xlink:label="blsh_NoncashDigitalAssetReceivablesMadeReturned" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashDigitalAssetReceivablesMadeReturned-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NoncashDigitalAssetReceivablesMadeReturned</link:label>
    <link:label xlink:label="blsh_NoncashDigitalAssetReceivablesMadeReturned-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital asset loan receivables made, net</link:label>
    <link:label xlink:label="blsh_NoncashDigitalAssetReceivablesMadeReturned-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of noncash digital asset receivables made (returned).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashDigitalAssetReceivablesMadeReturned" xlink:to="blsh_NoncashDigitalAssetReceivablesMadeReturned-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RecognitionOfRightofuseAssetsAgainstLeaseLiabilities" xlink:label="blsh_RecognitionOfRightofuseAssetsAgainstLeaseLiabilities" xlink:type="locator"/>
    <link:label xlink:label="blsh_RecognitionOfRightofuseAssetsAgainstLeaseLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Recognition of right-of-use assets against lease liabilities</link:label>
    <link:label xlink:label="blsh_RecognitionOfRightofuseAssetsAgainstLeaseLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the recognition of right-of-use assets against lease liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RecognitionOfRightofuseAssetsAgainstLeaseLiabilities" xlink:to="blsh_RecognitionOfRightofuseAssetsAgainstLeaseLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_SupplementalNoncashInvestingAndFinancingActivitiesAbstract" xlink:label="blsh_SupplementalNoncashInvestingAndFinancingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="blsh_SupplementalNoncashInvestingAndFinancingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Supplemental schedule of non-cash investing and financing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_SupplementalNoncashInvestingAndFinancingActivitiesAbstract" xlink:to="blsh_SupplementalNoncashInvestingAndFinancingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfFinancialAssetsAxis" xlink:label="ifrs-full_TypesOfFinancialAssetsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TypesOfFinancialAssetsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of financial assets [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfFinancialAssetsAxis" xlink:to="ifrs-full_TypesOfFinancialAssetsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashDisposalOfIntangibleAssets" xlink:label="blsh_NoncashDisposalOfIntangibleAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashDisposalOfIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NoncashDisposalOfIntangibleAssets</link:label>
    <link:label xlink:label="blsh_NoncashDisposalOfIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds on disposal of digital assets held - intangible assets</link:label>
    <link:label xlink:label="blsh_NoncashDisposalOfIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of noncash disposal of intangible assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashDisposalOfIntangibleAssets" xlink:to="blsh_NoncashDisposalOfIntangibleAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashPurchasesOfIntangibleAssets" xlink:label="blsh_NoncashPurchasesOfIntangibleAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashPurchasesOfIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of digital assets held - intangible assets</link:label>
    <link:label xlink:label="blsh_NoncashPurchasesOfIntangibleAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of noncash purchases of intangible assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashPurchasesOfIntangibleAssets" xlink:to="blsh_NoncashPurchasesOfIntangibleAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashPurchaseOfInvestmentInFinancialAssets" xlink:label="blsh_NoncashPurchaseOfInvestmentInFinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashPurchaseOfInvestmentInFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in financial assets paid via USDC, net</link:label>
    <link:label xlink:label="blsh_NoncashPurchaseOfInvestmentInFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the noncash purchase investments in financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashPurchaseOfInvestmentInFinancialAssets" xlink:to="blsh_NoncashPurchaseOfInvestmentInFinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityInvestmentsMember" xlink:label="ifrs-full_EquityInvestmentsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EquityInvestmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity investments [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityInvestmentsMember" xlink:to="ifrs-full_EquityInvestmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashRepaymentsFromBorrowings" xlink:label="blsh_NoncashRepaymentsFromBorrowings" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashRepaymentsFromBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayment from borrowings via digital assets</link:label>
    <link:label xlink:label="blsh_NoncashRepaymentsFromBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the noncash repayments from borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashRepaymentsFromBorrowings" xlink:to="blsh_NoncashRepaymentsFromBorrowings-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashRepaymentsOfLoansPayable" xlink:label="blsh_NoncashRepaymentsOfLoansPayable" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashRepaymentsOfLoansPayable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayments from digital assets loan payable via digital assets</link:label>
    <link:label xlink:label="blsh_NoncashRepaymentsOfLoansPayable-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the repayments of loans payable noncash.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashRepaymentsOfLoansPayable" xlink:to="blsh_NoncashRepaymentsOfLoansPayable-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashProceedsFromLoansPayable" xlink:label="blsh_NoncashProceedsFromLoansPayable" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashProceedsFromLoansPayable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from digital assets loan payable via digital assets</link:label>
    <link:label xlink:label="blsh_NoncashProceedsFromLoansPayable-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of proceeds from noncash transactions of loans payable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashProceedsFromLoansPayable" xlink:to="blsh_NoncashProceedsFromLoansPayable-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OnTheExchangeMember" xlink:label="blsh_OnTheExchangeMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_OnTheExchangeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">On the exchange [member]</link:label>
    <link:label xlink:label="blsh_OnTheExchangeMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to on the exchange.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OnTheExchangeMember" xlink:to="blsh_OnTheExchangeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OnOtherVenuesMember" xlink:label="blsh_OnOtherVenuesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_OnOtherVenuesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">On other venues [member]</link:label>
    <link:label xlink:label="blsh_OnOtherVenuesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to on other venues.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OnOtherVenuesMember" xlink:to="blsh_OnOtherVenuesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="ifrs-full_ClassesOfFinancialAssetsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DescriptionOfDigitalAssetAccountingPolicyTextBlock" xlink:label="blsh_DescriptionOfDigitalAssetAccountingPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DescriptionOfDigitalAssetAccountingPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of digital asset accounting policy [text block]</link:label>
    <link:label xlink:label="blsh_DescriptionOfDigitalAssetAccountingPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The accounting description of digital assets accounting policy.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DescriptionOfDigitalAssetAccountingPolicyTextBlock" xlink:to="blsh_DescriptionOfDigitalAssetAccountingPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets other than goodwill [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DisclosureOfDerivativeInstrumentsTextBlock" xlink:label="blsh_DisclosureOfDerivativeInstrumentsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DisclosureOfDerivativeInstrumentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of derivative instruments [text block]</link:label>
    <link:label xlink:label="blsh_DisclosureOfDerivativeInstrumentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of derivative instruments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DisclosureOfDerivativeInstrumentsTextBlock" xlink:to="blsh_DisclosureOfDerivativeInstrumentsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfLiabilitiesAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of liabilities [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfLiabilitiesAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_FinancialLiabilitiesAtFairValue</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, at fair value</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, at fair value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial risk management [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ChangesInFairValueTextBlock" xlink:label="blsh_ChangesInFairValueTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_ChangesInFairValueTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in fair value [text block]</link:label>
    <link:label xlink:label="blsh_ChangesInFairValueTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of changes in fair value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ChangesInFairValueTextBlock" xlink:to="blsh_ChangesInFairValueTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_SubscriptionAndServicesRevenueMember" xlink:label="blsh_SubscriptionAndServicesRevenueMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_SubscriptionAndServicesRevenueMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subscription and services revenue [member]</link:label>
    <link:label xlink:label="blsh_SubscriptionAndServicesRevenueMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to subscription and services revenue.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_SubscriptionAndServicesRevenueMember" xlink:to="blsh_SubscriptionAndServicesRevenueMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetLoansAndReceivablesMember" xlink:label="blsh_DigitalAssetLoansAndReceivablesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetLoansAndReceivablesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital asset loans and receivables [member]</link:label>
    <link:label xlink:label="blsh_DigitalAssetLoansAndReceivablesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to digital asset loans and receivables.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetLoansAndReceivablesMember" xlink:to="blsh_DigitalAssetLoansAndReceivablesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetInventoriesMember" xlink:label="blsh_DigitalAssetInventoriesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetInventoriesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital asset inventories [member]</link:label>
    <link:label xlink:label="blsh_DigitalAssetInventoriesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to digital asset inventories.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetInventoriesMember" xlink:to="blsh_DigitalAssetInventoriesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PeertopeerSpotTradesMember" xlink:label="blsh_PeertopeerSpotTradesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_PeertopeerSpotTradesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Peer-to-peer spot trades [member]</link:label>
    <link:label xlink:label="blsh_PeertopeerSpotTradesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to peer-to-peer spot trades.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PeertopeerSpotTradesMember" xlink:to="blsh_PeertopeerSpotTradesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CostOfSalesTextBlock" xlink:label="blsh_CostOfSalesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_CostOfSalesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost of sales [text block]</link:label>
    <link:label xlink:label="blsh_CostOfSalesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The tabular disclosure for cost of sales.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CostOfSalesTextBlock" xlink:to="blsh_CostOfSalesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TransactionFeeIncomeMember" xlink:label="blsh_TransactionFeeIncomeMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_TransactionFeeIncomeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transaction fee income [member]</link:label>
    <link:label xlink:label="blsh_TransactionFeeIncomeMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to transaction fee income.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TransactionFeeIncomeMember" xlink:to="blsh_TransactionFeeIncomeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OtherOperatingIncomeTextBlock" xlink:label="blsh_OtherOperatingIncomeTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_OtherOperatingIncomeTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other operating income [text block]</link:label>
    <link:label xlink:label="blsh_OtherOperatingIncomeTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The tabular disclosure of other operating income.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OtherOperatingIncomeTextBlock" xlink:to="blsh_OtherOperatingIncomeTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_LoanAndSecurityAgreementMember" xlink:label="blsh_LoanAndSecurityAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_LoanAndSecurityAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan and security agreement [member]</link:label>
    <link:label xlink:label="blsh_LoanAndSecurityAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to loan and security agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_LoanAndSecurityAgreementMember" xlink:to="blsh_LoanAndSecurityAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CustodyFeesExpense" xlink:label="blsh_CustodyFeesExpense" xlink:type="locator"/>
    <link:label xlink:label="blsh_CustodyFeesExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Custody fees</link:label>
    <link:label xlink:label="blsh_CustodyFeesExpense-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of custody fees expense during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CustodyFeesExpense" xlink:to="blsh_CustodyFeesExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DisclosureOfDigitalAssetsHeldTextBlock" xlink:label="blsh_DisclosureOfDigitalAssetsHeldTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DisclosureOfDigitalAssetsHeldTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of digital assets held [text block]</link:label>
    <link:label xlink:label="blsh_DisclosureOfDigitalAssetsHeldTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of digital assets held.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DisclosureOfDigitalAssetsHeldTextBlock" xlink:to="blsh_DisclosureOfDigitalAssetsHeldTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfFinanceExpenseTextBlock" xlink:label="blsh_DetailsOfFinanceExpenseTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfFinanceExpenseTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of finance expense [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfFinanceExpenseTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of finance expense.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfFinanceExpenseTextBlock" xlink:to="blsh_DetailsOfFinanceExpenseTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OtherExpenseTextBlock" xlink:label="blsh_OtherExpenseTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_OtherExpenseTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other expense [text block]</link:label>
    <link:label xlink:label="blsh_OtherExpenseTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of other expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OtherExpenseTextBlock" xlink:to="blsh_OtherExpenseTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashProceedsFromIssuanceOfOrdinaryShares" xlink:label="blsh_NoncashProceedsFromIssuanceOfOrdinaryShares" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashProceedsFromIssuanceOfOrdinaryShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from issuance of ordinary shares</link:label>
    <link:label xlink:label="blsh_NoncashProceedsFromIssuanceOfOrdinaryShares-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Noncash proceeds from the issuance of ordinary shares during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashProceedsFromIssuanceOfOrdinaryShares" xlink:to="blsh_NoncashProceedsFromIssuanceOfOrdinaryShares-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfAdministrativeExpensesTextBlock" xlink:label="blsh_DetailsOfAdministrativeExpensesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfAdministrativeExpensesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of administrative expenses [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfAdministrativeExpensesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The tabular disclosure of administrative expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfAdministrativeExpensesTextBlock" xlink:to="blsh_DetailsOfAdministrativeExpensesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ProductionExpense" xlink:label="blsh_ProductionExpense" xlink:type="locator"/>
    <link:label xlink:label="blsh_ProductionExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Production expenses</link:label>
    <link:label xlink:label="blsh_ProductionExpense-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of production expense during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ProductionExpense" xlink:to="blsh_ProductionExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsToReconcileProfitLossAttributableToOwnersOfParentToNumeratorUsedInCalculatingBasicEarningsPerShare" xlink:label="ifrs-full_AdjustmentsToReconcileProfitLossAttributableToOwnersOfParentToNumeratorUsedInCalculatingBasicEarningsPerShare" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsToReconcileProfitLossAttributableToOwnersOfParentToNumeratorUsedInCalculatingBasicEarningsPerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effects of NCI add-back to Net income assuming conversion of BMC1 shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsToReconcileProfitLossAttributableToOwnersOfParentToNumeratorUsedInCalculatingBasicEarningsPerShare" xlink:to="ifrs-full_AdjustmentsToReconcileProfitLossAttributableToOwnersOfParentToNumeratorUsedInCalculatingBasicEarningsPerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TechnologyAndSoftwareExpense" xlink:label="blsh_TechnologyAndSoftwareExpense" xlink:type="locator"/>
    <link:label xlink:label="blsh_TechnologyAndSoftwareExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Information technology and software expenses</link:label>
    <link:label xlink:label="blsh_TechnologyAndSoftwareExpense-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of technology and software expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TechnologyAndSoftwareExpense" xlink:to="blsh_TechnologyAndSoftwareExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ReconciliationOfDigitalAssetsHeldTextBlock" xlink:label="blsh_ReconciliationOfDigitalAssetsHeldTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_ReconciliationOfDigitalAssetsHeldTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation of digital assets held [text block]</link:label>
    <link:label xlink:label="blsh_ReconciliationOfDigitalAssetsHeldTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of digital assets held reconciliation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ReconciliationOfDigitalAssetsHeldTextBlock" xlink:to="blsh_ReconciliationOfDigitalAssetsHeldTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_weETHMember" xlink:label="blsh_weETHMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_weETHMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">weETH [member]</link:label>
    <link:label xlink:label="blsh_weETHMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to weETH.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_weETHMember" xlink:to="blsh_weETHMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of general and administrative expense [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:to="ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ReceivablesFairValueMeasurementAssets" xlink:label="blsh_ReceivablesFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_ReceivablesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan and other receivables made, net(i)</link:label>
    <link:label xlink:label="blsh_ReceivablesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Loan and other receivables made, net(i)</link:label>
    <link:label xlink:label="blsh_ReceivablesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the receivables made from assets measured at fair value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ReceivablesFairValueMeasurementAssets" xlink:to="blsh_ReceivablesFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TransfersFairValueMeasurementAssets" xlink:label="blsh_TransfersFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_TransfersFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclassification of digital assets from inventories to intangible assets</link:label>
    <link:label xlink:label="blsh_TransfersFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase (decrease) in fair value measurement of assets from transfers.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TransfersFairValueMeasurementAssets" xlink:to="blsh_TransfersFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssets" xlink:label="blsh_DigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Digital assets held</link:label>
    <link:label xlink:label="blsh_DigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital assets</link:label>
    <link:label xlink:label="blsh_DigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of digital assets held at period end.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssets" xlink:to="blsh_DigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetsHeld" xlink:label="blsh_DigitalAssetsHeld" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetsHeld-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital assets held, units</link:label>
    <link:label xlink:label="blsh_DigitalAssetsHeld-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital assets held</link:label>
    <link:label xlink:label="blsh_DigitalAssetsHeld-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of digital assets held at period end.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetsHeld" xlink:to="blsh_DigitalAssetsHeld-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_wBTCMember" xlink:label="blsh_wBTCMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_wBTCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">wBTC [member]</link:label>
    <link:label xlink:label="blsh_wBTCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to wBTC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_wBTCMember" xlink:to="blsh_wBTCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of general information about financial statements [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AavecbBTCMember" xlink:label="blsh_AavecbBTCMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_AavecbBTCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aave cbBTC [member]</link:label>
    <link:label xlink:label="blsh_AavecbBTCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Aave cbBTC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AavecbBTCMember" xlink:to="blsh_AavecbBTCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BTCMember" xlink:label="blsh_BTCMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BTCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BTC [member]</link:label>
    <link:label xlink:label="blsh_BTCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to BTC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BTCMember" xlink:to="blsh_BTCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashInterestPaidOnDigitalAssets" xlink:label="blsh_NoncashInterestPaidOnDigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashInterestPaidOnDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest paid in digital assets</link:label>
    <link:label xlink:label="blsh_NoncashInterestPaidOnDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of noncash interest paid on digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashInterestPaidOnDigitalAssets" xlink:to="blsh_NoncashInterestPaidOnDigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ifrs-full_ClassesOfShareCapitalAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of share capital [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalAxis" xlink:to="ifrs-full_ClassesOfShareCapitalAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NonexchangeWalletsMember" xlink:label="blsh_NonexchangeWalletsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_NonexchangeWalletsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-exchange wallets [member]</link:label>
    <link:label xlink:label="blsh_NonexchangeWalletsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to non-exchange wallets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NonexchangeWalletsMember" xlink:to="blsh_NonexchangeWalletsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_StablecoinsMember" xlink:label="blsh_StablecoinsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_StablecoinsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stablecoins [member]</link:label>
    <link:label xlink:label="blsh_StablecoinsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to stablecoins.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_StablecoinsMember" xlink:to="blsh_StablecoinsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ETHMember" xlink:label="blsh_ETHMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ETHMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETH [member]</link:label>
    <link:label xlink:label="blsh_ETHMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to ETH.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ETHMember" xlink:to="blsh_ETHMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesOnNetMonetaryPosition" xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Change in fair value of derivatives</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnNetMonetaryPosition" xlink:to="ifrs-full_GainsLossesOnNetMonetaryPosition-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NetSettlementFairValueMeasurementAssets" xlink:label="blsh_NetSettlementFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_NetSettlementFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net settlement of Investments in financial assets</link:label>
    <link:label xlink:label="blsh_NetSettlementFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the net settlement of assets measured at fair value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NetSettlementFairValueMeasurementAssets" xlink:to="blsh_NetSettlementFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RevaluationFairValueMeasurementAssets" xlink:label="blsh_RevaluationFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_RevaluationFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Revaluation gain/(loss)</link:label>
    <link:label xlink:label="blsh_RevaluationFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revaluation</link:label>
    <link:label xlink:label="blsh_RevaluationFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the increase (decrease) in assets measured at fair value from revaluation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RevaluationFairValueMeasurementAssets" xlink:to="blsh_RevaluationFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ExchangeWalletsMember" xlink:label="blsh_ExchangeWalletsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ExchangeWalletsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exchange wallets [member]</link:label>
    <link:label xlink:label="blsh_ExchangeWalletsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to exchange wallets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ExchangeWalletsMember" xlink:to="blsh_ExchangeWalletsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfDigitalAssetsHeldTextBlock" xlink:label="blsh_DetailsOfDigitalAssetsHeldTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfDigitalAssetsHeldTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of digital assets held [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfDigitalAssetsHeldTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of digital assets held.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfDigitalAssetsHeldTextBlock" xlink:to="blsh_DetailsOfDigitalAssetsHeldTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PledgesMadeFairValueMeasurementAssets" xlink:label="blsh_PledgesMadeFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_PledgesMadeFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital asset pledged as collateral made, net</link:label>
    <link:label xlink:label="blsh_PledgesMadeFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase in the fair value measurement of assets resulting from pledges made of those assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PledgesMadeFairValueMeasurementAssets" xlink:to="blsh_PledgesMadeFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_InterestFairValueMeasurementAssets" xlink:label="blsh_InterestFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_InterestFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest</link:label>
    <link:label xlink:label="blsh_InterestFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase in the fair value measurement of assets resulting from interest accrued of those assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_InterestFairValueMeasurementAssets" xlink:to="blsh_InterestFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CreditLineFacilityAndOtherLendingArrangementsMember" xlink:label="blsh_CreditLineFacilityAndOtherLendingArrangementsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_CreditLineFacilityAndOtherLendingArrangementsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit line facility and other lending arrangements [member]</link:label>
    <link:label xlink:label="blsh_CreditLineFacilityAndOtherLendingArrangementsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to credit line facility and other lending arrangements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CreditLineFacilityAndOtherLendingArrangementsMember" xlink:to="blsh_CreditLineFacilityAndOtherLendingArrangementsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PledgeRepaymentsFairValueMeasurementAssets" xlink:label="blsh_PledgeRepaymentsFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_PledgeRepaymentsFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_PledgeRepaymentsFairValueMeasurementAssets</link:label>
    <link:label xlink:label="blsh_PledgeRepaymentsFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Digital asset pledged as collateral repaid, net</link:label>
    <link:label xlink:label="blsh_PledgeRepaymentsFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The decrease in the fair value measurement of assets resulting from pledge repayments of those assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PledgeRepaymentsFairValueMeasurementAssets" xlink:to="blsh_PledgeRepaymentsFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_LoansAndOtherReceivablesTextBlock" xlink:label="blsh_LoansAndOtherReceivablesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_LoansAndOtherReceivablesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and other receivables [text block]</link:label>
    <link:label xlink:label="blsh_LoansAndOtherReceivablesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of loans and other receivables.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_LoansAndOtherReceivablesTextBlock" xlink:to="blsh_LoansAndOtherReceivablesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="ifrs-full_NoncontrollingInterestsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncontrollingInterestsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-controlling interests [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OtherDigitalAssetsMember" xlink:label="blsh_OtherDigitalAssetsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_OtherDigitalAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other digital assets [member]</link:label>
    <link:label xlink:label="blsh_OtherDigitalAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to other digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OtherDigitalAssetsMember" xlink:to="blsh_OtherDigitalAssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RetainedEarningsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained earnings [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RepaidFairValueMeasurementAssets" xlink:label="blsh_RepaidFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_RepaidFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RepaidFairValueMeasurementAssets</link:label>
    <link:label xlink:label="blsh_RepaidFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Digital asset loan receivables repaid, net</link:label>
    <link:label xlink:label="blsh_RepaidFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase in the fair value measurement of assets resulting from repayments of those assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RepaidFairValueMeasurementAssets" xlink:to="blsh_RepaidFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ReconciliationOfLoansAndOtherReceivablesTextBlock" xlink:label="blsh_ReconciliationOfLoansAndOtherReceivablesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_ReconciliationOfLoansAndOtherReceivablesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation of loans and other receivables [text block]</link:label>
    <link:label xlink:label="blsh_ReconciliationOfLoansAndOtherReceivablesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of reconciliation of changes to loans and other receivables.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ReconciliationOfLoansAndOtherReceivablesTextBlock" xlink:to="blsh_ReconciliationOfLoansAndOtherReceivablesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OtherInvestmentsInFinancialAssetsMember" xlink:label="blsh_OtherInvestmentsInFinancialAssetsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_OtherInvestmentsInFinancialAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other investments in financial assets [member]</link:label>
    <link:label xlink:label="blsh_OtherInvestmentsInFinancialAssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to other investments in financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OtherInvestmentsInFinancialAssetsMember" xlink:to="blsh_OtherInvestmentsInFinancialAssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfIntangibleAssetsAndGoodwillTextBlock" xlink:label="blsh_DetailsOfIntangibleAssetsAndGoodwillTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfIntangibleAssetsAndGoodwillTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of intangible assets and goodwill [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfIntangibleAssetsAndGoodwillTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of intangible assets and goodwill.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfIntangibleAssetsAndGoodwillTextBlock" xlink:to="blsh_DetailsOfIntangibleAssetsAndGoodwillTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ConvertibleInstrumentsMember" xlink:label="ifrs-full_ConvertibleInstrumentsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ConvertibleInstrumentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Convertible instruments [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConvertibleInstrumentsMember" xlink:to="ifrs-full_ConvertibleInstrumentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PledgedAsCollateralMember" xlink:label="blsh_PledgedAsCollateralMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_PledgedAsCollateralMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged as collateral [member]</link:label>
    <link:label xlink:label="blsh_PledgedAsCollateralMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to pledged as collateral.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PledgedAsCollateralMember" xlink:to="blsh_PledgedAsCollateralMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReserveOfSharebasedPaymentsMember" xlink:label="ifrs-full_ReserveOfSharebasedPaymentsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ReserveOfSharebasedPaymentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserve of share-based payments [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfSharebasedPaymentsMember" xlink:to="ifrs-full_ReserveOfSharebasedPaymentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_MarginLendingServicesMember" xlink:label="blsh_MarginLendingServicesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_MarginLendingServicesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Margin lending services [member]</link:label>
    <link:label xlink:label="blsh_MarginLendingServicesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to margin lending services.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_MarginLendingServicesMember" xlink:to="blsh_MarginLendingServicesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfFinancialAssetsTextBlock" xlink:label="blsh_DetailsOfFinancialAssetsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfFinancialAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of financial assets [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfFinancialAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The tabular disclosure of financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfFinancialAssetsTextBlock" xlink:to="blsh_DetailsOfFinancialAssetsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrencyInWhichInformationIsDisplayedAxis" xlink:label="ifrs-full_CurrencyInWhichInformationIsDisplayedAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrencyInWhichInformationIsDisplayedAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency in which information is displayed [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencyInWhichInformationIsDisplayedAxis" xlink:to="ifrs-full_CurrencyInWhichInformationIsDisplayedAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CashHeldOnExchange" xlink:label="blsh_CashHeldOnExchange" xlink:type="locator"/>
    <link:label xlink:label="blsh_CashHeldOnExchange-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash on the Exchange at banks</link:label>
    <link:label xlink:label="blsh_CashHeldOnExchange-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of cash held on exchange at end of period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CashHeldOnExchange" xlink:to="blsh_CashHeldOnExchange-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfCashAndCashEquivalentsTextBlock" xlink:label="blsh_DetailsOfCashAndCashEquivalentsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfCashAndCashEquivalentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of cash and cash equivalents [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfCashAndCashEquivalentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of details of cash and cash equivalents.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfCashAndCashEquivalentsTextBlock" xlink:to="blsh_DetailsOfCashAndCashEquivalentsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DisclosureOfRedeemablePreferredStockTextBlock" xlink:label="blsh_DisclosureOfRedeemablePreferredStockTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DisclosureOfRedeemablePreferredStockTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of redeemable preferred stock [text block]</link:label>
    <link:label xlink:label="blsh_DisclosureOfRedeemablePreferredStockTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure for redeemable preferred stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DisclosureOfRedeemablePreferredStockTextBlock" xlink:to="blsh_DisclosureOfRedeemablePreferredStockTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:to="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CashHeldByBrokers" xlink:label="blsh_CashHeldByBrokers" xlink:type="locator"/>
    <link:label xlink:label="blsh_CashHeldByBrokers-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash held in brokers</link:label>
    <link:label xlink:label="blsh_CashHeldByBrokers-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of cash held by brokers at end of period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CashHeldByBrokers" xlink:to="blsh_CashHeldByBrokers-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfOtherAssetsTableTexBlock" xlink:label="blsh_DetailsOfOtherAssetsTableTexBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfOtherAssetsTableTexBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of other assets [table tex block]</link:label>
    <link:label xlink:label="blsh_DetailsOfOtherAssetsTableTexBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of details of other assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfOtherAssetsTableTexBlock" xlink:to="blsh_DetailsOfOtherAssetsTableTexBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SharePremiumMember" xlink:label="ifrs-full_SharePremiumMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_SharePremiumMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share premium [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharePremiumMember" xlink:to="ifrs-full_SharePremiumMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherReservesMember" xlink:label="ifrs-full_OtherReservesMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherReservesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other reserves [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReservesMember" xlink:to="ifrs-full_OtherReservesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:label="ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:to="ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ConvertibleRedeemablePreferenceSharesMember" xlink:label="blsh_ConvertibleRedeemablePreferenceSharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ConvertibleRedeemablePreferenceSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Convertible redeemable preference shares [member]</link:label>
    <link:label xlink:label="blsh_ConvertibleRedeemablePreferenceSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to convertible redeemable preference shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ConvertibleRedeemablePreferenceSharesMember" xlink:to="blsh_ConvertibleRedeemablePreferenceSharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfSharesConverted" xlink:label="blsh_NumberOfSharesConverted" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfSharesConverted-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares converted</link:label>
    <link:label xlink:label="blsh_NumberOfSharesConverted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NumberOfSharesConverted</link:label>
    <link:label xlink:label="blsh_NumberOfSharesConverted-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares converted</link:label>
    <link:label xlink:label="blsh_NumberOfSharesConverted-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of shares converted during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfSharesConverted" xlink:to="blsh_NumberOfSharesConverted-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComponentsOfEquityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssuedCapitalMember" xlink:label="ifrs-full_IssuedCapitalMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IssuedCapitalMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapitalMember" xlink:to="ifrs-full_IssuedCapitalMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ClassBPreferenceSharesMember" xlink:label="blsh_ClassBPreferenceSharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ClassBPreferenceSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class B preference shares [member]</link:label>
    <link:label xlink:label="blsh_ClassBPreferenceSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Class B preference shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ClassBPreferenceSharesMember" xlink:to="blsh_ClassBPreferenceSharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity attributable to owners of parent [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="ifrs-full_EquityAttributableToOwnersOfParentMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NewCreditFacilityMember" xlink:label="blsh_NewCreditFacilityMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_NewCreditFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New credit facility [member]</link:label>
    <link:label xlink:label="blsh_NewCreditFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to new credit facility.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NewCreditFacilityMember" xlink:to="blsh_NewCreditFacilityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BorrowingsPurchasePrice" xlink:label="blsh_BorrowingsPurchasePrice" xlink:type="locator"/>
    <link:label xlink:label="blsh_BorrowingsPurchasePrice-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_BorrowingsPurchasePrice</link:label>
    <link:label xlink:label="blsh_BorrowingsPurchasePrice-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings, purchase price</link:label>
    <link:label xlink:label="blsh_BorrowingsPurchasePrice-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the purchase price of borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BorrowingsPurchasePrice" xlink:to="blsh_BorrowingsPurchasePrice-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_SecuredBorrowingsMember" xlink:label="blsh_SecuredBorrowingsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_SecuredBorrowingsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured borrowings [member]</link:label>
    <link:label xlink:label="blsh_SecuredBorrowingsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to secured borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_SecuredBorrowingsMember" xlink:to="blsh_SecuredBorrowingsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RepurchaseAgreementMember" xlink:label="blsh_RepurchaseAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_RepurchaseAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase agreement [member]</link:label>
    <link:label xlink:label="blsh_RepurchaseAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to repurchase agreements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RepurchaseAgreementMember" xlink:to="blsh_RepurchaseAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfOtherLiabilitiesTextBlock" xlink:label="blsh_DetailsOfOtherLiabilitiesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfOtherLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of other liabilities [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfOtherLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of other liabilities details.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfOtherLiabilitiesTextBlock" xlink:to="blsh_DetailsOfOtherLiabilitiesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BorrowingsCovenantMarginPercentage" xlink:label="blsh_BorrowingsCovenantMarginPercentage" xlink:type="locator"/>
    <link:label xlink:label="blsh_BorrowingsCovenantMarginPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_BorrowingsCovenantMarginPercentage</link:label>
    <link:label xlink:label="blsh_BorrowingsCovenantMarginPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings, covenant, margin percentage</link:label>
    <link:label xlink:label="blsh_BorrowingsCovenantMarginPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the margin percentage as part of a covenant for borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BorrowingsCovenantMarginPercentage" xlink:to="blsh_BorrowingsCovenantMarginPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BorrowingsLoantovalueRatio" xlink:label="blsh_BorrowingsLoantovalueRatio" xlink:type="locator"/>
    <link:label xlink:label="blsh_BorrowingsLoantovalueRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_BorrowingsLoantovalueRatio</link:label>
    <link:label xlink:label="blsh_BorrowingsLoantovalueRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings, loan-to-value ratio</link:label>
    <link:label xlink:label="blsh_BorrowingsLoantovalueRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the loan-to-value ratio for borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BorrowingsLoantovalueRatio" xlink:to="blsh_BorrowingsLoantovalueRatio-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_TransfersFairValueMeasurementDigitalAssetsToFinancialAssets" xlink:label="blsh_TransfersFairValueMeasurementDigitalAssetsToFinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_TransfersFairValueMeasurementDigitalAssetsToFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclassification of digital assets to financial assets</link:label>
    <link:label xlink:label="blsh_TransfersFairValueMeasurementDigitalAssetsToFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value reclassified from digital assets to financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_TransfersFairValueMeasurementDigitalAssetsToFinancialAssets" xlink:to="blsh_TransfersFairValueMeasurementDigitalAssetsToFinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome</link:label>
    <link:label xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ClassCCommonSharesMember" xlink:label="blsh_ClassCCommonSharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ClassCCommonSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class C common shares [member]</link:label>
    <link:label xlink:label="blsh_ClassCCommonSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Class C common shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ClassCCommonSharesMember" xlink:to="blsh_ClassCCommonSharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ClassACommonSharesMember" xlink:label="blsh_ClassACommonSharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ClassACommonSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class A common shares [member]</link:label>
    <link:label xlink:label="blsh_ClassACommonSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Class A common shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ClassACommonSharesMember" xlink:to="blsh_ClassACommonSharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards" xlink:label="blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards</link:label>
    <link:label xlink:label="blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares issuable from share-based compensation arrangement awards</link:label>
    <link:label xlink:label="blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of shares issuable from share-based compensation awards.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards" xlink:to="blsh_NumberOfSharesIssuableFromSharebasedCompensationArrangementAwards-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RestrictedStockUnitsMember" xlink:label="blsh_RestrictedStockUnitsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_RestrictedStockUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted stock units [member]</link:label>
    <link:label xlink:label="blsh_RestrictedStockUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to restricted stock units.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RestrictedStockUnitsMember" xlink:to="blsh_RestrictedStockUnitsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign exchange differences on translation of foreign operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Items that may be reclassified subsequently to profit or loss:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_SecuredDigitalAssetsLoanPayablesMember" xlink:label="blsh_SecuredDigitalAssetsLoanPayablesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_SecuredDigitalAssetsLoanPayablesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured digital assets loan payables [member]</link:label>
    <link:label xlink:label="blsh_SecuredDigitalAssetsLoanPayablesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to secured digital assets loan payables.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_SecuredDigitalAssetsLoanPayablesMember" xlink:to="blsh_SecuredDigitalAssetsLoanPayablesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:label="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss</link:label>
    <link:label xlink:label="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense not deducible for tax purposes</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:to="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RevaluationFairValueMeasurementLiabilities" xlink:label="blsh_RevaluationFairValueMeasurementLiabilities" xlink:type="locator"/>
    <link:label xlink:label="blsh_RevaluationFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revaluations (gain)/loss</link:label>
    <link:label xlink:label="blsh_RevaluationFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase (decrease) in the fair value measurement of liabilities resulting from revaluation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RevaluationFairValueMeasurementLiabilities" xlink:to="blsh_RevaluationFairValueMeasurementLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ReverseStockSplitRatio" xlink:label="blsh_ReverseStockSplitRatio" xlink:type="locator"/>
    <link:label xlink:label="blsh_ReverseStockSplitRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ReverseStockSplitRatio</link:label>
    <link:label xlink:label="blsh_ReverseStockSplitRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse stock split, ratio</link:label>
    <link:label xlink:label="blsh_ReverseStockSplitRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the ratio of a reverse stock split.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ReverseStockSplitRatio" xlink:to="blsh_ReverseStockSplitRatio-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxEffectOfTaxLosses" xlink:label="ifrs-full_TaxEffectOfTaxLosses" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TaxEffectOfTaxLosses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TaxEffectOfTaxLosses</link:label>
    <link:label xlink:label="ifrs-full_TaxEffectOfTaxLosses-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax effects on unrecognized tax losses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfTaxLosses" xlink:to="ifrs-full_TaxEffectOfTaxLosses-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_UnsecuredDigitalAssetsLoanPayablesMember" xlink:label="blsh_UnsecuredDigitalAssetsLoanPayablesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_UnsecuredDigitalAssetsLoanPayablesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured digital assets loan payables [member]</link:label>
    <link:label xlink:label="blsh_UnsecuredDigitalAssetsLoanPayablesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to unsecured digital assets loan payables.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_UnsecuredDigitalAssetsLoanPayablesMember" xlink:to="blsh_UnsecuredDigitalAssetsLoanPayablesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011</link:label>
    <link:label xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Income not subject to tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:to="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RiskExposureOfNetIncomeDuring12MonthPeriod" xlink:label="blsh_RiskExposureOfNetIncomeDuring12MonthPeriod" xlink:type="locator"/>
    <link:label xlink:label="blsh_RiskExposureOfNetIncomeDuring12MonthPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RiskExposureOfNetIncomeDuring12MonthPeriod</link:label>
    <link:label xlink:label="blsh_RiskExposureOfNetIncomeDuring12MonthPeriod-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk exposure of net income during 12 month period</link:label>
    <link:label xlink:label="blsh_RiskExposureOfNetIncomeDuring12MonthPeriod-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The risk exposure of net income during a 12 month period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RiskExposureOfNetIncomeDuring12MonthPeriod" xlink:to="blsh_RiskExposureOfNetIncomeDuring12MonthPeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DilutiveEffectOfAllInstrumentsOnWeightedAverageNumberOfOrdinaryShares" xlink:label="ifrs-full_DilutiveEffectOfAllInstrumentsOnWeightedAverageNumberOfOrdinaryShares" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DilutiveEffectOfAllInstrumentsOnWeightedAverageNumberOfOrdinaryShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dilutive effect of all instruments on weighted average number of ordinary shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutiveEffectOfAllInstrumentsOnWeightedAverageNumberOfOrdinaryShares" xlink:to="ifrs-full_DilutiveEffectOfAllInstrumentsOnWeightedAverageNumberOfOrdinaryShares-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AuthorizedCapital" xlink:label="blsh_AuthorizedCapital" xlink:type="locator"/>
    <link:label xlink:label="blsh_AuthorizedCapital-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_AuthorizedCapital</link:label>
    <link:label xlink:label="blsh_AuthorizedCapital-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Authorized capital</link:label>
    <link:label xlink:label="blsh_AuthorizedCapital-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Authorized capital</link:label>
    <link:label xlink:label="blsh_AuthorizedCapital-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Authorized capital</link:label>
    <link:label xlink:label="blsh_AuthorizedCapital-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of share capital authorized to be issued.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AuthorizedCapital" xlink:to="blsh_AuthorizedCapital-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BMC1ConversionRightsMember" xlink:label="blsh_BMC1ConversionRightsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BMC1ConversionRightsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BMC1 conversion rights [member]</link:label>
    <link:label xlink:label="blsh_BMC1ConversionRightsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to BMC1 conversion rights.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BMC1ConversionRightsMember" xlink:to="blsh_BMC1ConversionRightsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalCurrencyPerpetualContractsMember" xlink:label="blsh_DigitalCurrencyPerpetualContractsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalCurrencyPerpetualContractsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital currency perpetual contracts [member]</link:label>
    <link:label xlink:label="blsh_DigitalCurrencyPerpetualContractsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to digital currency perpetual contracts.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalCurrencyPerpetualContractsMember" xlink:to="blsh_DigitalCurrencyPerpetualContractsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfDerivativeInstrumentsTextBlock" xlink:label="blsh_DetailsOfDerivativeInstrumentsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfDerivativeInstrumentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of derivative instruments [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfDerivativeInstrumentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of derivative instrument details.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfDerivativeInstrumentsTextBlock" xlink:to="blsh_DetailsOfDerivativeInstrumentsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnusedTaxCreditsMember" xlink:label="ifrs-full_UnusedTaxCreditsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_UnusedTaxCreditsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax credits [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxCreditsMember" xlink:to="ifrs-full_UnusedTaxCreditsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Items that will not be subsequently reclassified to profit or loss:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnusedTaxLossesMember" xlink:label="ifrs-full_UnusedTaxLossesMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_UnusedTaxLossesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax losses [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxLossesMember" xlink:to="ifrs-full_UnusedTaxLossesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRevaluation" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRevaluation" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRevaluation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revaluation of digital assets held as investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRevaluation" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRevaluation-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ReconciliationOfLevel3LiabilitiesTextBlock" xlink:label="blsh_ReconciliationOfLevel3LiabilitiesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_ReconciliationOfLevel3LiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation of level 3 liabilities [text block]</link:label>
    <link:label xlink:label="blsh_ReconciliationOfLevel3LiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of reconciliation of level 3 liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ReconciliationOfLevel3LiabilitiesTextBlock" xlink:to="blsh_ReconciliationOfLevel3LiabilitiesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NondigitalAssetBorrowingsMember" xlink:label="blsh_NondigitalAssetBorrowingsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_NondigitalAssetBorrowingsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nondigital asset borrowings [member]</link:label>
    <link:label xlink:label="blsh_NondigitalAssetBorrowingsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to nondigital asset borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NondigitalAssetBorrowingsMember" xlink:to="blsh_NondigitalAssetBorrowingsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RiskExposureOfNetIncomeBasisPointVariancePoint" xlink:label="blsh_RiskExposureOfNetIncomeBasisPointVariancePoint" xlink:type="locator"/>
    <link:label xlink:label="blsh_RiskExposureOfNetIncomeBasisPointVariancePoint-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RiskExposureOfNetIncomeBasisPointVariancePoint</link:label>
    <link:label xlink:label="blsh_RiskExposureOfNetIncomeBasisPointVariancePoint-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk exposure of net income, basis point variance point</link:label>
    <link:label xlink:label="blsh_RiskExposureOfNetIncomeBasisPointVariancePoint-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the basis point used to determine variance in assessing risk exposure of net income.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RiskExposureOfNetIncomeBasisPointVariancePoint" xlink:to="blsh_RiskExposureOfNetIncomeBasisPointVariancePoint-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BMC1SharesMember" xlink:label="blsh_BMC1SharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BMC1SharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BMC1 shares [member]</link:label>
    <link:label xlink:label="blsh_BMC1SharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to BMC1 shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BMC1SharesMember" xlink:to="blsh_BMC1SharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Owners of the Group</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfFairValueEstimationTextBlock" xlink:label="blsh_DetailsOfFairValueEstimationTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfFairValueEstimationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of fair value estimation [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfFairValueEstimationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of fair value estimation details.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfFairValueEstimationTextBlock" xlink:to="blsh_DetailsOfFairValueEstimationTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income (loss) attributable to:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:to="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashAcquisitionOfSubsidiary" xlink:label="blsh_NoncashAcquisitionOfSubsidiary" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashAcquisitionOfSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisition of subsidiary paid via USDC</link:label>
    <link:label xlink:label="blsh_NoncashAcquisitionOfSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of noncash acquisition of subsidiary.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashAcquisitionOfSubsidiary" xlink:to="blsh_NoncashAcquisitionOfSubsidiary-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashRepaymentsFromConvertibleRedeemablePreferenceShares" xlink:label="blsh_NoncashRepaymentsFromConvertibleRedeemablePreferenceShares" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashRepaymentsFromConvertibleRedeemablePreferenceShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayment of convertible redeemable preference shares via digital assets</link:label>
    <link:label xlink:label="blsh_NoncashRepaymentsFromConvertibleRedeemablePreferenceShares-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of noncash repayments from convertible redeemable preference shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashRepaymentsFromConvertibleRedeemablePreferenceShares" xlink:to="blsh_NoncashRepaymentsFromConvertibleRedeemablePreferenceShares-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:label="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised</link:label>
    <link:label xlink:label="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unused tax losses for which no deferred tax asset recognised</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:to="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_IncreaseInNoncontrollingInterestUponEstablishmentOfConversionRightsToOrdinaryShares" xlink:label="blsh_IncreaseInNoncontrollingInterestUponEstablishmentOfConversionRightsToOrdinaryShares" xlink:type="locator"/>
    <link:label xlink:label="blsh_IncreaseInNoncontrollingInterestUponEstablishmentOfConversionRightsToOrdinaryShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Change in non-controlling interest in BMC1</link:label>
    <link:label xlink:label="blsh_IncreaseInNoncontrollingInterestUponEstablishmentOfConversionRightsToOrdinaryShares-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase in noncontrolling interest upon establishment of conversion rights to ordinary shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_IncreaseInNoncontrollingInterestUponEstablishmentOfConversionRightsToOrdinaryShares" xlink:to="blsh_IncreaseInNoncontrollingInterestUponEstablishmentOfConversionRightsToOrdinaryShares-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of income tax [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="ifrs-full_DisclosureOfIncomeTaxExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:label="blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss</link:label>
    <link:label xlink:label="blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-customer non-interest income on financial assets designated at fair value through profit or loss</link:label>
    <link:label xlink:label="blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of non-customer based non-interest income on financial assets designated at fair value through profit or loss. [Refer: Interest income; Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="blsh_NoncustomerNoninterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted</link:label>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of other equity instruments granted in share-based payment arrangement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_IncreasedecreaseFromConversionOfRedeemablePreferenceSharesToSharePremium" xlink:label="blsh_IncreasedecreaseFromConversionOfRedeemablePreferenceSharesToSharePremium" xlink:type="locator"/>
    <link:label xlink:label="blsh_IncreasedecreaseFromConversionOfRedeemablePreferenceSharesToSharePremium-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redemption of convertible redeemable preference shares</link:label>
    <link:label xlink:label="blsh_IncreasedecreaseFromConversionOfRedeemablePreferenceSharesToSharePremium-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of increase or decrease in equity from the conversion of redeemable preference shares to share premium.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_IncreasedecreaseFromConversionOfRedeemablePreferenceSharesToSharePremium" xlink:to="blsh_IncreasedecreaseFromConversionOfRedeemablePreferenceSharesToSharePremium-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DisclosureOfActivityOfInvestmentsInFinancialAssetsTextBlock" xlink:label="blsh_DisclosureOfActivityOfInvestmentsInFinancialAssetsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DisclosureOfActivityOfInvestmentsInFinancialAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of activity of investments in financial assets [text block]</link:label>
    <link:label xlink:label="blsh_DisclosureOfActivityOfInvestmentsInFinancialAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the tabular disclosure of activity of investments in financial assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DisclosureOfActivityOfInvestmentsInFinancialAssetsTextBlock" xlink:to="blsh_DisclosureOfActivityOfInvestmentsInFinancialAssetsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="dei_IcfrAuditorAttestationFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_IcfrAuditorAttestationFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_IcfrAuditorAttestationFlag" xlink:to="dei_IcfrAuditorAttestationFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithPartiesOtherThanEmployees" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithPartiesOtherThanEmployees" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithPartiesOtherThanEmployees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based payments related to advisor(i)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithPartiesOtherThanEmployees" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithPartiesOtherThanEmployees-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FunctionalOrPresentationCurrencyMember" xlink:label="ifrs-full_FunctionalOrPresentationCurrencyMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FunctionalOrPresentationCurrencyMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Functional or presentation currency [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FunctionalOrPresentationCurrencyMember" xlink:to="ifrs-full_FunctionalOrPresentationCurrencyMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CostOfSales" xlink:label="ifrs-full_CostOfSales" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CostOfSales-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CostOfSales</link:label>
    <link:label xlink:label="ifrs-full_CostOfSales-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Cost of digital assets derecognized</link:label>
    <link:label xlink:label="ifrs-full_CostOfSales-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cost of digital assets derecognized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CounterpartiesAxis" xlink:label="ifrs-full_CounterpartiesAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CounterpartiesAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparties [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssuedCapitalPreferenceShares" xlink:label="ifrs-full_IssuedCapitalPreferenceShares" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IssuedCapitalPreferenceShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_IssuedCapitalPreferenceShares</link:label>
    <link:label xlink:label="ifrs-full_IssuedCapitalPreferenceShares-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issued capital, preference shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapitalPreferenceShares" xlink:to="ifrs-full_IssuedCapitalPreferenceShares-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_USDCMember" xlink:label="blsh_USDCMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_USDCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">USDC [Member]</link:label>
    <link:label xlink:label="blsh_USDCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to USDC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_USDCMember" xlink:to="blsh_USDCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PricePerShare" xlink:label="blsh_PricePerShare" xlink:type="locator"/>
    <link:label xlink:label="blsh_PricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_PricePerShare</link:label>
    <link:label xlink:label="blsh_PricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share price (in dollars per share)</link:label>
    <link:label xlink:label="blsh_PricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents share price.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PricePerShare" xlink:to="blsh_PricePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PYUSDMember" xlink:label="blsh_PYUSDMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_PYUSDMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PYUSD [Member]</link:label>
    <link:label xlink:label="blsh_PYUSDMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to PYUSD.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PYUSDMember" xlink:to="blsh_PYUSDMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_USDGMember" xlink:label="blsh_USDGMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_USDGMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">USDG [Member]</link:label>
    <link:label xlink:label="blsh_USDGMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to USDG.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_USDGMember" xlink:to="blsh_USDGMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OfferingCosts" xlink:label="blsh_OfferingCosts" xlink:type="locator"/>
    <link:label xlink:label="blsh_OfferingCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_OfferingCosts</link:label>
    <link:label xlink:label="blsh_OfferingCosts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Offering costs</link:label>
    <link:label xlink:label="blsh_OfferingCosts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The offering costs.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OfferingCosts" xlink:to="blsh_OfferingCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorName" xlink:label="dei_AuditorName" xlink:type="locator"/>
    <link:label xlink:label="dei_AuditorName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorName" xlink:to="dei_AuditorName-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfCreditFacilityAgreements" xlink:label="blsh_NumberOfCreditFacilityAgreements" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfCreditFacilityAgreements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NumberOfCreditFacilityAgreements</link:label>
    <link:label xlink:label="blsh_NumberOfCreditFacilityAgreements-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of credit facility agreements</link:label>
    <link:label xlink:label="blsh_NumberOfCreditFacilityAgreements-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of credit facility agreements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfCreditFacilityAgreements" xlink:to="blsh_NumberOfCreditFacilityAgreements-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorFirmId" xlink:label="dei_AuditorFirmId" xlink:type="locator"/>
    <link:label xlink:label="dei_AuditorFirmId-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Firm ID</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorFirmId" xlink:to="dei_AuditorFirmId-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ConvertedBullishGlobalSharesMember" xlink:label="blsh_ConvertedBullishGlobalSharesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_ConvertedBullishGlobalSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Converted Bullish Global shares [member]</link:label>
    <link:label xlink:label="blsh_ConvertedBullishGlobalSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to converted Bullish Global shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ConvertedBullishGlobalSharesMember" xlink:to="blsh_ConvertedBullishGlobalSharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfInstrumentsThatAreAntidilutiveInPeriodPresented" xlink:label="ifrs-full_NumberOfInstrumentsThatAreAntidilutiveInPeriodPresented" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsThatAreAntidilutiveInPeriodPresented-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfInstrumentsThatAreAntidilutiveInPeriodPresented</link:label>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsThatAreAntidilutiveInPeriodPresented-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of instruments that are antidilutive in period presented</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfInstrumentsThatAreAntidilutiveInPeriodPresented" xlink:to="ifrs-full_NumberOfInstrumentsThatAreAntidilutiveInPeriodPresented-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NotesAndOtherExplanatoryInformationAbstract" xlink:label="ifrs-full_NotesAndOtherExplanatoryInformationAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NotesAndOtherExplanatoryInformationAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NotesAndOtherExplanatoryInformationAbstract</link:label>
    <link:label xlink:label="ifrs-full_NotesAndOtherExplanatoryInformationAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes to Financial Statements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotesAndOtherExplanatoryInformationAbstract" xlink:to="ifrs-full_NotesAndOtherExplanatoryInformationAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorLocation" xlink:label="dei_AuditorLocation" xlink:type="locator"/>
    <link:label xlink:label="dei_AuditorLocation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Location</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorLocation" xlink:to="dei_AuditorLocation-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_AdvisorMember" xlink:label="blsh_AdvisorMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_AdvisorMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advisor [member]</link:label>
    <link:label xlink:label="blsh_AdvisorMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to an advisor.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_AdvisorMember" xlink:to="blsh_AdvisorMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BMC1ClassBIncentiveUnitsMember" xlink:label="blsh_BMC1ClassBIncentiveUnitsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BMC1ClassBIncentiveUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BMC1 Class B Incentive Units [member]</link:label>
    <link:label xlink:label="blsh_BMC1ClassBIncentiveUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to BMC1 Class B Incentive Units.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BMC1ClassBIncentiveUnitsMember" xlink:to="blsh_BMC1ClassBIncentiveUnitsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_The2024OptionPlanMember" xlink:label="blsh_The2024OptionPlanMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_The2024OptionPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 2024 option plan [member]</link:label>
    <link:label xlink:label="blsh_The2024OptionPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to the 2024 option plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_The2024OptionPlanMember" xlink:to="blsh_The2024OptionPlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_SecuredRevolvingCreditFacilityFacilityTwoMember" xlink:label="blsh_SecuredRevolvingCreditFacilityFacilityTwoMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_SecuredRevolvingCreditFacilityFacilityTwoMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured revolving credit facility, facility two [member]</link:label>
    <link:label xlink:label="blsh_SecuredRevolvingCreditFacilityFacilityTwoMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to secured revolving credit facility, facility two.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_SecuredRevolvingCreditFacilityFacilityTwoMember" xlink:to="blsh_SecuredRevolvingCreditFacilityFacilityTwoMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments" xlink:label="blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments" xlink:type="locator"/>
    <link:label xlink:label="blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments</link:label>
    <link:label xlink:label="blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares issuable from exercise of other equity instruments</link:label>
    <link:label xlink:label="blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of shares issuable from exercise of other equity instruments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments" xlink:to="blsh_NumberOfSharesIssuableFromExerciseOfOtherEquityInstruments-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_SecuredRevolvingCreditFacilityFacilityOneMember" xlink:label="blsh_SecuredRevolvingCreditFacilityFacilityOneMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_SecuredRevolvingCreditFacilityFacilityOneMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured revolving credit facility, facility one [member]</link:label>
    <link:label xlink:label="blsh_SecuredRevolvingCreditFacilityFacilityOneMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to the first secured revolving credit facility.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_SecuredRevolvingCreditFacilityFacilityOneMember" xlink:to="blsh_SecuredRevolvingCreditFacilityFacilityOneMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BMC1ClassAAndBUnitsMember" xlink:label="blsh_BMC1ClassAAndBUnitsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BMC1ClassAAndBUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BMC1 Class A and B Units [Member]</link:label>
    <link:label xlink:label="blsh_BMC1ClassAAndBUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to BMC1 Class A and B Units.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BMC1ClassAAndBUnitsMember" xlink:to="blsh_BMC1ClassAAndBUnitsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BMC1ClassARestrictedUnitsMember" xlink:label="blsh_BMC1ClassARestrictedUnitsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BMC1ClassARestrictedUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BMC1 Class A Restricted Units [member]</link:label>
    <link:label xlink:label="blsh_BMC1ClassARestrictedUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to BMC1 Class A Restricted Units.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BMC1ClassARestrictedUnitsMember" xlink:to="blsh_BMC1ClassARestrictedUnitsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentDerivativeFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative financial instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BlockoneMember" xlink:label="blsh_BlockoneMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_BlockoneMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Block.one [member]</link:label>
    <link:label xlink:label="blsh_BlockoneMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to block.one.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BlockoneMember" xlink:to="blsh_BlockoneMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentInterestPayable" xlink:label="ifrs-full_CurrentInterestPayable" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentInterestPayable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan interest payable to the related party(i)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInterestPayable" xlink:to="ifrs-full_CurrentInterestPayable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentFinanceLeaseReceivables" xlink:label="ifrs-full_CurrentFinanceLeaseReceivables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentFinanceLeaseReceivables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CurrentFinanceLeaseReceivables</link:label>
    <link:label xlink:label="ifrs-full_CurrentFinanceLeaseReceivables-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance lease receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinanceLeaseReceivables" xlink:to="ifrs-full_CurrentFinanceLeaseReceivables-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DigitalAssetsExchangetradedFundsAndPrivateFundsMember" xlink:label="blsh_DigitalAssetsExchangetradedFundsAndPrivateFundsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_DigitalAssetsExchangetradedFundsAndPrivateFundsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital assets exchange-traded funds and private funds [member]</link:label>
    <link:label xlink:label="blsh_DigitalAssetsExchangetradedFundsAndPrivateFundsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to digital assets exchange-traded funds and private funds.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DigitalAssetsExchangetradedFundsAndPrivateFundsMember" xlink:to="blsh_DigitalAssetsExchangetradedFundsAndPrivateFundsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_FinancialCommitments" xlink:label="blsh_FinancialCommitments" xlink:type="locator"/>
    <link:label xlink:label="blsh_FinancialCommitments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total financial commitments</link:label>
    <link:label xlink:label="blsh_FinancialCommitments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of financial commitments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_FinancialCommitments" xlink:to="blsh_FinancialCommitments-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfFinancialCommitmentsTextBlock" xlink:label="blsh_DetailsOfFinancialCommitmentsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfFinancialCommitmentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of financial commitments [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfFinancialCommitmentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The tabular disclosure of financial commitments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfFinancialCommitmentsTextBlock" xlink:to="blsh_DetailsOfFinancialCommitmentsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="ifrs-full_CurrentLeaseLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentLeaseLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</link:label>
    <link:label xlink:label="ifrs-full_CurrentLeaseLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CurrentLeaseLiabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLeaseLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_OtherLendingServicesMember" xlink:label="blsh_OtherLendingServicesMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_OtherLendingServicesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other lending services [member]</link:label>
    <link:label xlink:label="blsh_OtherLendingServicesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to other lending services.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_OtherLendingServicesMember" xlink:to="blsh_OtherLendingServicesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod" xlink:label="blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod" xlink:type="locator"/>
    <link:label xlink:label="blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod</link:label>
    <link:label xlink:label="blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk exposure of digital assets during twelve month period</link:label>
    <link:label xlink:label="blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The risk exposure of digital assets during a twelve month period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod" xlink:to="blsh_RiskExposureOfDigitalAssetsDuringTwelveMonthPeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_GrayscaleCoinDeskCrypto5ETFMember" xlink:label="blsh_GrayscaleCoinDeskCrypto5ETFMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_GrayscaleCoinDeskCrypto5ETFMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grayscale CoinDesk Crypto 5 ETF [member]</link:label>
    <link:label xlink:label="blsh_GrayscaleCoinDeskCrypto5ETFMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Grayscale CoinDesk Crypto 5 ETF.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_GrayscaleCoinDeskCrypto5ETFMember" xlink:to="blsh_GrayscaleCoinDeskCrypto5ETFMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RiskExposureOfDigitalAssetsChangeInPricePercent" xlink:label="blsh_RiskExposureOfDigitalAssetsChangeInPricePercent" xlink:type="locator"/>
    <link:label xlink:label="blsh_RiskExposureOfDigitalAssetsChangeInPricePercent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RiskExposureOfDigitalAssetsChangeInPricePercent</link:label>
    <link:label xlink:label="blsh_RiskExposureOfDigitalAssetsChangeInPricePercent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk exposure of digital assets, change in price, percent</link:label>
    <link:label xlink:label="blsh_RiskExposureOfDigitalAssetsChangeInPricePercent-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage change in price of digital assets used to measure risk exposure.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RiskExposureOfDigitalAssetsChangeInPricePercent" xlink:to="blsh_RiskExposureOfDigitalAssetsChangeInPricePercent-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfCustomerConcentrationsTextBlock" xlink:label="blsh_DetailsOfCustomerConcentrationsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfCustomerConcentrationsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of customer concentrations [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfCustomerConcentrationsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The tabular disclosure of customer concentrations.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfCustomerConcentrationsTextBlock" xlink:to="blsh_DetailsOfCustomerConcentrationsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:label="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentProvisionsForEmployeeBenefits-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accrued compensation and benefits</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisionsForEmployeeBenefits-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued compensation and benefits</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:to="ifrs-full_CurrentProvisionsForEmployeeBenefits-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DetailsOfIncomeTaxExpenseTextBlock" xlink:label="blsh_DetailsOfIncomeTaxExpenseTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DetailsOfIncomeTaxExpenseTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Details of income tax expense [text block]</link:label>
    <link:label xlink:label="blsh_DetailsOfIncomeTaxExpenseTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of income tax expense.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DetailsOfIncomeTaxExpenseTextBlock" xlink:to="blsh_DetailsOfIncomeTaxExpenseTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_IntangibleAssetsAndGoodwill</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IntangibleAssetsAndGoodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RepaymentsOfBorrowingDigitalAssets" xlink:label="blsh_RepaymentsOfBorrowingDigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_RepaymentsOfBorrowingDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RepaymentsOfBorrowingDigitalAssets</link:label>
    <link:label xlink:label="blsh_RepaymentsOfBorrowingDigitalAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Loan repayment</link:label>
    <link:label xlink:label="blsh_RepaymentsOfBorrowingDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cash outflow to settle borrowings classified as digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RepaymentsOfBorrowingDigitalAssets" xlink:to="blsh_RepaymentsOfBorrowingDigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DescriptionOfAccountingPolicyForLoansAndReceivablesForDigitalAssetsTextBlock" xlink:label="blsh_DescriptionOfAccountingPolicyForLoansAndReceivablesForDigitalAssetsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForLoansAndReceivablesForDigitalAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for loans and receivables for digital assets [text block]</link:label>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForLoansAndReceivablesForDigitalAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of the entity's accounting policy for loans and receivables for digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DescriptionOfAccountingPolicyForLoansAndReceivablesForDigitalAssetsTextBlock" xlink:to="blsh_DescriptionOfAccountingPolicyForLoansAndReceivablesForDigitalAssetsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of intangible assets and goodwill [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentLiabilitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ProceedsFromBorrowingsDigitalAssets" xlink:label="blsh_ProceedsFromBorrowingsDigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_ProceedsFromBorrowingsDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan drawdown</link:label>
    <link:label xlink:label="blsh_ProceedsFromBorrowingsDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cash inflow from borrowings on digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ProceedsFromBorrowingsDigitalAssets" xlink:to="blsh_ProceedsFromBorrowingsDigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet" xlink:label="blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet" xlink:type="locator"/>
    <link:label xlink:label="blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet</link:label>
    <link:label xlink:label="blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchase of investment in financial assets</link:label>
    <link:label xlink:label="blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The net cash outflow for the purchase of investments other than investments accounted for using equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet" xlink:to="blsh_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodNet-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_CoinDesk20Member" xlink:label="blsh_CoinDesk20Member" xlink:type="locator"/>
    <link:label xlink:label="blsh_CoinDesk20Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CoinDesk 20 [Member]</link:label>
    <link:label xlink:label="blsh_CoinDesk20Member-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents CoinDesk 20.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_CoinDesk20Member" xlink:to="blsh_CoinDesk20Member-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property and equipment and right-of-use assets</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:to="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentPrepayments" xlink:label="ifrs-full_CurrentPrepayments" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentPrepayments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CurrentPrepayments</link:label>
    <link:label xlink:label="ifrs-full_CurrentPrepayments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepayments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPrepayments" xlink:to="ifrs-full_CurrentPrepayments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShareOptionsMember" xlink:label="ifrs-full_ShareOptionsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ShareOptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share options [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOptionsMember" xlink:to="ifrs-full_ShareOptionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentRestrictedCashAndCashEquivalents" xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:label xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CurrentRestrictedCashAndCashEquivalents</link:label>
    <link:label xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current restricted cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentRestrictedCashAndCashEquivalents" xlink:to="ifrs-full_CurrentRestrictedCashAndCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_BasisOfPreparationTextBlock" xlink:label="blsh_BasisOfPreparationTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_BasisOfPreparationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basis of preparation [text block]</link:label>
    <link:label xlink:label="blsh_BasisOfPreparationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of the company's policy for basis of preparation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_BasisOfPreparationTextBlock" xlink:to="blsh_BasisOfPreparationTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentTaxExpenseIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current income tax expense / (benefit)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentTradeReceivables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts receivable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfAntidilutiveInstrumentsAxis" xlink:label="ifrs-full_TypesOfAntidilutiveInstrumentsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TypesOfAntidilutiveInstrumentsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of antidilutive instruments [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfAntidilutiveInstrumentsAxis" xlink:to="ifrs-full_TypesOfAntidilutiveInstrumentsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:label="ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised</link:label>
    <link:label xlink:label="ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deductible temporary differences for which no deferred tax asset is recognised</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:to="ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="ifrs-full_DeferredTaxLiabilityAsset" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilityAsset-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_DeferredTaxLiabilityAsset</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilityAsset-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liability (asset)</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilityAsset-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilityAsset-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="ifrs-full_DeferredTaxExpenseIncome" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred income tax expense / (benefit)</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncome-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total deferred expense / (benefit)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncome" xlink:to="ifrs-full_DeferredTaxExpenseIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DerivativeFinancialLiabilities" xlink:label="ifrs-full_DerivativeFinancialLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DerivativeFinancialLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialLiabilities" xlink:to="ifrs-full_DerivativeFinancialLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DerivativeFinancialAssets" xlink:label="ifrs-full_DerivativeFinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DerivativeFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialAssets" xlink:to="ifrs-full_DerivativeFinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets" xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized gains (losses), assets</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gains (losses) attributable to unrealised gains or losses recognised in profit or loss on the fair value measurement of assets. [Refer: At fair value [member]]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets" xlink:to="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities" xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities" xlink:type="locator"/>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized gains (losses), liabilities</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gains (losses) attributable to unrealised gains or losses recognised in profit or loss on the fair value measurement of liabilities. [Refer: At fair value [member]]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities" xlink:to="blsh_GainsLossesRecognisedInProfitOrLossAttributableToUnrealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement" xlink:label="blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum number of instruments authorized in share-based payment arrangement (in shares)</link:label>
    <link:label xlink:label="blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The maximum number of instruments authorized in share-based payment arrangement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement" xlink:to="blsh_MaximumNumberOfInstrumentsAuthorizedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets" xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realized gains (losses), assets</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gains (losses) attributable to realised gains or losses recognised in profit or loss on the fair value measurement of assets. [Refer: At fair value [member]]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets" xlink:to="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DescriptionOfAccountingPolicyForIncomeTaxPillarTwoModelRulesTextBlock" xlink:label="blsh_DescriptionOfAccountingPolicyForIncomeTaxPillarTwoModelRulesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForIncomeTaxPillarTwoModelRulesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for income tax, pillar two model rules [text block]</link:label>
    <link:label xlink:label="blsh_DescriptionOfAccountingPolicyForIncomeTaxPillarTwoModelRulesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of the entity's material accounting policy information for income tax regarding pillar two model rules.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DescriptionOfAccountingPolicyForIncomeTaxPillarTwoModelRulesTextBlock" xlink:to="blsh_DescriptionOfAccountingPolicyForIncomeTaxPillarTwoModelRulesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities" xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities" xlink:type="locator"/>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realized gains (losses), liabilities</link:label>
    <link:label xlink:label="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gains (losses) attributable to realised gains or losses recognised in profit or loss on the fair value measurement of liabilities. [Refer: At fair value [member]]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities" xlink:to="blsh_GainsLossesRecognisedInProfitOrLossAttributableToRealisedGainsOrLossesFairValueMeasurementLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ReversalOfExpenseFromSharebasedPaymentTransactions" xlink:label="blsh_ReversalOfExpenseFromSharebasedPaymentTransactions" xlink:type="locator"/>
    <link:label xlink:label="blsh_ReversalOfExpenseFromSharebasedPaymentTransactions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_ReversalOfExpenseFromSharebasedPaymentTransactions</link:label>
    <link:label xlink:label="blsh_ReversalOfExpenseFromSharebasedPaymentTransactions-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reversal of expense from share-based payment transactions</link:label>
    <link:label xlink:label="blsh_ReversalOfExpenseFromSharebasedPaymentTransactions-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of reversal of expense arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ReversalOfExpenseFromSharebasedPaymentTransactions" xlink:to="blsh_ReversalOfExpenseFromSharebasedPaymentTransactions-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement" xlink:label="blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of vesting of equity instruments for share-based payment arrangement (Year)</link:label>
    <link:label xlink:label="blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period for vesting of equity instruments for share-based payment arrangement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement" xlink:to="blsh_PeriodOfVestingOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_Tranche2OptionsMember" xlink:label="blsh_Tranche2OptionsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_Tranche2OptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tranche 2 options [member]</link:label>
    <link:label xlink:label="blsh_Tranche2OptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents tranche 2 options.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_Tranche2OptionsMember" xlink:to="blsh_Tranche2OptionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_Tranche1OptionsMember" xlink:label="blsh_Tranche1OptionsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_Tranche1OptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tranche 1 options [member]</link:label>
    <link:label xlink:label="blsh_Tranche1OptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents tranche one options.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_Tranche1OptionsMember" xlink:to="blsh_Tranche1OptionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for business combinations and goodwill [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_The2022EmployeeEquityPlanMember" xlink:label="blsh_The2022EmployeeEquityPlanMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_The2022EmployeeEquityPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 2022 employee equity plan [member]</link:label>
    <link:label xlink:label="blsh_The2022EmployeeEquityPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the 2022 employee equity plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_The2022EmployeeEquityPlanMember" xlink:to="blsh_The2022EmployeeEquityPlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_The2021EmployeeEquityPlanMember" xlink:label="blsh_The2021EmployeeEquityPlanMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_The2021EmployeeEquityPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 2021 employee equity plan [member]</link:label>
    <link:label xlink:label="blsh_The2021EmployeeEquityPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the 2021 employee equity plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_The2021EmployeeEquityPlanMember" xlink:to="blsh_The2021EmployeeEquityPlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement" xlink:label="blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vesting percentage of equity instruments for share-based payment arrangement</link:label>
    <link:label xlink:label="blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of vesting of equity instruments for share-based payment arrangement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement" xlink:to="blsh_VestingPercentageOfEquityInstrumentsForSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_The2023EmployeeEquityPlanMember" xlink:label="blsh_The2023EmployeeEquityPlanMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_The2023EmployeeEquityPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 2023 employee equity plan [member]</link:label>
    <link:label xlink:label="blsh_The2023EmployeeEquityPlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the 2023 employee equity plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_The2023EmployeeEquityPlanMember" xlink:to="blsh_The2023EmployeeEquityPlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForCollateralExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForCollateralExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForCollateralExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for collateral [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForCollateralExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForCollateralExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_Tranche1OptionsVestingOverTimeMember" xlink:label="blsh_Tranche1OptionsVestingOverTimeMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_Tranche1OptionsVestingOverTimeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tranche 1 options, vesting over time [member]</link:label>
    <link:label xlink:label="blsh_Tranche1OptionsVestingOverTimeMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents tranche 1 options vesting over time.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_Tranche1OptionsVestingOverTimeMember" xlink:to="blsh_Tranche1OptionsVestingOverTimeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_Tranche1OptionsVestingDayOfGrantMember" xlink:label="blsh_Tranche1OptionsVestingDayOfGrantMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_Tranche1OptionsVestingDayOfGrantMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tranche 1 options, vesting day of grant [member]</link:label>
    <link:label xlink:label="blsh_Tranche1OptionsVestingDayOfGrantMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents tranche 1 options, vesting day of grant.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_Tranche1OptionsVestingDayOfGrantMember" xlink:to="blsh_Tranche1OptionsVestingDayOfGrantMember-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_FundInvestmentsMember" xlink:label="blsh_FundInvestmentsMember" xlink:type="locator"/>
    <link:label xlink:label="blsh_FundInvestmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fund investments [member]</link:label>
    <link:label xlink:label="blsh_FundInvestmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents fund investments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_FundInvestmentsMember" xlink:to="blsh_FundInvestmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for deferred income tax [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for derivative financial instruments [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for earnings per share [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for financial assets [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for financial instruments [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for financial liabilities [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease interest expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:to="ifrs-full_InterestExpenseOnLeaseLiabilities-label" xlink:type="arc"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LeaseLiabilities" xlink:label="ifrs-full_LeaseLiabilities" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for impairment of financial assets [text block]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="ifrs-full_NoncurrentLeaseLiabilities" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfLiquidityRiskExplanatory" xlink:label="ifrs-full_DisclosureOfLiquidityRiskExplanatory" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for recognition of revenue [text block]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for share-based payment transactions [text block]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory" xlink:label="ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of objectives, policies and processes for managing capital [text block]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for determining components of cash and cash equivalents [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:to="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets</link:label>
    <link:label xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Share-based payments</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AccountingProfit" xlink:label="ifrs-full_AccountingProfit" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AccountingProfit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_AccountingProfit</link:label>
    <link:label xlink:label="ifrs-full_AccountingProfit-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income before income tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccountingProfit" xlink:to="ifrs-full_AccountingProfit-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ExplanationOfEffectOfSharebasedPaymentsOnFinancialPositions" xlink:label="ifrs-full_ExplanationOfEffectOfSharebasedPaymentsOnFinancialPositions" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ExplanationOfEffectOfSharebasedPaymentsOnFinancialPositions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Explanation of effect of share-based payments on entity's financial position [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExplanationOfEffectOfSharebasedPaymentsOnFinancialPositions" xlink:to="ifrs-full_ExplanationOfEffectOfSharebasedPaymentsOnFinancialPositions-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based payments related to employees &amp; directors</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AccrualsClassifiedAsCurrent" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AccrualsClassifiedAsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accrued expenses</link:label>
    <link:label xlink:label="ifrs-full_AccrualsClassifiedAsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccrualsClassifiedAsCurrent" xlink:to="ifrs-full_AccrualsClassifiedAsCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of other equity instruments exercisable in share-based payment arrangement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of other equity instruments outstanding in share-based payment arrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Outstanding at beginning of the period</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Outstanding at end of the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Forfeited during the year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory" xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of number and weighted average exercise prices of other equity instruments [text block]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Released during the year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfOutstandingShareOptions" xlink:label="ifrs-full_NumberOfOutstandingShareOptions" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfOutstandingShareOptions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfOutstandingShareOptions</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOutstandingShareOptions-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of share options outstanding in share-based payment arrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOutstandingShareOptions-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Outstanding, options</link:label>
    <link:label xlink:label="ifrs-full_NumberOfOutstandingShareOptions-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Outstanding, options</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOutstandingShareOptions" xlink:to="ifrs-full_NumberOfOutstandingShareOptions-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated depreciation, amortisation and impairment [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsExpiredInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfShareOptionsExpiredInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsExpiredInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cancelled during the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsExpiredInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Exercised during the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exercisable at the end of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of number and weighted average exercise prices of share options [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:to="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Forfeited during the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Granted options during the period</link:label>
    <link:label xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of share options granted in share-based payment arrangement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</link:label>
    <link:label xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions arising from business combinations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of share-based payment arrangements [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:to="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:label="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of share-based payment arrangements [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:to="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of share capital, reserves and other equity interest [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:to="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfRevenueExplanatory" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfRevenueExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of revenue [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRevenueExplanatory" xlink:to="ifrs-full_DisclosureOfRevenueExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfRestrictedCashAndCashEquivalentsExplanatory" xlink:label="ifrs-full_DisclosureOfRestrictedCashAndCashEquivalentsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfRestrictedCashAndCashEquivalentsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of restricted cash and cash equivalents [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRestrictedCashAndCashEquivalentsExplanatory" xlink:to="ifrs-full_DisclosureOfRestrictedCashAndCashEquivalentsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions</link:label>
    <link:label xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Services fees charged to a related party (i)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RelatedPartyTransactionsAbstract" xlink:label="ifrs-full_RelatedPartyTransactionsAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RelatedPartyTransactionsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RelatedPartyTransactionsAbstract" xlink:to="ifrs-full_RelatedPartyTransactionsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashPurchaseOfInvestment" xlink:label="blsh_NoncashPurchaseOfInvestment" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashPurchaseOfInvestment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Cash Purchase of investment</link:label>
    <link:label xlink:label="blsh_NoncashPurchaseOfInvestment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of noncash purchase of investment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashPurchaseOfInvestment" xlink:to="blsh_NoncashPurchaseOfInvestment-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_DividendsPaidViaDigitalAssetsNoncash" xlink:label="blsh_DividendsPaidViaDigitalAssetsNoncash" xlink:type="locator"/>
    <link:label xlink:label="blsh_DividendsPaidViaDigitalAssetsNoncash-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid via digital assets</link:label>
    <link:label xlink:label="blsh_DividendsPaidViaDigitalAssetsNoncash-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of dividends paid via digital assets in a noncash transaction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_DividendsPaidViaDigitalAssetsNoncash" xlink:to="blsh_DividendsPaidViaDigitalAssetsNoncash-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashProceedsOfSalesInInvestments" xlink:label="blsh_NoncashProceedsOfSalesInInvestments" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashProceedsOfSalesInInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Cash Proceeds of Sales of Investments</link:label>
    <link:label xlink:label="blsh_NoncashProceedsOfSalesInInvestments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of noncash proceeds of sales in investments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashProceedsOfSalesInInvestments" xlink:to="blsh_NoncashProceedsOfSalesInInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_RepaymentsProceedsFromBorrowings" xlink:label="blsh_RepaymentsProceedsFromBorrowings" xlink:type="locator"/>
    <link:label xlink:label="blsh_RepaymentsProceedsFromBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">blsh_RepaymentsProceedsFromBorrowings</link:label>
    <link:label xlink:label="blsh_RepaymentsProceedsFromBorrowings-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayment of borrowings</link:label>
    <link:label xlink:label="blsh_RepaymentsProceedsFromBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of repayments (proceeds) from borrowings.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_RepaymentsProceedsFromBorrowings" xlink:to="blsh_RepaymentsProceedsFromBorrowings-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashProceedsFromBorrowingsViaDigitalAssets" xlink:label="blsh_NoncashProceedsFromBorrowingsViaDigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashProceedsFromBorrowingsViaDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from borrowings via digital assets</link:label>
    <link:label xlink:label="blsh_NoncashProceedsFromBorrowingsViaDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of noncash proceeds from borrowings via digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashProceedsFromBorrowingsViaDigitalAssets" xlink:to="blsh_NoncashProceedsFromBorrowingsViaDigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of related party [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="ifrs-full_DisclosureOfRelatedPartyExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_NoncashInterestReceivedInDigitalAssets" xlink:label="blsh_NoncashInterestReceivedInDigitalAssets" xlink:type="locator"/>
    <link:label xlink:label="blsh_NoncashInterestReceivedInDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Received in Digital Assets</link:label>
    <link:label xlink:label="blsh_NoncashInterestReceivedInDigitalAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of noncash interest received in Digital assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_NoncashInterestReceivedInDigitalAssets" xlink:to="blsh_NoncashInterestReceivedInDigitalAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="blsh-20251231.xsd#blsh_ProceedsRepaymentsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="blsh_ProceedsRepaymentsFromBorrowingsClassifiedAsFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="blsh_ProceedsRepaymentsFromBorrowingsClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from borrowings</link:label>
    <link:label xlink:label="blsh_ProceedsRepaymentsFromBorrowingsClassifiedAsFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of proceeds (repayments from borrowings, classified as financing activities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="blsh_ProceedsRepaymentsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="blsh_ProceedsRepaymentsFromBorrowingsClassifiedAsFinancingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOtherOperatingIncomeExplanatory" xlink:label="ifrs-full_DisclosureOfOtherOperatingIncomeExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfOtherOperatingIncomeExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other operating income [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherOperatingIncomeExplanatory" xlink:to="ifrs-full_DisclosureOfOtherOperatingIncomeExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of property, plant and equipment [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:label="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_DescriptionOfOptionLifeShareOptionsGranted</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Option life, share options granted</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="ifrs-full_AdjustedWeightedAverageShares" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustedWeightedAverageShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Diluted (in shares)</link:label>
    <link:label xlink:label="ifrs-full_AdjustedWeightedAverageShares-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Weighted average shares outstanding for the purposes of diluted earnings/(loss) per share (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustedWeightedAverageShares" xlink:to="ifrs-full_AdjustedWeightedAverageShares-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other operating expense [text block]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfOtherAssetsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other assets [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfOtherAssetsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other liabilities [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForAmortisationExpense" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForAmortisationExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization of other intangible assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForAmortisationExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease in digital assets held - inventories</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase in other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForDepreciationExpense-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Depreciation of property and equipment and right-of-use assets</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDepreciationExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_AdjustmentsForDepreciationExpense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_GB" xlink:label="country_GB" xlink:type="locator"/>
    <link:label xlink:label="country_GB-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">UNITED KINGDOM</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_GB" xlink:to="country_GB-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_GI" xlink:label="country_GI" xlink:type="locator"/>
    <link:label xlink:label="country_GI-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">GIBRALTAR</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_GI" xlink:to="country_GI-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase/(decrease) in other payables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForInterestIncome" xlink:label="ifrs-full_AdjustmentsForInterestIncome" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForInterestIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_AdjustmentsForInterestIncome</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForInterestIncome-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForInterestIncome" xlink:to="ifrs-full_AdjustmentsForInterestIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MaturityAxis" xlink:label="ifrs-full_MaturityAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_MaturityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed asset additions</link:label>
    <link:label xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Fixed asset additions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForSharebasedPayments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based payments expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net foreign exchange loss</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvances" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvances" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvances-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease/(increase) in digital assets held - loan receivable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvances" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvances-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease/(Increase) in digital assets held - financial assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtFairValueThroughProfitOrLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdministrativeExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_AdministrativeExpense</link:label>
    <link:label xlink:label="ifrs-full_AdministrativeExpense-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Administrative expenses</link:label>
    <link:label xlink:label="ifrs-full_AdministrativeExpense-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Administrative expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdvertisingExpense" xlink:label="ifrs-full_AdvertisingExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AdvertisingExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advertisement and promotion expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdvertisingExpense" xlink:to="ifrs-full_AdvertisingExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentProvisions" xlink:label="ifrs-full_NoncurrentProvisions" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentProvisions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Convertible redeemable preference shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisions" xlink:to="ifrs-full_NoncurrentProvisions-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EquityAttributableToOwnersOfParent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_EquityAttributableToOwnersOfParent</link:label>
    <link:label xlink:label="ifrs-full_EquityAttributableToOwnersOfParent-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total shareholders' equity attributable to the owners of the Group</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RetainedEarnings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated deficit</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_KY" xlink:label="country_KY" xlink:type="locator"/>
    <link:label xlink:label="country_KY-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CAYMAN ISLANDS</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_KY" xlink:to="country_KY-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AssetsAndLiabilitiesDomain" xlink:label="ifrs-full_AssetsAndLiabilitiesDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AssetsAndLiabilitiesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets and liabilities [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesDomain" xlink:to="ifrs-full_AssetsAndLiabilitiesDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_StatementOfFinancialPositionAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of financial position [abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AtFairValueMember" xlink:label="ifrs-full_AtFairValueMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AtFairValueMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">At fair value [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AtFairValueMember" xlink:to="ifrs-full_AtFairValueMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AtCostMember" xlink:label="ifrs-full_AtCostMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AtCostMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">At cost [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AtCostMember" xlink:to="ifrs-full_AtCostMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">EQUITY</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BorrowingsByNameDomain" xlink:label="ifrs-full_BorrowingsByNameDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_BorrowingsByNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameDomain" xlink:to="ifrs-full_BorrowingsByNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_LaterThanFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than five years [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year and not later than five years [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesDomain" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial liabilities [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialLiabilitiesDomain" xlink:to="ifrs-full_CategoriesOfFinancialLiabilitiesDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:label="ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialAssetsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial assets [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:to="ifrs-full_CategoriesOfFinancialAssetsDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:label="ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CategoriesOfRelatedPartiesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of related parties [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:to="ifrs-full_CategoriesOfRelatedPartiesDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfFinancialAssetsDomain" xlink:label="ifrs-full_ClassesOfFinancialAssetsDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialAssetsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial assets [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsDomain" xlink:to="ifrs-full_ClassesOfFinancialAssetsDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NotLaterThanOneYearMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not later than one year [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialInstrumentsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory" xlink:label="ifrs-full_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Information about relationship between disclosure of disaggregated revenue from contracts with customers and revenue information for reportable segments [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory" xlink:to="ifrs-full_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfAssetsDomain" xlink:label="ifrs-full_ClassesOfAssetsDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfAssetsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of assets [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsDomain" xlink:to="ifrs-full_ClassesOfAssetsDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Level3OfFairValueHierarchyMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 3 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level3OfFairValueHierarchyMember" xlink:to="ifrs-full_Level3OfFairValueHierarchyMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfShareCapitalDomain" xlink:label="ifrs-full_ClassesOfShareCapitalDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of share capital [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalDomain" xlink:to="ifrs-full_ClassesOfShareCapitalDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_NL" xlink:label="country_NL" xlink:type="locator"/>
    <link:label xlink:label="country_NL-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">NETHERLANDS</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_NL" xlink:to="country_NL-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Level2OfFairValueHierarchyMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 2 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfLiabilitiesDomain" xlink:label="ifrs-full_ClassesOfLiabilitiesDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ClassesOfLiabilitiesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of liabilities [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesDomain" xlink:to="ifrs-full_ClassesOfLiabilitiesDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Level1OfFairValueHierarchyMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 1 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="ifrs-full_Level1OfFairValueHierarchyMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EarningsPerShareExplanatory" xlink:label="ifrs-full_EarningsPerShareExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EarningsPerShareExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareExplanatory" xlink:to="ifrs-full_EarningsPerShareExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</link:label>
    <link:label xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortisation, intangible assets other than goodwill</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityInstrumentsHeld" xlink:label="ifrs-full_EquityInstrumentsHeld" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EquityInstrumentsHeld-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_EquityInstrumentsHeld</link:label>
    <link:label xlink:label="ifrs-full_EquityInstrumentsHeld-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity instruments held</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityInstrumentsHeld" xlink:to="ifrs-full_EquityInstrumentsHeld-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AmortisationExpense" xlink:label="ifrs-full_AmortisationExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AmortisationExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization of intangible assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationExpense" xlink:to="ifrs-full_AmortisationExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfEquityDomain" xlink:label="ifrs-full_ComponentsOfEquityDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ComponentsOfEquityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of equity [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityDomain" xlink:to="ifrs-full_ComponentsOfEquityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CounterpartiesDomain" xlink:label="ifrs-full_CounterpartiesDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CounterpartiesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparties [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesDomain" xlink:to="ifrs-full_CounterpartiesDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinanceCosts" xlink:label="ifrs-full_FinanceCosts" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_FinanceCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_FinanceCosts</link:label>
    <link:label xlink:label="ifrs-full_FinanceCosts-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Finance expense</link:label>
    <link:label xlink:label="ifrs-full_FinanceCosts-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Finance expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue" xlink:label="ifrs-full_GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Change in fair value</link:label>
    <link:label xlink:label="ifrs-full_GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue" xlink:to="ifrs-full_GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossAttributableToAbstract" xlink:label="ifrs-full_ProfitLossAttributableToAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLossAttributableToAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net income (loss) attributable to:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ifrs-full_ProfitLossAttributableToAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Owners of the Group</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncomeStatementAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit or loss [abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_SG" xlink:label="country_SG" xlink:type="locator"/>
    <link:label xlink:label="country_SG-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SINGAPORE</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_SG" xlink:to="country_SG-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AmountRemovedFromReserveOfChangeInValueOfTimeValueOfOptionsAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied" xlink:label="ifrs-full_AmountRemovedFromReserveOfChangeInValueOfTimeValueOfOptionsAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AmountRemovedFromReserveOfChangeInValueOfTimeValueOfOptionsAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_AmountRemovedFromReserveOfChangeInValueOfTimeValueOfOptionsAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied</link:label>
    <link:label xlink:label="ifrs-full_AmountRemovedFromReserveOfChangeInValueOfTimeValueOfOptionsAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfer of revaluation gain of digital assets held as investments upon disposal</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountRemovedFromReserveOfChangeInValueOfTimeValueOfOptionsAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied" xlink:to="ifrs-full_AmountRemovedFromReserveOfChangeInValueOfTimeValueOfOptionsAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_IncreaseDecreaseThroughExerciseOfOptions</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) through exercise of options, equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:to="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments" xlink:label="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Conversion of Bullish Global shares to Ordinary shares</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) through conversion of convertible instruments, equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments" xlink:to="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DepreciationPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Charge for the year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestPayable" xlink:label="ifrs-full_InterestPayable" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_InterestPayable-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loan interest payable to the related party</link:label>
    <link:label xlink:label="ifrs-full_InterestPayable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_InterestPayable</link:label>
    <link:label xlink:label="ifrs-full_InterestPayable-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan interest expense payable to related parties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPayable" xlink:to="ifrs-full_InterestPayable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_US" xlink:label="country_US" xlink:type="locator"/>
    <link:label xlink:label="country_US-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">UNITED STATES</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_US" xlink:to="country_US-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_VG" xlink:label="country_VG" xlink:type="locator"/>
    <link:label xlink:label="country_VG-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">VIRGIN ISLANDS, BRITISH</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_VG" xlink:to="country_VG-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LongtermDeposits" xlink:label="ifrs-full_LongtermDeposits" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_LongtermDeposits-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deposits</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermDeposits" xlink:to="ifrs-full_LongtermDeposits-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RestrictedCashAndCashEquivalents" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_RestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:label xlink:label="ifrs-full_RestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_RestrictedCashAndCashEquivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RestrictedCashAndCashEquivalents" xlink:to="ifrs-full_RestrictedCashAndCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentAssets" xlink:label="ifrs-full_OtherCurrentAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherCurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherCurrentAssets</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Other assets (current)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentAssets" xlink:to="ifrs-full_OtherCurrentAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisposalsPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed dsset disposals</link:label>
    <link:label xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Fixed asset disposals</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:to="ifrs-full_DisposalsPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" xlink:label="ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserve of equity component of convertible instruments [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" xlink:to="ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="ifrs-full_OtherCurrentLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherCurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherCurrentLiabilities</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Other payables (current)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherNoncurrentAssets" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherNoncurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherNoncurrentAssets</link:label>
    <link:label xlink:label="ifrs-full_OtherNoncurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Other assets (non-current)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentAssets" xlink:to="ifrs-full_OtherNoncurrentAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentFinanceLeaseReceivables" xlink:label="ifrs-full_NoncurrentFinanceLeaseReceivables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentFinanceLeaseReceivables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance lease receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentFinanceLeaseReceivables" xlink:to="ifrs-full_NoncurrentFinanceLeaseReceivables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentRestrictedCashAndCashEquivalents" xlink:label="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current restricted cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents" xlink:to="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherNoncurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NetAssetsLiabilities" xlink:label="ifrs-full_NetAssetsLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NetAssetsLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NetAssetsLiabilities</link:label>
    <link:label xlink:label="ifrs-full_NetAssetsLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetAssetsLiabilities" xlink:to="ifrs-full_NetAssetsLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DilutedEarningsLossPerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Diluted (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutedEarningsLossPerShare" xlink:to="ifrs-full_DilutedEarningsLossPerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GeographicalAreasDomain" xlink:label="ifrs-full_GeographicalAreasDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GeographicalAreasDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical areas [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasDomain" xlink:to="ifrs-full_GeographicalAreasDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BasicEarningsLossPerShare" xlink:label="ifrs-full_BasicEarningsLossPerShare" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_BasicEarningsLossPerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShare" xlink:to="ifrs-full_BasicEarningsLossPerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Translation adjustment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipmentIncludingRightofuseAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OrdinarySharesMember" xlink:label="ifrs-full_OrdinarySharesMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OrdinarySharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ordinary shares [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OrdinarySharesMember" xlink:to="ifrs-full_OrdinarySharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossRightofuseAssets" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossRightofuseAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossRightofuseAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment of right-of-use asset</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossRightofuseAssets" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossRightofuseAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherNoncurrentPayables" xlink:label="ifrs-full_OtherNoncurrentPayables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherNoncurrentPayables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherNoncurrentPayables</link:label>
    <link:label xlink:label="ifrs-full_OtherNoncurrentPayables-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Other payables (non-current)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentPayables" xlink:to="ifrs-full_OtherNoncurrentPayables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="ifrs-full_EarningsPerShareAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EarningsPerShareAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings/(Loss) per share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DepreciationExpense" xlink:label="ifrs-full_DepreciationExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DepreciationExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation of property and equipment and right-of-use assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="ifrs-full_EmployeeBenefitsExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_EmployeeBenefitsExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation and benefits</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EmployeeBenefitsExpense" xlink:to="ifrs-full_EmployeeBenefitsExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="ifrs-full_NoncurrentPrepayments" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentPrepayments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepayments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPrepayments" xlink:to="ifrs-full_NoncurrentPrepayments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherNoncurrentReceivables" xlink:label="ifrs-full_OtherNoncurrentReceivables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherNoncurrentReceivables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherNoncurrentReceivables</link:label>
    <link:label xlink:label="ifrs-full_OtherNoncurrentReceivables-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentReceivables" xlink:to="ifrs-full_OtherNoncurrentReceivables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfessionalFeesExpense" xlink:label="ifrs-full_ProfessionalFeesExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfessionalFeesExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal and professional fees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfessionalFeesExpense" xlink:to="ifrs-full_ProfessionalFeesExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentPayables" xlink:label="ifrs-full_OtherCurrentPayables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherCurrentPayables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="ifrs-full_OtherCurrentReceivables" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherCurrentReceivables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherCurrentReceivables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentReceivables-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentReceivables" xlink:to="ifrs-full_OtherCurrentReceivables-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</link:label>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income that will not be reclassified to profit or loss, net of tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ServicesExpense" xlink:label="ifrs-full_ServicesExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ServicesExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related party service fees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesExpense" xlink:to="ifrs-full_ServicesExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeAbstract" xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income/(loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReserveOfEquityComponentOfConvertibleInstruments" xlink:label="ifrs-full_ReserveOfEquityComponentOfConvertibleInstruments" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ReserveOfEquityComponentOfConvertibleInstruments-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Convertible redeemable preference shares(i)</link:label>
    <link:label xlink:label="ifrs-full_ReserveOfEquityComponentOfConvertibleInstruments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Option premium on convertible redeemable preference shares</link:label>
    <link:label xlink:label="ifrs-full_ReserveOfEquityComponentOfConvertibleInstruments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reserve of equity component of convertible instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfEquityComponentOfConvertibleInstruments" xlink:to="ifrs-full_ReserveOfEquityComponentOfConvertibleInstruments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:label="ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_LevelsOfFairValueHierarchyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Levels of fair value hierarchy [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:to="ifrs-full_LevelsOfFairValueHierarchyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UndrawnBorrowingFacilities" xlink:label="ifrs-full_UndrawnBorrowingFacilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_UndrawnBorrowingFacilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_UndrawnBorrowingFacilities</link:label>
    <link:label xlink:label="ifrs-full_UndrawnBorrowingFacilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Undrawn borrowing facilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UndrawnBorrowingFacilities" xlink:to="ifrs-full_UndrawnBorrowingFacilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MajorCustomersDomain" xlink:label="ifrs-full_MajorCustomersDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_MajorCustomersDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Major customers [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorCustomersDomain" xlink:to="ifrs-full_MajorCustomersDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MeasurementDomain" xlink:label="ifrs-full_MeasurementDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_MeasurementDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementDomain" xlink:to="ifrs-full_MeasurementDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MaturityDomain" xlink:label="ifrs-full_MaturityDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_MaturityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityDomain" xlink:to="ifrs-full_MaturityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_StatementOfCashFlowsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StatementGeographicalAxis" xlink:label="srt_StatementGeographicalAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_StatementGeographicalAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_StatementGeographicalAxis" xlink:to="srt_StatementGeographicalAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_SegmentGeographicalDomain" xlink:label="srt_SegmentGeographicalDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_SegmentGeographicalDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_SegmentGeographicalDomain" xlink:to="srt_SegmentGeographicalDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_StatementOfChangesInEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="ifrs-full_StatementOfChangesInEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodDomain" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-adjusting events after reporting period [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodDomain" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Amounts due to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amounts due to related parties(i)</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amounts due to related parties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingExpense" xlink:to="ifrs-full_MiscellaneousOtherOperatingExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestExpenseOnBorrowings" xlink:label="ifrs-full_InterestExpenseOnBorrowings" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_InterestExpenseOnBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan interest expense</link:label>
    <link:label xlink:label="ifrs-full_InterestExpenseOnBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expense on borrowings</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnBorrowings" xlink:to="ifrs-full_InterestExpenseOnBorrowings-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProductsAndServicesDomain" xlink:label="ifrs-full_ProductsAndServicesDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProductsAndServicesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Products and services [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesDomain" xlink:to="ifrs-full_ProductsAndServicesDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsDomain" xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment including right-of-use assets [domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsDomain" xlink:to="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis" xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment including right-of-use assets [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis" xlink:to="ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RangeDomain" xlink:label="ifrs-full_RangeDomain" xlink:type="locator"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeDomain" xlink:to="ifrs-full_RangeDomain-label" xlink:type="arc"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MeasurementAxis" xlink:label="ifrs-full_MeasurementAxis" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfAntidilutiveInstrumentsDomain" xlink:label="ifrs-full_TypesOfAntidilutiveInstrumentsDomain" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsDomain" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsDomain" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfContractsDomain" xlink:label="ifrs-full_TypesOfContractsDomain" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfFinancialAssetsDomain" xlink:label="ifrs-full_TypesOfFinancialAssetsDomain" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_TypesOfFinancialAssetsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of financial assets [domain]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherRevenue" xlink:label="ifrs-full_OtherRevenue" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherRevenue-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Total Other revenues</link:label>
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    <link:label xlink:label="ifrs-full_OtherRevenue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other revenue</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsDomain" xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsDomain" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_Revenue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital assets sales</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss</link:label>
    <link:label xlink:label="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income on financial assets designated at fair value through profit or loss</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:type="locator"/>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ParValuePerShare" xlink:label="ifrs-full_ParValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ParValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ParValuePerShare</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfSharesOutstanding</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NumberOfSharesIssuedAndFullyPaid</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares issued and fully paid (in shares)</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Number of shares issued and fully paid (in shares)</link:label>
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    <link:label xlink:label="ifrs-full_Assets-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Assets</link:label>
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    <link:label xlink:label="ifrs-full_Assets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
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    <link:label xlink:label="ifrs-full_DeferredTaxAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:label="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of commitments and contingent liabilities [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of classes of share capital [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Digital assets held - intangible assets</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other intangible assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Goodwill" xlink:label="ifrs-full_Goodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Goodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Equity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_Equity</link:label>
    <link:label xlink:label="ifrs-full_Equity-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total equity</link:label>
    <link:label xlink:label="ifrs-full_Equity-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Equity</link:label>
    <link:label xlink:label="ifrs-full_Equity-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CurrentAssets</link:label>
    <link:label xlink:label="ifrs-full_CurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_PropertyPlantAndEquipment</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentFinancialAssets" xlink:label="ifrs-full_OtherCurrentFinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherCurrentFinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialAssets" xlink:to="ifrs-full_OtherCurrentFinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentNonfinancialAssets" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherCurrentNonfinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentNonfinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_OtherCurrentNonfinancialAssets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentNonfinancialAssets" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Inventories-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital assets held - inventories</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentAssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NoncurrentAssets</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentAssets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total non-current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentAnnualReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Annual Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentAccountingStandard-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Accounting Standard</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentShellCompanyReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Shell Company Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NoncurrentLiabilities</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total non-current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AssetsAndLiabilitiesAxis" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_AssetsAndLiabilitiesAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets and liabilities [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="ifrs-full_AssetsAndLiabilitiesAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentRegistrationStatement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Registration Statement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncurrentAssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityIncorporationStateCountryCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentTransitionReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFinStmtErrorCorrectionFlag" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFinStmtErrorCorrectionFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Financial Statement Error Correction [Flag]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFinStmtErrorCorrectionFlag" xlink:to="dei_DocumentFinStmtErrorCorrectionFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityInteractiveDataCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CurrentLiabilities</link:label>
    <link:label xlink:label="ifrs-full_CurrentLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:type="locator"/>
    <link:label xlink:label="dei_SecurityExchangeName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:type="locator"/>
    <link:label xlink:label="dei_Security12bTitle-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_DividendsPaidToNoncontrollingInterests</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid to non-controlling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterests-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_NoncontrollingInterests-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_NoncontrollingInterests</link:label>
    <link:label xlink:label="ifrs-full_NoncontrollingInterests-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ProfitLossAttributableToNoncontrollingInterests-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment</link:label>
    <link:label xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Useful life measured as period of time, property, plant and equipment (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill</link:label>
    <link:label xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Useful life measured as period of time, intangible assets other than goodwill (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiaries [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="ifrs-full_SignificantInvestmentsInSubsidiariesAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Granted during the period, weighted average exercise price (in dollars per share)</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of share options granted in share-based payment arrangement (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" xlink:to="ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forfeited during the period, weighted average exercise price (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" xlink:to="ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cancelled during the period, weighted average exercise price (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:to="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exercised during the period, weighted average exercise price (in dollars per share)</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xlink:to="ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average remaining contractual life of outstanding share options (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:to="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainLossOfDerecognisedFinancialAssetsAtDateOfTransfer" xlink:label="ifrs-full_GainLossOfDerecognisedFinancialAssetsAtDateOfTransfer" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GainLossOfDerecognisedFinancialAssetsAtDateOfTransfer-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_GainLossOfDerecognisedFinancialAssetsAtDateOfTransfer</link:label>
    <link:label xlink:label="ifrs-full_GainLossOfDerecognisedFinancialAssetsAtDateOfTransfer-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">(Gain) from derecognition of lease</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOfDerecognisedFinancialAssetsAtDateOfTransfer" xlink:to="ifrs-full_GainLossOfDerecognisedFinancialAssetsAtDateOfTransfer-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Outstanding, weighted average exercise price (in dollars per share)</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Outstanding, weighted average exercise price (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xlink:to="ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfCostOfSalesExplanatory" xlink:label="ifrs-full_DisclosureOfCostOfSalesExplanatory" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_DisclosureOfCostOfSalesExplanatory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of cost of sales [text block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCostOfSalesExplanatory" xlink:to="ifrs-full_DisclosureOfCostOfSalesExplanatory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_Borrowings-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning of period</link:label>
    <link:label xlink:label="ifrs-full_Borrowings-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">As of end of December 31,</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_LongtermBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings (current)</link:label>
    <link:label xlink:label="ifrs-full_LongtermBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_LongtermBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan payable to related parties (iii)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShorttermBorrowings" xlink:label="ifrs-full_ShorttermBorrowings" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_ShorttermBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings (non-current)</link:label>
    <link:label xlink:label="ifrs-full_ShorttermBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ShorttermBorrowings</link:label>
    <link:label xlink:label="ifrs-full_ShorttermBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital assets loan payable (current)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermBorrowings" xlink:to="ifrs-full_ShorttermBorrowings-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_BorrowingsByNameAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_BorrowingsInterestRate</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings, interest rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LoansReceived" xlink:label="ifrs-full_LoansReceived" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_LoansReceived-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_LoansReceived</link:label>
    <link:label xlink:label="ifrs-full_LoansReceived-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans received</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LoansReceived" xlink:to="ifrs-full_LoansReceived-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BottomOfRangeMember" xlink:label="ifrs-full_BottomOfRangeMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_BottomOfRangeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bottom of range [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BrandNamesMember" xlink:label="ifrs-full_BrandNamesMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_BrandNamesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Brand names [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BrandNamesMember" xlink:to="ifrs-full_BrandNamesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BuildingsMember" xlink:label="ifrs-full_BuildingsMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_BuildingsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Buildings [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BuildingsMember" xlink:to="ifrs-full_BuildingsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="ifrs-full_GrossCarryingAmountMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_GrossCarryingAmountMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross carrying amount [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossCarryingAmountMember" xlink:to="ifrs-full_GrossCarryingAmountMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CarryingAmountMember" xlink:label="ifrs-full_CarryingAmountMember" xlink:type="locator"/>
    <link:label xlink:label="ifrs-full_CarryingAmountMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</link:label>
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    <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition</link:label>
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    <link:label xlink:label="ifrs-full_RepaymentsOfNoncurrentBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_RepaymentsOfNoncurrentBorrowings</link:label>
    <link:label xlink:label="ifrs-full_RepaymentsOfNoncurrentBorrowings-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repayments of non-current borrowings</link:label>
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    <link:label xlink:label="ifrs-full_ProceedsFromIssueOfOrdinaryShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net proceeds from issuance of Ordinary shares</link:label>
    <link:label xlink:label="ifrs-full_ProceedsFromIssueOfOrdinaryShares-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from issue of ordinary shares</link:label>
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