One of the fundamental physical quantities necessary to describe the mechanical properties of the materials is the bulk modulus. In the present report, a simple method to estimate the values of the bulk modulus and its pressure derivative of metallic glasses is presented. The method which is based on a jellium model of metals provides a good agreement with measured data. The estimated values of the elastic constants have been used to determine the equation of state of bulk metallic glasses. It is found that the usual Murnaghan equation of state deviates considerably from the experimental results at high pressures. The deviation has been interpreted to arise from the structural relaxations. The effect of pressure on the fragility of bulk metallic glasses is discussed briefly.