In Q4 2025, Bullish generated record adjusted revenue of $92.5 million and adjusted EBITDA of $44.5 million. The company reported a net loss of $563.6 million due primarily to changes in the fair value of digital assets, while core operating performance improved year over year.

Bullish delivered a strong Q3 2025 with record adjusted financial performance, driven by the launch of new trading products and expansion in liquidity services.

Bullish saw strong growth in its subscriptions and services revenue, outpacing transaction revenues, though it posted a net loss of $6 million. Adjusted EBITDA was positive at $8.1 million.