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Sep 30, 2025
Bullish Q3 2025 Earnings Report
Bullish posted record adjusted revenue, adjusted EBITDA, and adjusted net income in Q3 2025.
Key Takeaways
Bullish delivered a strong Q3 2025 with record adjusted financial performance, driven by the launch of new trading products and expansion in liquidity services.
Adjusted revenue reached a record $76.5 million in Q3 2025.
Adjusted EBITDA came in at $28.6 million.
Net income turned positive at $18.5 million, up from a $67.3 million loss in Q3 2024.
Bullish surpassed $1 billion in crypto options trading volume shortly after launch.
Revenue by Segment
Forward Guidance
Management expects continued strength in Q4 2025, with momentum in new trading products and expansion in liquidity services.
Positive Outlook
- Subscription, Services & Other Revenue guidance: $47M to $53M
- Q4 options product has already surpassed $1B in trading volume
- Spot trading volume is up 77% quarter-to-date
- Expansion in liquidity services partners expected to continue
- Confidence in diversified business model driving profitable growth
Challenges Ahead
- Adjusted operating expenses expected to be $48M to $50M
- Digital asset sales declined YoY from $54.2B to $41.6B
- Adjusted transaction revenue declined YoY from $32.9M to $26.7M
- Crypto market volatility and asset prices could impact future revenues
Historical Earnings Impact
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Avg. Return Before/After Earnings
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