Bullish ((BLSH)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Bullish Company Shines in Q3 Earnings Call with Record Performance
Bullish Company demonstrated a strong financial performance in its latest earnings call, showcasing record revenues and significant advancements in options trading and liquidity services. Despite these achievements, the company acknowledged some challenges, including flat Q4 SS&O revenue guidance and a slow onboarding process for U.S. customers.
Record-Breaking Revenue and Growth
Bullish reported a remarkable financial performance for Q3 2025, with record adjusted revenue of $76.5 million, record adjusted EBITDA of $28.6 million, and record adjusted net income of $13.8 million. This growth highlights the company’s robust business model and its ability to capitalize on market opportunities.
Launch of Options Trading
The company successfully launched an options franchise, achieving over $1 billion in trading volume in just over two weeks. This rapid growth secured Bullish a market share of approximately 4%, demonstrating the company’s strategic prowess in expanding its trading services.
Expansion of Liquidity Services
Bullish expanded its liquidity services significantly in Q3, with a record number of new partners and a 100% sequential increase in active partner count. The company also strengthened its relationships with major blockchain ecosystems, enhancing its market presence.
Strong Performance in Media and Indices Business
Bullish’s media and indices business also performed well, with CoinDesk becoming the top crypto news site globally by views. The indices business supported several new U.S.-based exchange-traded crypto products, further solidifying Bullish’s industry influence.
Regulatory and Market Position
The company secured a BitLicense, facilitating U.S. onboarding for its exchange clientele. Positioned at the intersection of regulatory clarity and asset tokenization trends, Bullish is strategically poised for future growth.
Flat Q4 Guidance for SS&O Revenue
Despite the strong Q3 performance, Bullish provided flat guidance for Q4 SS&O revenue, citing seasonality and downward price movements in the broader digital asset space as contributing factors.
Challenges with U.S. Onboarding
The onboarding process for U.S. customers has been slow, described as a ‘slog’ due to robust diligence requirements post-FTX. This has slowed progress despite a strong early pipeline.
Negative Spread in Perpetual Futures
In October, Bullish experienced a significant negative spread in perpetual futures, driven largely by market volatility. This challenge highlights the complexities of navigating the digital asset landscape.
Forward-Looking Guidance
Bullish provided optimistic guidance for the remainder of the fiscal year, expecting its momentum to continue with SS&O revenue guidance of $47 million to $53 million for Q4. The company emphasized its strategic positioning in the tokenization trend and its robust regulatory footprint, which supports U.S. expansion and integration with institutional clients. Bullish is confident in sustaining profitable growth into 2026, driven by its diversified revenue streams and strategic market positioning.
In conclusion, Bullish’s latest earnings call reflects a company on the rise, with record-breaking performance and strategic expansions in key areas. While challenges remain, particularly in U.S. onboarding and market volatility, Bullish’s forward-looking guidance suggests a promising trajectory for sustained growth and profitability.