Bullish ( (BLSH) ) has released its Q3 earnings. Here is a breakdown of the information Bullish presented to its investors.
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Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides market infrastructure and information services, operating under regulatory frameworks in several major jurisdictions including the United States and the European Union.
In its third quarter of 2025, Bullish reported record financial results, surpassing expectations in several key areas. The company achieved a notable milestone by launching options trading, which quickly surpassed $1 billion in trading volume, and expanded its U.S. spot trading operations following regulatory approval.
Key financial highlights for the quarter include an adjusted revenue of $76.5 million, a significant increase from the previous year’s $44.6 million. Adjusted EBITDA also saw a substantial rise to $28.6 million from $7.7 million in the same period last year. The company reported a net income of $18.5 million, a turnaround from a loss of $67.3 million in Q3 2024. Additionally, Bullish’s liquidity services expansion and strategic partnerships have contributed to its robust financial performance.
Bullish’s management remains optimistic about the future, citing ongoing momentum in the fourth quarter and confidence in their diversified business model to sustain profitable growth. The company continues to focus on expanding its liquidity services ecosystem and capitalizing on trends in the digital asset industry.