Record-Breaking Revenue and Growth
Bullish reported record adjusted revenue of $76.5 million, record adjusted EBITDA of $28.6 million, and record adjusted net income of $13.8 million for Q3 2025.
Launch of Options Trading
Successfully launched an options franchise with over $1 billion in trading volume in just over two weeks, with a market share of approximately 4%.
Expansion of Liquidity Services
Added a record number of liquidity services partners in Q3, with active partner count up 100% sequentially, and expanded relationships with major blockchain ecosystems.
Strong Performance in Media and Indices Business
CoinDesk became the top crypto news site globally by views, and indices business underpinned several new U.S.-based exchange-traded crypto products.
Regulatory and Market Position
Secured a BitLicense, enabling U.S. onboarding for Bullish exchange clientele, and positioned at the intersection of trends like regulatory clarity and asset tokenization.