Shares of Bullish fell 3.5% despite the cryptocurrency exchange reporting record third-quarter profits.
Summary
- Bullish reported a 71% year-over-year increase in adjusted revenue
- The exchange also launched crypto options trading and spot trading in the United States.
- Adjusted EBITDA jumped to $28.6 million from $7.7 million a year ago.
Cryptocurrency exchange Bullish has demonstrated a strong turnaround in profitability amid its institutional expansion. Still, its shares saw a correction, falling 3.5% to $36.42 the same day, falling below its IPO price of $37 per share.
On Wednesday, November 19, Bullish reported its third quarter 2025 results, which reflect its expanded offering in the United States. Bullish, trading under the symbol BLSH on the New York Stock Exchange, reported third-quarter adjusted revenue of $76.5 million, an increase of 71% from $44.6 million a year ago.
Adjusted EBITDA reached $28.6 million, compared to $7.7 million a year ago. This demonstrates greater operational efficiency and scale amid rising revenues. This was also reflected in adjusted net income, which reached $13.8 million, compared to a loss of $3.1 million in the third quarter of 2024.
“Bullish continues to win. After reporting record SS&O revenue and profitability in the third quarter, we continue to see strong momentum in the fourth quarter,” said David Bonanno, Bullish CFO.
Bullish expands its offering with spot trading in the United States
During the quarter, Bullish also completed two strategic expansions. On the one hand, the exchange launched crypto options trading, which has already exceeded $1 billion in cumulative volume.
During the same quarter, the exchange also obtained a BitLicense in New York and launched spot trading in the United States.
Price Action
The bullish stock at last check was trading around $36.60 per share. This represents a decrease of approximately 3.12%.
Bullish had a very successful third quarter. We launched our crypto options and spot trading businesses in the United States, signed notable institutional clients, gained traction on the indices, and significantly expanded our liquidity services partners,” said Tom Farley, CEO of Bullish.
