Bullish Sets New Records with Surging Adjusted Revenue, EBITDA, and Options Milestone
Q3 Results Mark All-Time Highs in Adjusted Revenue, EBITDA, and Net Income
Bullish (NYSE:BLSH), the digital asset platform focused on institutional clients, announced its third quarter 2025 results with record adjusted revenue of $76.5 million, a new high for adjusted EBITDA at $28.6 million, and adjusted net income reaching $13.8 million. These figures show a strong turnaround from last year’s Q3 adjusted net loss, while the company beat its own guided ranges for multiple business lines.
Crypto Options Launch Surpasses $1 Billion in Volume—New Product Drives Growth
One standout development: Bullish launched crypto options trading in Q3 and quickly exceeded $1 billion in options trading volume, working with 14 major trading partners. Management credits this new offering as a key growth catalyst, alongside U.S. spot trading expansion after receiving a coveted NY BitLicense in September. Spot trading volume quarter-to-date in Q4 is already up 77% from Q3 levels, highlighting strong customer adoption.
| Metric | Q3 2025 | Q3 2024 |
|---|---|---|
| Adjusted Revenue ($M) | 76.5 | 44.6 |
| Adjusted EBITDA ($M) | 28.6 | 7.7 |
| Adjusted Net Income ($M) | 13.8 | -3.1 |
| Adjusted Transaction Revenue ($M) | 26.7 | 32.9 |
| Options Trading Volume ($B) | >1.0 | - |
| Spot Trading Volume QTD Growth | +77% | - |
Liquidity, Indices, and U.S. Expansion Bolster Platform Fundamentals
Q3 also saw Bullish more than double new partnerships for its liquidity services versus the previous quarter. The company’s CoinDesk indices are becoming the industry benchmark, now powering 5 out of 6 new U.S. spot crypto ETPs in recent months. With approval for U.S. spot trading in hand and new institutional client wins, Bullish appears positioned for continued growth across multiple business lines.
Balance Sheet Remains Strong with Substantial Liquidity Gains
The company’s gross liquid assets jumped to $4.42 billion as of September 30, 2025 (up from $2.87 billion at year-end 2024), while net liquid assets climbed to $3.49 billion (from $1.70 billion). This liquidity provides a significant buffer for expansion and operations in volatile crypto markets.
| Balance Sheet Highlights ($M) | Sept 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Gross Liquid Assets | 4,419.5 | 2,868.9 |
| Net Liquid Assets | 3,485.0 | 1,696.1 |
Outlook: Q4 Guidance Remains Strong, Focus on Diversified Growth
Management expects subscription, services & other revenue in Q4 2025 to range between $47.0 and $53.0 million, with adjusted operating expenses of $48.0–$50.0 million. With spot trading volume growing sharply and a newly diversified revenue model that leans on services and indices, Bullish continues to guide toward sustainable, profitable growth even as digital asset sales have moderated compared to last year.
Key Takeaways for Investors: Expansion, Innovation, and Profitability
In sum, Bullish’s Q3 marks a record period of profitability and expansion across key financial and operational metrics, from adjusted revenue to liquidity. The early success of its options product, robust client wins, and growing industry influence through indices suggest the company is effectively leveraging crypto market trends like regulatory clarity and institutional adoption. Investors will want to track whether this growth can be maintained as market competition and regulation evolve.
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