Overview
- Bullish reported adjusted revenue of $76.5 million, net income of $18.5 million, EPS of $0.10, and adjusted EBITDA of $28.6 million for Q3 2025.
- The company launched crypto options and began U.S. spot trading after securing a New York BitLicense, with options volume surpassing $1 billion and quarter-to-date spot activity up 77% versus Q3.
- Management guided fourth-quarter subscription, services and other revenue to $47 million–$53 million and expects adjusted operating expenses of $48 million–$50 million.
- Adjusted transaction revenue fell year-over-year to $26.7 million, and analysts flagged product headwinds and profitability pressures, with Cantor trimming its price target and VanEck noting negative perpetual futures spreads in October.
- Bullish disclosed $3.48 billion in net liquid assets, and Ark Invest’s disclosures showed recent purchases of roughly $10 million and an accumulated stake of about $172 million since the listing.