Coinspeaker
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Bullish Reports $18.5M Q3 Profit, Options Volume Exceeds $1 Billion

Bullish Q3 2025 Financial Performance

  • Net income reached $18.5 million, a shift from losses in the previous year.
  • Adjusted revenue totaled $76.5 million, up from $44.6 million in Q3 2024.
  • Adjusted EBITDA increased to $28.6 million from $7.7 million in the prior-year period.

New Business Lines and Trading Volumes

  • Launched crypto options with 14 partners, achieving over $1 billion in volume in Q3.
  • Started US spot trading after regulatory approval, boosting Q4 spot trading volumes by 77% compared to Q3 average.

Visualization of main data | Credit: Coinspeaker

Investor Activity

  • Ark Invest acquired nearly $10 million in Bullish shares before the earnings release.
  • Total investment by Ark Invest in Bullish shares amounts to approximately $172 million since its public listing.

Diversified Revenue Streams

  • Significant growth in Subscription, Services, and Other (SS&O) segment revenue due to new liquidity services partnerships.
  • Projected SS&O revenue for Q4 is between $47 million and $53 million.
  • Expected adjusted operating expenses for Q4 are $48 million to $50 million.
  • Ended the quarter with $3.48 billion in net liquid assets, excluding customer funds and borrowings.