Bullish Reports Third Quarter Profit Amid Expansion into U.S. Spot and Options Trading
Bullish, the crypto platform owner of CoinDesk, began trading on the NYSE under the ticker BLSH after going public.
In the third quarter of 2025, Bullish reported a net income of $18.5 million and earnings per share of $0.10, reversing a loss of $67.3 million and a loss per share of $0.59 in the same quarter the previous year. Adjusted revenue for the quarter was $76.5 million compared to $44.6 million a year earlier.
Shares rose more than 2% in pre-market trading following the earnings announcement.
The company started U.S. spot trading in September after obtaining a BitLicense from New York regulators, and launched crypto options in partnership with 14 trading partners. Five of the six newly introduced U.S. crypto exchange-traded products (ETPs) are based on CoinDesk Indexes. Additionally, liquidity services partnerships doubled compared to the prior quarter.
Subscription, services, and other (SS&O) revenue reached a record level, and adjusted EBITDA rose to $28.6 million from $7.7 million in the year-ago quarter.
For the fourth quarter, Bullish guided SS&O revenue to be between $47 million and $53 million.
CFO David Bonanno noted that options trading volume surpassed $1 billion and that quarter-to-date spot trading volume increased 77% from the third quarter. The company emphasized its diversified business model supports sustained, profitable growth.
