Bullish Shares Dip Below IPO Price Despite Record Q3 Revenue and Product Launches
Bullish shares fell more than 5% after its Q3 earnings report, trading below the August IPO price of $37 per share. The company's shares had previously reached highs of $118 but were around $35.87 at the time of reporting, indicating a decline from the IPO peak.
In Q3, Bullish reported adjusted revenue totaling $76.5 million and net income of $18.5 million, a notable improvement compared to Q3 2024 figures which showed $44.6 million in adjusted revenue and a net loss of $67.3 million. The quarter featured record subscriptions, services, and other (SS&O) revenue alongside improving profitability.
During the quarter, Bullish launched its options product and U.S. exchange, with options trading exceeding $1 billion in volume. Additionally, quarter-to-date spot trading volume increased 77% compared to Q3.
In September, Bullish received the New York BitLicense to operate as a digital asset trading and custody business. The company is prioritizing tokenization and real-world asset (RWA) tokenization, citing regulatory clarity and increased institutional adoption as key trends and aims to expand its tokenization strategy. To support this, Bullish has submitted an application with the SEC to become a registered transfer agent, which would aid in the tokenization of U.S. securities.
