Bullish (BLSH) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 adjusted revenue of $77M, adjusted EBITDA of $29M, and adjusted net income of $14M, all surpassing guidance and showing strong sequential and year-over-year growth.

• Total trading volume reached $142B, with spot trading at $130B and derivatives at $12B.

• Launched options trading and U.S. exchange business, surpassing $1B in options volume and onboarding major retail and institutional clients.

• Media and index businesses accelerated, with CoinDesk becoming the top global crypto news site and indices underpinning new U.S. and global ETPs.

• Secured NY BitLicense and partnered with Deutsche Bank for institutional fiat integration.

Financial highlights

• Q3 2025 adjusted revenue was $76.5M, up 72% year-over-year and exceeding guidance.

• Adjusted EBITDA reached $28.6M, up 271% year-over-year, with a 37% margin.

• Adjusted net income was $13.8M, compared to a loss in Q3 2024.

• Adjusted operating expenses were $47.9M, down 2% from Q2.

• Gross liquid assets totaled $4.42B and net liquid assets $3.49B at quarter-end.

Outlook and guidance

• Q4 2025 guidance: Subscription, Services & Other Revenue expected between $47M and $53M; adjusted operating expenses projected at $48M to $50M.

• Total trading volume for Q4 projected between $180B and $252B.

• Management expects continued strong momentum in Q4, with spot trading volume up 77% quarter-to-date from Q3.

• Anticipates materially higher transaction revenue in Q4 due to increased volatility and active trading customers.

• Confident in sustained and profitable growth into 2026 and beyond.