Bullish (BLSH) Beats Q3 Estimates With $76.5M in Revenue

Bullish (BLSH), a crypto exchange, reported strong third-quarter performance with earnings per share of $0.10, a significant recovery from a loss of $0.59 in the previous year. The exchange saw adjusted revenue of $76.5 million, surpassing analyst expectations of $72.9 million and up from $44.6 million in the same quarter last year. Net income reached $18.5 million, rebounding from a $67.3 million loss in the similar period of the previous year. This turnaround is attributed to the introduction of options trading and U.S. spot trading after receiving a BitLicense in September 2025. Bullish recorded over $1 billion in trading volume for its newly launched options and a 77% increase in spot trading volume for the quarter. The company anticipates generating $47 million to $53 million from subscription, services, and other revenues in Q4 2025. Following the earnings report, shares increased by 2% in pre-market trading.

Source 🔗