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Bullish Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Achieved record Q3 2025 adjusted revenue of $77M, adjusted EBITDA of $29M, and adjusted net income of $14M, surpassing guidance and driven by strong product launches and institutional growth.
Total trading volume reached $142B in Q3 2025, with spot trading at $130B and derivatives at $12B, and options trading surpassing $1B in volume shortly after launch.
Launched options trading and U.S. exchange business, onboarding major retail and institutional clients faster than anticipated, and secured NY BitLicense for U.S. expansion.
Liquidity services and tokenization platform are the fastest-growing business lines, with active partner count up over 100% sequentially.
CoinDesk media and indices businesses are gaining market share, underpinning new ETFs and ETPs globally, and expanding revenue diversification.
Financial highlights
Q3 2025 adjusted revenue was $76.5M–$77M, up 72% year-over-year and exceeding guidance.
Adjusted EBITDA reached $28.6M–$29M, up 253% sequentially and 271% year-over-year, with a margin of 37.4%.
Adjusted net income was $13.8M–$14M, compared to a loss in Q2 and Q3 2024.
Adjusted operating expenses for Q3 were $47.9M, down 2% from Q2.
Gross liquid assets totaled $4.42B, 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.
SS&O revenue growth drivers and sustainability
Q4 trading volume impact on transaction revenue
Liquidity services expansion: competitive edge?
Transfer agent license: new tokenization scope?
Options launch: what drives early success?
CLARITY Act: expected business impact?
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