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, 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.