Bullish (BLSH) Q4 2025 earnings summary

Executive summary

• Achieved record growth in Q4 2025, driven by options trading launch, U.S. market entry, and global regulatory licenses.

• Surpassed $9B in BTC options trading volume, reaching #2 in BTC options open interest within one quarter.

• Secured U.S. transfer agent registration in December 2025, advancing tokenization capabilities.

• CoinDesk established as #1 indexer for digital assets, winning 15 of 39 ETF listings globally in Q4 2025.

• Focused on exchange growth, tokenization leadership, and digital asset indices/insights for 2026.

Financial highlights

• Q4 2025 adjusted revenue: $92.5M (up ~70% YoY); full year: $288.5M (up ~35% YoY).

• Q4 2025 adjusted EBITDA: $44.5M (48% margin); full year adjusted EBITDA: $94.3M.

• Q4 2025 adjusted net income: $28.9M; full year: $38.8M.

• Q4 2025 total trading volume: $222B; digital asset sales: $64.3B.

• Subscription, services, and other revenue grew 3.8x YoY to $155.5M in FY25.

Outlook and guidance

• 2026 SS&O revenue guidance: $220M–$250M, reflecting ~50% YoY growth at midpoint.

• 2026 adjusted operating expenses: $210M–$230M, with low single-digit growth expected.

• Finance expense for 2026 expected at $52M–$60M.

• 2026 guidance incorporates macro headwinds, regulatory developments, and selective product sunsetting.

• Focus areas: derivatives and U.S. exchange growth, tokenization, and expanding information services.