Bullish Loses 3.5% Despite Earnings That Could Buy a Small Island 🏝️

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Shares of Bullish fell 3.5%, because why let success go to your head? The crypto exchange reported record Q3 earnings, but the stock decided to moonwalk back to 2019.

  • Adjusted revenue? Please, it’s just a fancy way of saying “we’re rich now” (71% YoY, thank you very much).
  • Crypto options trading and U.S. spot trading launched. Because who isn’t launching things in Q3?
  • Adjusted EBITDA? More like Adjusted “Let’s Go Shopping”… $28.6 million, up from $7.7 million. Because who doesn’t want to fund their yacht with crypto profits? 💸

Crypto exchange Bullish has demonstrated a strong turnaround in profitability amid its institutional expansion. Yet its shares saw a correction, dropping 3.5% to $36.42 on the same day, falling below its IPO price of $37 a share. Classic: launch a rocket, then sell it for less than a toaster. 🚀🍞

On Wednesday, November 19, Bullish posted its third-quarter 2025 results, which reflected its expanding offering in the U.S. Bullish, trading under the ticker BLSH on the New York Stock Exchange, reported an adjusted revenue of $76.5 million for Q3, a 71% increase from $44.6 million a year ago. Because nothing says “success” like trading below your IPO price while your numbers scream “I’m a genius.” 🐄

Adjusted EBITDA rose to $28.6 million, up from $7.7 million a year ago. This signalled greater operational efficiency and scale amid increasing revenue. In turn, this also reflected in the adjusted net income, which hit $13.8 million, up from a $3.1 million loss in Q3 2024. Because who needs consistency when you can have a rollercoaster? 🎢

“Bullish continues to win. After posting record SS&O revenue and record profitability in the third quarter, we are continuing to see strong momentum in the fourth quarter,” said David Bonanno, Bullish CFO. Translation: “We’re doing fine, ignore the stock price.” 🤡

Bullish expands offering with spot U.S. trading

During the quarter, Bullish also made two strategic expansions. For one, the exchange launched crypto options trading, which already surpassed $1 billion in cumulative volume. Because who needs a modest $1 billion when you can have a cumulative $1 billion? 🤷♂️

In the same quarter, the exchange also secured a BitLicense in New York and launched spot trading in the United States. Because regulatory compliance is so 2023.

Price Action

Bullish stock at last check traded around $36.60 per share. That’s down about 3.12%. Because why celebrate a profit when you can cry over pennies? 😢

Bullish had a highly successful third quarter. We launched our crypto options trading and U.S. spot trading businesses, signed notable institutional clients, gained indices traction, and expanded our liquidity services partners meaningfully,” said Tom Farley, Bullish CEO. A masterclass in corporate jargon. 📚

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2025-11-20 00:00