Bullish (NYSE:BLSH), the institutional digital asset exchange, delivered its strongest quarter yet on Wednesday, reporting record adjusted revenue and EBITDA for the third quarter of 2025. Adjusted revenue surged to $76.5 million, up sharply from $44.6 million a year earlier and ahead of Wall Street forecasts.
Shares of the company rose 3.20% in premarket trading following the upbeat results.
Earnings per share came in at $0.10, in line with both analyst estimates and last year’s figure. Adjusted EBITDA jumped to $28.6 million, compared with $7.7 million in Q3 2024. Net income improved dramatically as well, reaching $18.5 million versus a net loss of $67.3 million in the prior-year period.
“Bullish had a highly successful third quarter,” said CEO Tom Farley. “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.”
Much of the quarter’s momentum came from subscription, services, and other revenue, which climbed to $49.3 million, up from $11.5 million last year. By contrast, adjusted transaction revenue declined to $26.7 million from $32.9 million, reflecting changes in trading volumes and market conditions.
Looking ahead to Q4 2025, Bullish projected subscription, services, and other revenue between $47.0 million and $53.0 million, while adjusted operating expenses are expected to fall in the $48.0 million to $50.0 million range.
CFO David Bonanno pointed to accelerating growth trends: “Our recently launched options product has already surpassed $1B in trading volume and quarter-to-date spot trading volume is up 77% from Q3. We continue to expand our liquidity services ecosystem and feel confident that our diversified business model will deliver sustained, profitable growth.”