TechFlow, November 20 — On November 19, 2025, Bullish (NYSE: BLSH) released its third-quarter financial results, demonstrating strong performance. The company achieved adjusted revenue of $76.5 million and adjusted EBITDA of $28.6 million, both record highs.
Third-quarter highlights include:
- Net income of $18.5 million, or $0.10 per diluted share, compared to a net loss of $67.3 million in the same period last year
- Adjusted net income of $13.8 million, a significant improvement from an adjusted net loss of $3.1 million in the prior-year period
- Digital asset sales volume reached $41.599 billion, down from $54.192 billion in the same period last year
In terms of business development, Bullish successfully launched crypto options trading services, partnered with 14 leading trading counterparties, and quickly surpassed $1 billion in trading volume. The company also obtained a BitLicense from the New York State Department of Financial Services, officially launching its spot trading operations in the United States. Additionally, five out of six newly launched spot crypto ETPs in the U.S. are based on CoinDesk indices.
Looking ahead to the fourth quarter of 2025, Bullish expects subscription, services, and other revenue to range between $47 million and $53 million, with adjusted operating expenses projected at $48 million to $50 million.
