Bullish stock drops 3.5% despite record Q3 earnings

Shares of the Bullish fell 3.5% despite the crypto exchange reporting record third-quarter earnings.
Summary

• Bullish reported a 71% year-over-year increase in adjusted revenue
• The exchange also launched crypto options trading and U.S. spot trading.
• Adjusted EBITDA jumped to $28.6 million, up from $7.7 million a year ago

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.

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.

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.

“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.

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.

In the same quarter, the exchange also secured a BitLicense in New York and launched spot trading in the United States.

Price Action

Bullish stock at last check traded around $36.60 per share. That’s down about 3.12%.

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.