TLDR
- Bullish posted record Q3 2025 results with adjusted revenue of $76.5 million, up 72% from last year, and net income of $18.5 million versus a $67.3 million loss.
- Stock fell 3.5% to 6% following the earnings announcement and now trades around $35-$36, below the $37 IPO price from August 2024.
- Adjusted EBITDA jumped to $28.6 million from $7.7 million while adjusted net income reached $13.8 million compared to a $3.1 million loss in Q3 2024.
- The crypto exchange launched options trading exceeding $1 billion in volume and started U.S. spot trading after obtaining a New York BitLicense.
- Shares have declined nearly 40% over the past month despite the strong quarterly performance and institutional growth.
Bullish announced its strongest quarter since going public in August 2024. The market didn’t care. Shares fell as much as 6% on Wednesday despite record-breaking financial results.
The crypto exchange reported net income of $18.5 million for Q3 2025. Compare that to a $67.3 million loss in the same quarter last year. Adjusted revenue rose 72% year-over-year to reach $76.5 million from $44.6 million.
The company’s adjusted EBITDA climbed to $28.6 million versus $7.7 million in Q3 2024. Adjusted net income swung positive to $13.8 million after posting a $3.1 million loss a year earlier. Adjusted transaction revenue was the only metric that declined, dropping to $26.7 million from $32.9 million due to softer trading volumes.
CFO David Bonanno expressed confidence in the results. “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.”
Price Action Contradicts Performance
Bullish shares closed at $36.42 on Wednesday, down 3.5% for the day. That puts the stock below its $37 IPO price. Early trading saw losses reach 6% before recovering slightly.
When Bullish listed on the New York Stock Exchange in mid-August, the stock exploded. Shares climbed from $37 to an intraday high of $188, a 218% surge. Those gains have completely evaporated. The stock now hovers in the mid-$30s range.
Over the past month, Bullish has lost nearly 40% of its value. The decline accelerated even as the company delivered its best quarterly results. Shares last traded around $36.60, reflecting continued downward pressure.
Institutional Products Fuel Growth
Bullish expanded its product lineup during the third quarter. The exchange rolled out crypto options trading, which has already surpassed $1 billion in total volume since launch. The company also obtained a BitLicense from New York regulators and launched spot trading for U.S. customers.
CEO Tom Farley highlighted these developments. “We launched our crypto options trading and U.S. spot trading businesses, signed institutional clients, gained indices traction, and expanded our liquidity services partners meaningfully.”
The focus on institutional clients distinguishes Bullish from retail-oriented exchanges. The strategy appears to be driving revenue growth and improving profitability metrics. However, investors remain unconvinced about the stock’s valuation.
Crypto Stocks Struggle After IPOs
Bullish joins other crypto companies that have failed to maintain early IPO momentum. Circle debuted on the NYSE in June at $31 and jumped to $82 on the first day. The stock now trades around $71, well off its highs.
Figure began trading on Nasdaq in September at $25 and climbed to $49.17 in October. Shares currently sit at $38.15. Gemini Space Station launched at $28 in September, briefly touched $40, and has since crashed to approximately $11.60.
Kraken submitted a confidential S-1 filing to the SEC on Wednesday, signaling plans for a potential IPO. The exchange will enter public markets at a time when crypto stocks face skeptical investors despite strong operating results. Bullish’s Q3 performance shows profitability is possible, but share prices tell a different story.
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