Bullish (BLSH.US) Q3 revenue increased by 71.5% year-on-year. GAAP earnings per share fell short of expectations.

The cryptocurrency trading platform Bullish (BLSH.US) has announced its performance for the third quarter of 2025. The financial report indicates that Bullish's Q3 adjusted revenue increased by 71.5% year-on-year to $76.5 million, exceeding market expectations by $5.36 million; adjusted trading revenue was $26.7 million, lower than the $32.9 million in the same period last year. The digital asset sales totaled $41.6 billion, down from $54.2 billion in the same period last year. The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $28.6 million, significantly higher than the $7.7 million in the same period last year; adjusted net profit was $13.8 million, compared to a net loss of $3.1 million in the previous year. In addition, earnings per share under GAAP accounting standards were $0.10, an improvement from a loss of $0.59 per share in the same period last year, but lower than market expectations of $1.59 per share. Bullish expects revenue from subscriptions, services, and other sources in the fourth quarter to be between $47 million and $53 million, with adjusted operating expenses ranging from $48 million to $50 million.