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Bullish Reports Record Q3 Profits Despite Drop in Digital Asset Sales

Bullish achieved record adjusted revenue, EBITDA, and net profit in Q3 2025, launching crypto options while reaching $1B in trading volume despite lower digital asset sales.

Summary

Bullish reported record Q3 2025 adjusted revenue of $76.5 million, adjusted EBITDA of $28.6 million, and adjusted net profit of $13.8 million. Net profit soared to $18.5 million, a sharp turnaround from a $67.3 million loss in Q3 2024. The quarter featured the launch of crypto options and achieved $1 billion in trading volume, even as digital asset sales dropped year over year from $54.2 billion to $41.6 billion.

Terms & Concepts
  • Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, modified to exclude certain non-recurring or non-cash items for a clearer view of operational performance.
  • Digital Asset Sales: Transactions involving cryptocurrencies or other blockchain-based assets, measured in total value over a specific period.
  • Crypto Options: Derivative contracts granting the right, but not the obligation, to buy or sell a cryptocurrency at a predetermined price before or at a specific date.