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Bullish Reports $244.8 Billion Digital Asset Sales in Fiscal 2025

According to the company’s Feb. 5 announcement, Bullish reported record Q4 2025 adjusted revenue and EBITDA despite a net loss, alongside strong digital asset sales and second-ranked Bitcoin options open interest.

BTC

Summary

According to Bullish’s official announcement on Feb. 5, Q4 2025 digital asset sales were $64.3B, with a net loss of $563.6M. Adjusted revenue reached a record $92.5M and EBITDA $44.5M. Options trading volume totaled $9B, with $4B open interest, placing Bullish second in Bitcoin options.

Terms & Concepts
  • EBITDA: Earnings before interest, taxes, depreciation, and amortization; a measure of operating profitability.
  • Open Interest: The total number of outstanding derivative contracts, such as options or futures, that have not been settled.
  • Bitcoin Options: Derivatives that give the right, but not the obligation, to buy or sell Bitcoin at a specified price before expiration.