Bullish, parent company of CoinDesk, reported a steep quarterly loss but maintained high trading volumes after launching U.S. spot and options markets following its NYSE listing.
Bullish, the crypto trading platform and parent of CoinDesk, reported a Q4 2025 net loss of $563.6 million, reversing a $158.5 million profit from the year prior. The loss per share was $3.73, driven by non-cash digital asset remeasurement losses. Bullish began U.S. spot trading in September, generating $64.3 billion in volume, and launched an options business with $9 billion in contracts traded during the quarter. The company went public on the NYSE in August via direct listing, and its shares fell 5% in pre-market trading after the earnings release.