Bullish (BLSH) stock dipped 8% on Wednesday following the publication of its third-quarter results, showing the crypto exchange brought in record revenue after introducing spot markets in the U.S. and options trading.
The firm recorded $18.5 million in net income in the third quarter, up from a $67.3 million loss in the year-earlier period, on adjusted revenue of $76.5 million and adjusted EBITDA of $28.6 million. This equates to earnings per share of 10 cents, in line with estimates. Analysts appear mixed on the early results.
Cantor Fitzgerald equities researchers maintained their “overweight” rating on BLSH, noting the firm has made inroads in crypto ETF markets and could benefit from an influx of institutional activity. However, the analysts lowered their price target for BLSH to $56 from $59, driven largely by a lowered target multiple “across the peer group.”
Bullish was one of several crypto firms to go public this year, having listed on the NYSE in August. The firm raised $1.11 billion, pricing 30 million shares at $37, and saw a first-day pop to over $93.
VanEck Head of Digital Asset Research Matt Sigel, meanwhile, gave a flatter view. Bullish’s non-trading revenue was “basically flat,” including its CoinDesk subsidiary-led conference revenue and choppy options trading returns.
“October perpetual futures spreads turned negative (perps product lost money in a volatile month),” Sigel said, adding, “Options activity strong, but management gave no near-term revenue lift.”
That said, Bullish had a busy quarter that could set it up for long-term profitability, Cantor’s Brett Knoblauch and Gareth Gacetta wrote. The exchange forged a relationship with Deutsche Bank and won five of the six new exchange-traded product launches in the U.S.
Bullish’s options business surpassed $1 billion within the quarter it was launched, while the assets under management tied to Bullish’s indices increased to $49 billion from $41 billion the quarter prior. Two new ETPs tied to the CoinDesk20 index are expected to launch, Cantor said.
On Monday, Cathie Wood’s Ark Invest disclosed $10.2 million worth of net new Bullish share purchases across three of its exchange-traded funds.
Bullish said it expects growth in its subscription, services, and other revenue to $53 million in the fourth quarter.
BLSH was trading at $35.61 at publication time, down about 5.6%, according to The Block’s price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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