Bullish (BLSH) Stock Drops Despite Record Q3 Earnings and Strong Revenue Growth

TLDR

• Bullish reported record Q3 2025 earnings with adjusted revenue up 72% year-over-year to $76.5 million and net income of $18.5 million versus a $67.3 million loss last year.
• The stock dropped 3.5% to 6% following the earnings announcement and trades near $35, below its $37 IPO price from August 2024.
• Adjusted EBITDA climbed to $28.6 million from $7.7 million in Q3 2024, while adjusted net income turned positive at $13.8 million.
• The exchange launched crypto options trading that surpassed $1 billion in cumulative volume and began U.S. spot trading after securing a New York BitLicense.
• Bullish shares have fallen nearly 40% over the past month despite the record financial performance.

Bullish posted its strongest quarterly results since going public in August 2024. But investors weren’t impressed. The stock fell between 3.5% and 6% on Wednesday following the earnings announcement.

Bullish, BLSH

The crypto exchange reported $18.5 million in net income for Q3 2025. That’s a dramatic turnaround from a $67.3 million loss in the same quarter last year. Adjusted revenue jumped 72% year-over-year to $76.5 million.

Adjusted EBITDA climbed to $28.6 million from $7.7 million in Q3 2024. Adjusted net income also turned positive at $13.8 million, compared to a $3.1 million loss a year earlier. The only weak spot was adjusted transaction revenue, which dipped to $26.7 million from $32.9 million due to lighter trading volumes.

The exchange made its debut on the New York Stock Exchange on August 13, 2024, at a $37 IPO price. Shares soared as high as $188 on the first day of trading, a 218% jump. Those gains have evaporated. Bullish now trades around $35 to $36.42 per share, below its IPO price.

The stock has dropped nearly 40% over the past month. Wednesday’s trading saw shares close at $36.42, down 3.5% on a day when the company delivered record results. The disconnect between performance and price reaction shows investor skepticism.

Institutional Growth Drives Results

Bullish’s Q3 performance was fueled by institutional activity around its new U.S. spot market. The exchange secured a BitLicense in New York during the quarter and launched spot trading for U.S. customers.

The company also rolled out crypto options trading. That desk has already processed more than $1 billion in cumulative volume. CEO Tom Farley highlighted these launches as key wins for the quarter.

The institutional focus sets Bullish apart in a crowded market. The exchange is also the parent company of CoinDesk. Its strategy centers on serving professional traders and institutions rather than retail customers.

Crypto Stocks Struggle to Hold Gains

Bullish isn’t alone in giving back early IPO momentum. Several crypto companies went public in 2024 and early 2025 but have struggled to maintain their initial pops.

Circle, the stablecoin issuer, launched on the NYSE in June 2025. Shares rose 167% on day one, from $31 to $82. They now trade around $71. Figure, a blockchain-based marketplace, began trading on Nasdaq in September at $25 and jumped nearly 25% on its first day. After hitting $49.17 in October, it now trades around $38.15.

Gemini Space Station (GEMI) debuted on Nasdaq in September at $28 per share, above its $17 to $19 target range. The stock climbed to $40 in early trading before reversing course. It currently trades near $11.60, down more than 50% from its opening price.

Kraken filed confidentially for an IPO with the SEC on Wednesday. The timing comes as crypto companies navigate volatile market conditions despite strong underlying business metrics.

Bullish shares last traded around $36.60 per share on Wednesday. The company’s Q3 results showed adjusted revenue of $76.5 million and adjusted EBITDA of $28.6 million.

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