Bullish Reports $563.6M Q4 Loss Despite Beating EPS, Shares Drop 5%

TLDR

• Bullish reported a fourth-quarter net loss of $563.6 million on a GAAP basis.
• The company posted adjusted revenue of $92.5 million, which exceeded analyst expectations.
• Adjusted earnings per share came in at $0.19, which was higher than the expected $0.15.
• Bullish launched spot crypto trading in the United States in September.
• The platform recorded $64.3 billion in spot trading volume during the quarter.

Bullish ended the fourth quarter with a net loss of $563.6 million, citing non-cash digital asset losses and macro pressure, yet still beat adjusted earnings forecasts and expanded its trading products, while shares dropped 5% during the trading session and trading volumes slowed in early 2025.

Bullish beats revenue and EPS expectations despite steep GAAP loss

Bullish reported $92.5 million in adjusted revenue for Q4, above the expected $87.8 million forecast by analysts. Adjusted earnings per share reached $0.19, beating the consensus estimate of $0.15 despite market headwinds.

However, the company posted a GAAP loss of $3.73 per share, driven by digital asset remeasurement expenses. Total Q4 loss reached $563.6 million, a figure affected by accounting for crypto market volatility.

CEO Tom Farley remained confident, stating, “We are more convicted than ever that our institutional positioning is the right approach.” He emphasized the long-term outlook, saying Bullish expects to “thrive in 2026” even with current challenges.

Spot and options trading boost platform activity in a competitive U.S. market

Bullish launched spot crypto trading in the U.S. in September, entering a crowded and heavily regulated environment. During the quarter, the platform processed $64.3 billion in spot trading volume, driven by institutional interest.

The company also introduced an options trading division to widen its crypto service portfolio. The new business line achieved $9 billion in options volume during the fourth quarter, expanding Bullish’s product mix.

Despite expansion, shares declined 5% as markets reacted to sector-wide price pressures and digital asset revaluations. Bitcoin price dropped over 7% in the same 24-hour window, trading below $70,000 at the time of the earnings release.

Analysts react to mixed signals as early 2025 data reveals trading weakness

Compass Point analyst Ed Engel said Bullish’s Q4 performance was “strong,” yet pointed to soft early 2025 trading trends. January revenue fell 17% month-over-month and came in 32% below the Q4 average, indicating a slower start to the year.

Engel maintained a Neutral rating and placed his $35 price target under review due to crypto valuation concerns. He highlighted that Bullish’s lack of quarterly guidance on revenue and EBITDA adds uncertainty to near-term visibility.

Still, 2026 guidance for Subscriptions, Services & Other revenue came slightly above estimates, suggesting stability. Oppenheimer’s Owen Lau noted SS&O revenue could grow nearly 50% at the midpoint with lower-than-forecast expenses.

Lau acknowledged Q4 outperformance was largely due to strength in the SS&O segment, supporting long-term momentum. Both analysts pointed to macro volatility as a key reason for caution despite a solid close to 2025.

Bullish went public through a direct listing in August on the New York Stock Exchange. It previously operated as a private crypto exchange catering to institutional clients.

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