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Guruwan Farinah

Research Analyst at Oppenheimer & Co. Inc.

Guruwan Farinah is an Equity Analyst at Oppenheimer & Co. Inc., focusing on technology sector research with a particular interest in fintech and digital platforms. In their current capacity, Farinah has covered companies such as Bullish and other technology-driven firms, contributing insightful analysis during key earnings calls and industry events. Farinah began their analyst career at Oppenheimer & Co. Inc. and is recognized for their rigorous approach to market trends and corporate performance, although publicly available performance metrics and prior firm affiliations remain limited. As an active representative, Farinah holds FINRA registration and the required securities licenses for equity research and analysis.

Guruwan Farinah's questions to Bullish (BLSH) leadership

Question · Q3 2025

Guruwan Farinah inquired about the potential capital efficiencies offered by cross-margining capabilities with options now live, specific near-term opportunities for expanding relationships with stablecoin issuers like Circle for tokenized money market products, and when perpetual futures revenue is expected to turn positive.

Answer

CEO Tom Farley detailed the capital efficiencies derived from Bullish's single matching engine and global order book, enabling smart portfolio margining for options and other derivatives. He noted that tokenization of various assets opens new opportunities across liquidity services and the exchange, following customer demand. Regarding perpetual futures, he reiterated that specific revenue guidance is not provided but pointed to monthly exchange data for tracking progress, expecting 2026 to be a better year.

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Question · Q3 2025

Guruwan Farinah with Oppenheimer asked about the potential capital efficiencies offered through greater cross-margining capabilities with the options platform, specific near-term opportunities for expanding relationships with tokenized assets like Circle's USYC, and when perpetual futures revenue is expected to turn positive.

Answer

CEO Tom Farley explained that Bullish's single matching engine and global order book enable efficient portfolio margining across spot and derivatives, providing the lowest possible margin for customers and offsetting correlated assets, which is crucial for options traders. He noted that Bullish follows customer demand for tokenized assets, expecting new opportunities from tokenization and the market infrastructure bill, and while not giving specific guidance on perpetual futures revenue, indicated progress and anticipated a better year in 2026.

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