Research analysts who have asked questions during Bullish earnings calls.
Bill Papanastasiou
Keefe, Bruyette & Woods (KBW)
5 questions for BLSH
Also covers: ARBK, BITF, BTDR +11 more
Brett Knoblauch
Cantor Fitzgerald & Co.
5 questions for BLSH
Also covers: APLD, AVPT, BITF +18 more
Brian Bedell
Deutsche Bank
5 questions for BLSH
Also covers: AMG, AMTD, APO +22 more
Chris Brendler
Rosenblatt Securities
5 questions for BLSH
Also covers: ABTC, BULL, CIFR +6 more
Joseph Vafi
Canaccord Genuity - Global Capital Markets
5 questions for BLSH
Also covers: ADV, ALIT, ASGN +20 more
Peter Christiansen
Citigroup Inc.
5 questions for BLSH
Also covers: ADP, ADT, ALIT +12 more
Dan Fannon
Jefferies & Company Inc.
4 questions for BLSH
Also covers: AB, AMG, AMTD +22 more
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for BLSH
Also covers: APO, ARES, BAM +27 more
Guru (on for Owen Lau)
Oppenheimer
2 questions for BLSH
Also covers: FRGE
Guruwan Farinah
Oppenheimer & Co. Inc.
2 questions for BLSH
Ken Worthington
JPMorgan
2 questions for BLSH
Also covers: CRCL
Daniel Fannon
Jefferies Financial Group Inc.
1 question for BLSH
Also covers: AB, AMG, AMTD +27 more
Recent press releases and 8-K filings for BLSH.
Bullish releases November 2025 monthly metrics
BLSH
- Bullish (NYSE: BLSH) released its November 2025 monthly metrics on December 4, 2025, which include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum.
- For November 2025, the total trading volume was $80.8 billion, with spot trading volume accounting for $75.3 billion.
- The average trading spread for November 2025 was 1.85 bps, while monthly average volatility was 45% for Bitcoin and 68% for Ethereum.
3 days ago
Bullish Reports Record Q3 2025 Financials and Successful Product Launches
BLSH
Earnings
Guidance Update
Product Launch
- Bullish reported record financial results for Q3 2025, with adjusted revenue of $76.5 million, adjusted EBITDA of $28.6 million, and adjusted net income of $13.8 million.
- The company fully launched its options franchise on October 31, trading over $1 billion in volume in just over two weeks with $1 billion in open interest, and also launched its U.S. exchange business, onboarding major retail and institutional brokers.
- Liquidity services, identified as Bullish's fastest-growing business, saw its active partner count increase by 100% sequentially in Q3 2025 and expanded its Layer 1 blockchain relationships.
- For Q4 2025, Bullish anticipates SS&O revenue between $47 million and $53 million and adjusted operating expenses between $48 million and $50 million, expecting materially higher transaction revenue compared to Q2 and Q3 2025.
Nov 19, 2025, 1:30 PM
Bullish Reports Record Q3 2025 Financial Results and Strategic Business Expansion
BLSH
Earnings
Product Launch
Guidance Update
- Bullish reported record Q3 2025 adjusted revenue of $76.5 million, marking a 34% sequential and 72% year-over-year increase, alongside record adjusted EBITDA of $28.6 million and adjusted net income of $13.8 million.
- The company fully launched its options franchise in late October, quickly achieving over $1 billion in trading volume and $1 billion in open interest in just over two weeks, and also launched its U.S. exchange business, onboarding marquee customers faster than anticipated.
- Liquidity services emerged as Bullish's fastest-growing business, with its active partner count increasing 100% sequentially in Q3, and the company has submitted an application to the SEC for regulatory approval as a transfer agent to bolster its tokenization strategy.
- For Q4 2025, Bullish anticipates materially higher transaction revenue and has provided guidance for SS&O revenue between $47 million and $53 million, with adjusted operating expenses projected to be between $48 million and $50 million.
Nov 19, 2025, 1:30 PM
Bullish Reports Record Q3 2025 Results and Strong Q4 Business Momentum
BLSH
Earnings
Guidance Update
Product Launch
- Bullish reported record Q3 2025 results, with adjusted revenue of $76.5 million, adjusted EBITDA of $28.6 million, and adjusted net income of $13.8 million. Total adjusted revenue increased 34% sequentially and 72% year-over-year, exceeding the high end of guidance.
- The company's liquidity services business is its fastest-growing segment, adding a record number of partners in Q3 2025, resulting in a 100% sequential increase in active partner count. Bullish also expanded its layer one blockchain relationships by adding Canton, Cardano, Midnight, and VeChain.
- Bullish fully launched its options franchise and U.S. exchange business in Q4 2025, with the options exchange trading over $1 billion in volume and achieving approximately $1 billion in open interest in just over two weeks. The company also actively onboarded new U.S. customers, including major retail and institutional brokers.
- For Q4 2025, Bullish expects SS&O revenue to be between $47 million and $53 million and adjusted operating expenses between $48 million and $50 million, anticipating materially higher transaction revenue compared to Q2 and Q3 2025.
Nov 19, 2025, 1:30 PM
Bullish announces Q3 2025 results and operational achievements
BLSH
Earnings
Guidance Update
Product Launch
- Bullish reported Q3 2025 Adjusted Revenue of $77 million and Adjusted Net Income of $14 million, with Total Trading Volume reaching $142 billion.
- The company's Q3 2025 financial results were in-line or above guided ranges, notably exceeding guidance for Total Adjusted Revenue and Adjusted EBITDA.
- Operational highlights include the launch of Crypto Options in October 2025, which rapidly achieved over $1 billion in trading volume, and securing a NY BitLicense in September 2025.
- Adjusted Operating Expenses decreased 2.0% quarter-over-quarter to $47.9 million in Q3 2025.
Nov 19, 2025, 1:30 PM
Bullish Reports Strong Q3 2025 Results and Provides Q4 2025 Guidance
BLSH
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Bullish reported record Adjusted Revenue of $76.5 million and record Adjusted EBITDA of $28.6 million for Q3 2025, significantly increasing from $44.6 million and $7.7 million, respectively, in Q3 2024.
- The company achieved a net income of $18.5 million, or $0.10 per diluted share, in Q3 2025, representing a turnaround from a net loss of $(67.3) million, or $(0.59) per diluted share, in Q3 2024.
- Key business developments in Q3 2025 included the launch of crypto options trading, which surpassed $1 billion in trading volume, and the initiation of U.S. spot trading following NY BitLicense approval.
- For Q4 2025, Bullish provided guidance projecting Subscription, Services & Other Revenue between $47.0 million and $53.0 million and Adjusted Operating Expenses between $48.0 million and $50.0 million.
- Bullish completed its initial public offering (IPO) in August 2025, issuing 34,500,000 Ordinary shares at $37.00 per share, which generated net proceeds of $1,212.7 million.
Nov 19, 2025, 11:45 AM
Bullish releases October 2025 monthly metrics
BLSH
Revenue Acceleration/Inflection
- Bullish released its October 2025 monthly metrics on November 6, 2025, detailing trading volume, average trading spread, and volatility for Bitcoin and Ethereum.
- For October 2025, the Total Trading Volume reached $80.5 billion, with Spot trading volume accounting for $77.5 billion.
- The Average Trading Spread for October 2025 was 1.59 basis points.
- Monthly average volatility for October 2025 was 38% for Bitcoin (BTC) and 58% for Ethereum (ETH).
- These reported metrics are unaudited and preliminary.
Nov 6, 2025, 11:45 AM
Bullish and Deutsche Bank Announce Corporate Banking Partnership
BLSH
New Projects/Investments
- Bullish (NYSE: BLSH) has announced a corporate banking partnership with Deutsche Bank to further integrate traditional financial services within the digital asset industry.
- Through this collaboration, Deutsche Bank will provide comprehensive corporate banking services, including the facilitation of fiat deposits and withdrawals, for customers of Bullish Exchange's Hong Kong SFC and German BaFin-regulated businesses.
- The partnership aims to extend these services to customers in other locations, including the U.S., as Bullish expands its regulatory footprint, enhancing the security and efficiency of its services.
- Since its launch in November 2021, Bullish has surpassed $1.5 trillion in cumulative trading volume and in 2025, executes over $2 billion in average daily volume, ranking among the top ten exchanges by spot volume for Bitcoin and Ether.
Oct 8, 2025, 8:00 AM
Bullish Releases September 2025 Monthly Metrics
BLSH
Demand Weakening
- Bullish released its September 2025 monthly metrics on October 7, 2025.
- The report includes key operational metrics such as trading volume, average trading spread, and volatility for Bitcoin and Ethereum.
- For September 2025, the total trading volume was $39.6 billion.
- The average trading spread for September 2025 was 1.86.
- Bitcoin volatility was 23% and Ethereum volatility was 42% in September 2025.
Oct 7, 2025, 8:40 PM
Bullish to Launch Crypto Options Trading
BLSH
Product Launch
New Projects/Investments
- Bullish (NYSE:BLSH) announced the upcoming launch of crypto options trading, expected on October 8, 2025.
- This new offering will enhance Bullish's ecosystem of crypto derivatives, providing institutional customers with a comprehensive product suite that includes spot, margin, perpetual futures, dated futures, and now, options.
- The launch is supported by a consortium of leading day-one trading partners, including Abraxas Capital Management, B2C2, Cumberland, FalconX, Flow Traders, Galaxy Digital, and Wintermute.
- Bullish's options contracts will be settled in USDC and utilize Bullish Portfolio Margining (BPM), a risk-sensitive margin methodology designed for better risk management and greater capital efficiency, allowing customers to leverage their entire portfolio as collateral across spot, futures, and options within a unified trading account.
Oct 2, 2025, 1:00 AM
Quarterly earnings call transcripts for Bullish.
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