- Bullish released its **September 2025 monthly metrics** on **October 7, 2025**.  **[1872195_0001104659-25-097532_tm2528175d1_6k.htm:0]** **[1872195_0001104659-25-097532_tm2528175d1_ex99-1.htm:0]** 
- The report includes key operational metrics such as **trading volume, average trading spread, and volatility for Bitcoin and Ethereum**.  **[1872195_0001104659-25-097532_tm2528175d1_ex99-1.htm:0]** 
- For September 2025, the **total trading volume was $39.6 billion**.  **[1872195_0001104659-25-097532_tm2528175d1_ex99-2.htm:0]** 
- The **average trading spread for September 2025 was 1.86**.  **[1872195_0001104659-25-097532_tm2528175d1_ex99-2.htm:0]** 
- **Bitcoin volatility was 23%** and **Ethereum volatility was 42%** in September 2025.  **[1872195_0001104659-25-097532_tm2528175d1_ex99-2.htm:0]**

Bullish Releases September 2025 Monthly Metrics

- Bullish (NYSE:BLSH) announced the **upcoming launch of crypto options trading**, expected on **October 8, 2025**.  **[1872195_20251001SF88438:0]** 
- 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.  **[1872195_20251001SF88438:0]** 
- 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**.  **[1872195_20251001SF88438:0]** 
- 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.  **[1872195_20251001SF88438:0]** **[1872195_20251001SF88438:1]**

Bullish to Launch Crypto Options Trading

- **Bullish (NYSE: BLSH)** launched **spot trading in the United States** on **October 1, 2025**, after securing a **BitLicense and Money Transmission License** from the New York State Department of Financial Services (NYDFS).  **[1872195_20251001NY88287:0]** 
- The platform is currently live in **20 states**, including New York, and offers **0% maker fees and low taker fees** for institutional accounts, and **0% trading fees** for individual accounts.  **[1872195_20251001NY88287:0]** 
- Globally, Bullish has achieved **over $1.5 trillion in cumulative trading volume** since late 2021 and ranks among the top ten exchanges for Bitcoin and Ether trading volume.  **[1872195_20251001NY88287:0]** 
- The platform is designed for institutions and advanced traders, providing deep liquidity through **Automated Market Maker (AMM) technology** and robust APIs, with **Nonco and BitGo** as day one institutional clients.  **[1872195_20251001NY88287:0]**

Bullish Launches U.S. Spot Trading

- Bullish reported **Q2 2025 digital asset sales of $58.6 billion** and **net income of $108.3 million**, or **$0.93 per diluted share**.  **[1872195_20250917NY76323:0]** 
- The company's **Q2 2025 Adjusted Revenue was $57.0 million** and **Adjusted EBITDA was $8.1 million**.  **[1872195_20250917NY76323:0]** 
- Bullish obtained the **New York DFS BitLicense in September 2025**, which is expected to unlock **Q4 2025 US market entry**.  **[1872195_20250917NY76323:0]** 
- For **Q3 2025**, the company issued guidance for **Adjusted Revenue between $69.0 and $76.0 million** and **Adjusted EBITDA between $25.0 and $28.0 million**.  **[1872195_20250917NY76323:0]** **[1872195_20250917NY76323:1]**

Bullish Announces Q2 2025 Results and Q3 2025 Guidance

- Bullish reported **Q2 2025 total adjusted revenue of $57 million**, a sequential decrease of 8.7%, and adjusted EBITDA of **$8.1 million**, down 39% sequentially.  **[1872195_2146430_7]** 
- The company provided **Q3 2025 guidance**, projecting total adjusted revenue between **$69 million and $76 million** and adjusted EBITDA between **$25 million and $28 million**.  **[1872195_2146430_7]** 
- Bullish announced the receipt of the **New York State Department of Financial Services BitLicense** on September 16, 2025, which enables an imminent launch in the U.S. market and completes its "quad factor" of Tier 1 regulatory licenses.  **[1872195_2146430_3]** **[1872195_2146430_4]** 
- Year-to-date through August 2025, the Bullish Exchange facilitated **over $530 billion in total volume**, and CoinDesk Indices' assets under management reached **$41 billion** as of June 30, 2025, an increase of over $9 billion from Q1.  **[1872195_2146430_2]** **[1872195_2146430_4]** 
- The full launch of the company's **options trading platform is anticipated in Q4 2025**, with liquidity services identified as the primary driver for Q3 revenue growth.  **[1872195_2146430_4]** **[1872195_2146430_13]**

Bullish Reports Q2 2025 Results, Issues Q3 Guidance, and Secures NY BitLicense

- For Q2 2025, Bullish reported **Total Adjusted Revenue of $57.0 million**, **Adjusted EBITDA of $8.1 million**, and an **Adjusted Net Income of ($6.0 million)**.  **[1872195_2146413:13]** **[1872195_2146413:14]** 
- The company provided Q3 2025 guidance, projecting **Total Adjusted Revenue between $69.0 million and $76.0 million**, **Adjusted EBITDA between $25.0 million and $28.0 million**, and **Total Trading Volume between $133.0 billion and $142.0 billion**.  **[1872195_2146413:19]** 
- Bullish achieved significant regulatory milestones, including **NY BitLicense approval** and a **MICAR license uplift through Germany's BaFin**, and launched trading for its **options product** with a full launch expected in Q4 2025.  **[1872195_2146413:10]** 
- CoinDesk Indices reported **$41 billion in AUM covered as of Q2 2025**, an increase of **$9 billion quarter-over-quarter**.  **[1872195_2146413:10]** **[1872195_2146413:8]**

Bullish Reports Q2 2025 Results and Provides Q3 2025 Guidance

- Bullish reported **Q2 2025 net income of $108.3 million** or **$0.93 per diluted share**, a significant improvement compared to a net loss of $(116.4) million or $(1.03) per diluted share in Q2 2024.  **[1872195_0001104659-25-090870_tm2525633d1_ex99-1.htm:1]** 
- **Digital asset sales increased to $58.6 billion** in Q2 2025, up from $49.6 billion in Q2 2024.  **[1872195_0001104659-25-090870_tm2525633d1_ex99-1.htm:1]** 
- The company achieved **Adjusted Revenue of $57.0 million** and **Adjusted EBITDA of $8.1 million** for Q2 2025.  **[1872195_0001104659-25-090870_tm2525633d1_ex99-1.htm:1]** 
- Bullish secured the **New York DFS BitLicense** in September 2025, which is expected to unlock **Q4 2025 US market entry**.  **[1872195_0001104659-25-090870_tm2525633d1_ex99-1.htm:1]** 
- For **Q3 2025, the company provided guidance** for **Adjusted Revenue between $69.0 million and $76.0 million** and **Adjusted EBITDA between $25.0 million and $28.0 million**.  **[1872195_0001104659-25-090870_tm2525633d1_ex99-1.htm:1]**

Bullish Reports Second Quarter 2025 Results and Q3 2025 Guidance

- **Bullish** (NYSE:BLSH) announced on **September 17, 2025**, that its U.S. digital asset trading and custody business, Bullish US Operations LLC, has been granted a **BitLicense** and Money Transmission License by the **New York State Department of Financial Services (NYDFS)**.  **[1872195_0001104659-25-090600_tm2525633d2_ex99-1.htm:0]** 
- This license allows Bullish to provide **digital asset spot trading and custody services** to institutions and advanced traders in New York State.  **[1872195_0001104659-25-090600_tm2525633d2_ex99-1.htm:0]** 
- The company views this as a **significant regulatory milestone** for its growth in the U.S. and a testament to its commitment to regulatory compliance.  **[1872195_0001104659-25-090600_tm2525633d2_ex99-1.htm:0]**

Bullish secures New York BitLicense from NYDFS

- **Bullish (NYSE: BLSH)** has been granted a **BitLicense** and Money Transmission License by the **New York State Department of Financial Services (NYDFS)**.  **[1872195_20250917NY75778:0]** 
- This license permits Bullish to provide **digital asset spot trading and custody services** to institutions and advanced traders within New York State.  **[1872195_20250917NY75778:0]** 
- The company considers this a **significant regulatory milestone** for its U.S. growth and a demonstration of its commitment to regulatory compliance.  **[1872195_20250917NY75778:0]**

Bullish (BLSH)