The crypto exchange reported record revenue lifted by surging institutional activity around its U.S. spot market launch and new options desk that crossed $1 billion in volume.
Crypto News
Bullish posted $18.5 million in net income during the third quarter, swinging from a $67.3 million loss in the same period last year. The crypto exchange reported record revenue lifted by surging institutional activity around its U.S. spot market launch and new options desk that crossed $1 billion in volume.
Adjusted revenue climbed 72% year-over-year to $76.5 million, while adjusted EBITDA reached $28.6 million from $7.7 million previously. Adjusted net income turned positive at $13.8 million, though adjusted transaction revenue dipped to $26.7 million from $32.9 million due to lighter trading volumes.
BLSH shares fell over 6% in early Wednesday trading despite the strong quarterly results. The stock remains down nearly 40% over the past month, continuing a decline that erased most gains from its August debut on the New York Stock Exchange.
Bullish launched on the NYSE on Aug. 13 at $37 per share and soared as much as 218% to an intraday high of $188. Shares have since given back early momentum and now trade near $35, reflecting broader weakness affecting publicly traded crypto companies.
Cantor Fitzgerald analysts maintained their overweight rating on BLSH while lowering the price target to $56 from $59. The revision stemmed from a reduced target multiple across peer companies rather than concerns about Bullish's operational performance or growth trajectory.
VanEck Head of Digital Asset Research Matt Sigel noted that non-trading revenue remained basically flat. October perpetual futures spreads turned negative as the perps product lost money during a volatile month, though options activity stayed strong.
The exchange forged a relationship with Deutsche Bank during the quarter and won five of six new exchange-traded product launches in the U.S. Bullish's options business surpassed $1 billion within the quarter it launched, while assets under management tied to Bullish's indices increased to $49 billion from $41 billion in the prior quarter.
Cathie Wood's Ark Invest disclosed $10.2 million in net new Bullish share purchases across three exchange-traded funds on Monday. The investment came as BLSH traded near record lows, suggesting Wood's firm sees value at current prices despite recent stock weakness.
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