Bullish Q3 2025 Earnings Recap

BLSH Q3 2025 November 20, 2025

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Bullish Global reported stellar Q3 2025 results, achieving record adjusted revenue of $76.5 million and a 100% sequential increase in active liquidity services partners, signaling strong growth momentum across its crypto services.

Earnings Per Share Miss

$0.10 vs $0.10 est.

-3.0% surprise

Revenue Beat

76500000000 vs 72924368 est.

+104803.2% surprise

Market Reaction

1-Day +0.3%

5-Day +11.29%

30-Day +16.6%

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Key Takeaways

Achieved record adjusted EBITDA of $28.6 million and adjusted net income of $13.8 million, reflecting robust profitability.
Successfully launched options trading and onboarded marquee customers for U.S. exchange operations, enhancing service offerings.
Active partner count for liquidity services doubled sequentially, driven by new collaborations with major blockchain ecosystems like Solana and Cardano.
Bullish's media business has accelerated, now ranked as the top global crypto news site by views, enhancing brand visibility.
Continued development in tokenization capabilities as demand grows for bridging traditional assets into the crypto space.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit BLSH on AllInvestView.

Next Q1 2026