Bullish (NYSE: BLSH) Stock Skyrockets: Record Q3 Earnings Crush Expectations as Trading Volumes Explode

Wall Street's crypto darling just delivered a knockout quarter that's sending shockwaves through traditional finance circles.

Q3 Performance Unleashed

Bullish shares surged double-digits after reporting numbers that would make even the most skeptical hedge fund manager take notice. Trading volumes hit unprecedented levels as institutional money finally wakes up to what crypto natives knew all along.

The volume surge wasn't just impressive—it was borderline ridiculous, proving that when traditional finance finally gets something right, they really go all in. Guess those Ivy League MBAs can read charts after all.

While the suits on Wall Street scramble to adjust their models, the crypto-forward platform demonstrates that sometimes the future arrives faster than quarterly projections. Another quarter like this and they might need to rename the company 'Absolutely Bullish.'

TLDR:

• Bullish Q3 2025: $41.6B in digital assets and $18.5M net income.
• Bullish posts a strong Q3 with a $18.5M net income and new crypto products.
• Bullish launches crypto options, reports $18.5M net income in Q3.
• Bullish boosts revenue and market share, eyes strong Q4 growth.
• Bullish’s Q3 success fuels optimism for future crypto market growth.

Bullish (NYSE: BLSH) experienced a significant surge in stock value, closing at $37.76, marking a 2.75% increase.

Bullish, BLSH

The company announced robust third-quarter results, showcasing strong growth in its digital asset business. Bullish’s ability to launch new products and expand its client base contributed to the firm’s positive performance. The results highlight the company’s strategic positioning within the rapidly growing cryptocurrency sector.

Record Financial Performance in Q3 2025

Bullish reported impressive financial results for Q3 2025, with digital asset sales totaling $41.6 billion. This figure represents a decrease from the $54.2 billion reported in Q3 2024. However, the company saw a remarkable increase in net income, reaching $18.5 million, compared to a loss of $67.3 million during the same period last year. Earnings per share improved to $0.10, a stark contrast to the previous year’s loss of $0.59 per share.

The firm’s adjusted revenue also saw significant growth, rising to $76.5 million from $44.6 million in the previous year. Adjusted EBITDA surged to $28.6 million, up from $7.7 million. The increase in profitability and revenue is attributed to Bullish’s expanded product offerings, including the launch of crypto options trading and its new U.S. spot trading business. These strategic moves have helped Bullish increase market share and attract institutional clients.

Expansion and New Products Drive Momentum

In Q3 2025, Bullish launched its crypto options business, which has already surpassed $1 billion in trading volume. This success demonstrates the growing demand for advanced crypto trading products. The company also made strides in its liquidity services, more than doubling its partnerships in Q3 compared to Q2. Additionally, the company’s expansion into U.S. spot trading was a key milestone, enabled by the approval of its NY BitLicense in September 2025.

Bullish’s entry into the U.S. market and its continued product development are crucial elements of its growth strategy. The firm is also gaining traction with its CoinDesk Indices, which are now featured in five out of six U.S.-based crypto exchange-traded products (ETPs). This success further solidifies the company’s position in the digital asset ecosystem and its ability to deliver value to institutional clients.

Optimistic Q4 Outlook and Strategic Focus

Bullish has provided a positive revenue forecast, expecting subscription, services, and other revenue to range from $47 million to $53 million. The company also anticipates adjusted operating expenses between $48 million and $50 million. These projections suggest that Bullish will continue to build on its successful momentum, with strong performance expected in the coming quarter.

Bullish’s diversified business model, which includes spot and derivatives trading, data services, and liquidity solutions, positions the company for sustained growth. With increasing institutional adoption of digital assets and the regulatory clarity around the sector, Bullish remains confident in its future prospects. The company’s strategic investments and partnerships are setting the stage for further success in 2025 and beyond.