Bullish posted record revenue and profit in the third quarter, but the strong results failed to sway investors, with the company’s share price continuing to decline.
News
Bullish, an institutionally focused crypto exchange and the parent company of CoinDesk, reported its strongest quarter since going public, lifted by surging institutional activity around its new US spot market and a crypto options desk that crossed $1 billion in volume.
Bullish recorded $18.5 million in net income, swinging from a $67.3 million loss in the same quarter a year earlier, the company on Wednesday. Adjusted revenue rose 72% year-over-year to $76.5 million, while adjusted EBITDA climbed to $28.6 million from $7.7 million.
Adjusted net income also turned positive at $13.8 million, though adjusted transaction revenue dipped to $26.7 million from $32.9 million, reflecting lighter trading volumes.
Bullish’s stock price did not react positively to the news. It was down over 6% in early trading hours, and remains nearly 40% over the past month.
Bullish made its (NYSE) on Aug. 13, soaring as much as 218% from its $37 IPO price to an intraday high of $188. It has since given back those early gains, with shares now hovering near $35.
Related:
Against the backdrop of a and new stablecoin clarity under the , 2025 has become a breakout year for crypto companies entering the public markets. But despite strong market debuts, many crypto companies have struggled to sustain early gains.
In June, stablecoin issuer and rose 167% on its first day of trading. Shares debuted at $31 and closed the day at $82. They are currently trading around $71, as per from Yahoo Finance.
Figure, a blockchain-based marketplace for financial products, began trading on the Nasdaq on Sept. 11 after lifting its IPO price to $25 from $18 amid strong demand. The stock and reached as high as 49.17 on Oct. 8. It now around $38.15.
Crypto exchange Gemini Space Station (GEMI) on Sept. 12 at $28 per share, well above its original $17 to $19 range. The stock climbed to $40 in early trading before reversing, and currently near $11.60.
Crypto exchange Kraken announced on Wednesday it has confidentially a draft S-1 with the US Securities and Exchange Commission, taking the first formal step toward a potential initial public offering.
Magazine:
