Bullish Reports Record Adjusted Q4 2025 Results, Strong Business Growth, and Positive 2026 Guidance
Summary
Bullish announced strong fourth quarter and full-year 2025 adjusted financial results, including record adjusted revenue and EBITDA, driven by significant growth in options trading and ETP indexing, alongside positive 2026 guidance.
Key Events
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Record Adjusted Financials
Bullish reported record Adjusted revenue of $92.5 million and Adjusted EBITDA of $44.5 million for Q4 2025, alongside Adjusted net income of $28.9 million, significantly exceeding prior year figures.
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Strong Business Momentum
The company achieved significant milestones, including surpassing $9 billion in options trading volume and becoming the #2 exchange for BTC options open interest, while also establishing itself as the #1 Indexer for digital asset ETPs.
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Positive 2026 Guidance
Management provided optimistic full-year 2026 guidance, projecting Subscription, services & other revenue between $220.0 million and $250.0 million, and Adjusted operating expense between $210.0 million and $230.0 million.
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IFRS Net Loss Reported
Despite strong adjusted results, the company reported an IFRS net loss of $(563.6) million for Q4 2025, primarily due to changes in the fair value of digital assets.
Analysis
Bullish's latest 6-K filing reveals a robust operational performance for Q4 and full-year 2025, with record adjusted revenue, EBITDA, and net income. Despite a substantial IFRS net loss, the company's emphasis on adjusted metrics highlights significant business momentum, particularly in its options trading platform, where it achieved the #2 position for BTC options open interest, and its ETP indexing services. The provided 2026 guidance further reinforces a positive outlook. This strong operational performance, coupled with the stock trading near its 52-week low, could serve as a significant catalyst for investor sentiment, indicating a potential turning point for the company as it expands its market infrastructure in the digital asset space.
At the time of this filing, BLSH was trading at $27.03 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $26.13 to $118.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.