Bullish Reports Record Adjusted Q4 2025 Results, Strong Business Growth, and Positive 2026 Guidance
BLSH is trading near its 52-week low of $26.13 (3.4% above the low) on elevated volume (2.1× avg).
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 · Earnings and Guidance · BLSH
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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 · BLSH · Crypto Assets
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.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 35.8% of the 1051 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
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.