Bullish Swings to Profit in Third Quarter After Adding Options, U.S. Spot Trading

Why It Matters

The profit swing validates Bullish’s diversified model and its U.S. regulatory foothold, positioning the firm to capture growing demand for regulated spot and options trading and signaling broader institutional confidence in crypto market infrastructure.

Summary

Bullish (BLSH), the crypto platform behind CoinDesk, posted a third‑quarter profit of $18.5 million, or $0.10 per share, reversing a $67.3 million loss a year earlier and beating analysts’ EPS expectations. The turnaround was driven by the launch of U.S. spot trading after securing a New York BitLicense and the introduction of crypto options, which generated over $1 billion in volume and helped spot trading rise 77% quarter‑to‑date. Adjusted revenue reached $76.5 million, surpassing forecasts, and adjusted EBITDA climbed to $28.6 million from $7.7 million a year ago. Bullish forecast subscription and services revenue of $47‑$53 million for Q4, and its shares rose more than 2% in pre‑market trading.