🚀 Bullish Swings to Profit in Q3 After Adding Options & U.S. Spot Trading
📈 Market Reaction
Shares of Bullish (BLSH) rose 2% in pre-market trading.
📰 Key Highlights
💰 Earnings per share (EPS): $0.10
(vs. a loss of $0.59 last year)
📊 Adjusted revenue: $76.5M
(up from $44.6M — and above analyst expectations of $72.9M)
🟩 Net income: $18.5M
(vs. a $67.3M loss last year)
🔥 What’s Driving the Growth?
🟢 Launched crypto options trading
🟢 Started U.S. spot trading after receiving a New York BitLicense
🟢 5 of 6 new U.S. crypto ETPs were based on CoinDesk Indexes
🟢 Liquidity service partnerships doubled quarter-over-quarter
📈 CFO Statement
“Our new options product crossed $1B in trading volume, and spot trading volume is up 77% this quarter. We are confident our diversified model will keep delivering profitable growth.” — CFO David Bonanno
💼 Business Performance
📦 Record revenue from Subscriptions, Services & Other (SS&O)
💼 Adjusted EBITDA: $28.6M
(vs. $7.7M last year — huge jump!)
🔮 Q4 Outlook
Revenue expected between $47M – $53M for SS&O.
