Bullish, the institutionally focused crypto exchange and parent company of CoinDesk, reported its best quarterly performance since its public debut, driven by rising institutional demand for its new US spot market and a crypto options desk that surpassed $1 billion in trading volume.
The company posted $18.5 million in net income, a sharp turnaround from a $67.3 million loss in the same quarter last year. Adjusted revenue climbed 72% year-over-year to $76.5 million, while adjusted EBITDA rose to $28.6 million, up from $7.7 million.
Adjusted net income also turned positive at $13.8 million, though adjusted transaction revenue dropped to $26.7 million from $32.9 million, reflecting lighter trading activity.
Stock declines despite strong financial results
Despite the record numbers, Bullish’s stock price continued to fall. Shares were down more than 6% in early Wednesday trading and remain down nearly 40% over the past month.
The company listed on the New York Stock Exchange (NYSE) on Aug. 13, initially soaring 218% from its $37 IPO price to an intraday high of $188. Those early gains have since faded, with the stock now trading near $35.
Public crypto firms face volatile 2025 market
The mixed reaction to Bullish’s results comes during a volatile year for publicly listed crypto companies. A supportive US administration and new stablecoin rules under the GENIUS Act helped drive a wave of crypto firms into public markets in 2025, but many have struggled to sustain early momentum.
In June, stablecoin issuer Circle surged 167% on its first trading day on the NYSE, debuting at $31 and closing at $82. Shares now sit around $71, according to Yahoo Finance.
Blockchain marketplace Figure began trading on the Nasdaq on Sept. 11, raising its IPO price to $25 after strong demand. The stock jumped nearly 25% on its first day and touched 49.17 on Oct. 8. It now trades around $38.15.
Crypto exchange Gemini Space Station (GEMI) debuted on the Nasdaq on Sept. 12 at $28 per share, well above the expected $17 to $19 range. The stock briefly reached $40 before reversing and currently trades near $11.60.