TLDR
- Bullish stock dropped 3.5% to 6% after announcing record Q3 2025 earnings with $76.5 million in adjusted revenue, up 72% year-over-year.
- Net income reached $18.5 million compared to a $67.3 million loss in Q3 2024, while adjusted EBITDA rose to $28.6 million.
- Shares trade around $35-$36, below the $37 IPO price and down nearly 40% over the past month despite strong financial results.
- The exchange launched crypto options trading with over $1 billion in volume and U.S. spot trading after securing a New York BitLicense.
- Other crypto stocks like Circle, Figure, and Gemini have also struggled to maintain IPO gains in 2025.
Bullish delivered its best quarterly results since going public. Investors responded by selling. The stock fell up to 6% on Wednesday after the crypto exchange announced record Q3 2025 earnings.
The company reported $18.5 million in net income for the third quarter. That’s a complete reversal from the $67.3 million loss posted in Q3 2024. Adjusted revenue jumped 72% to $76.5 million from $44.6 million a year earlier.
Adjusted EBITDA climbed to $28.6 million compared to $7.7 million in the same period last year. Adjusted net income turned positive at $13.8 million versus a $3.1 million loss. The only decline came in adjusted transaction revenue, which dropped to $26.7 million from $32.9 million due to lower trading volumes.
Stock Price Disconnects from Results
Bullish shares closed at $36.42 on Wednesday, down 3.5% on the day. The stock now trades below its $37 IPO price from August 2024. Early trading saw the decline reach 6%.
The disconnect is stark. When Bullish debuted on the New York Stock Exchange in August, shares rocketed to $188, a 218% gain. That momentum has vanished. The stock has dropped nearly 40% over the past month alone.
David Bonanno, Bullish CFO, highlighted the company’s performance: “Bullish continues to win. After posting record SS&O revenue and record profitability in the third quarter, we are continuing to see strong momentum in the fourth quarter.”
New Products Drive Growth
Bullish launched two major products during Q3. The exchange introduced crypto options trading, which has already processed more than $1 billion in cumulative volume. The company also secured a BitLicense in New York and launched U.S. spot trading.
CEO Tom Farley pointed to these expansions as key achievements. “We launched our crypto options trading and U.S. spot trading businesses, signed institutional clients, gained indices traction, and expanded our liquidity services partners meaningfully,” he said.
The institutional focus separates Bullish from retail-focused competitors. The exchange targets professional traders and institutions. This strategy appears to be working based on the financial metrics.
Crypto IPOs Face Headwinds
Bullish isn’t the only crypto stock giving back IPO gains. Circle went public in June at $31 and surged to $82 on day one. Shares now trade around $71. Figure launched on Nasdaq in September at $25, jumped to $49.17 in October, and currently trades at $38.15.
Gemini Space Station debuted in September at $28 and briefly hit $40. The stock has collapsed to around $11.60, losing more than 50% from its opening price. Kraken filed confidentially for an IPO on Wednesday, joining the queue of crypto companies pursuing public listings.
The pattern is clear. Strong debuts followed by steep declines. Bullish fits this trend despite posting solid operating results. Shares last traded around $36.60, reflecting a 3.12% decline on Wednesday.