Bullish Q3 Earnings: Revenue Beat, EPS In Line, 'Strong Momentum' Continues

Bullish (NYSE:BLSH) reported financial results for the third quarter before the market open on Wednesday. Here’s a look at the key details from the report.

Q3 Highlights: Bullish reported third-quarter revenue of $76.5 million, beating analyst estimates of $71.2 million, according to Benzinga Pro. The digital asset platform company reported adjusted earnings of 10 cents per share for the third quarter, in line with analyst estimates.

Digital asset sales were $41.6 billion in the quarter, down from $54.2 billion in the prior year’s quarter. Adjusted transaction revenue totaled $26.7 million, down from $32.9 million year-over-year.

Bullish said it launched crypto options with 14 leading trading partners during the period as new liquidity services partnerships more than doubled. The company also noted that “meaningful growth” has continued into the fourth quarter.

“We believe Bullish is positioned at the intersection of trends driving crypto evolution: regulatory clarity, institutional adoption, and real-world asset tokenization,” said Tom Farley, CEO of Bullish.

Bullish guided for fourth-quarter subscription, services and other revenue of $47 million to $53 million. The company also anticipates adjusted operating expenses of $48 million to $50 million in the fourth quarter.

“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. Our recently launched options product has already surpassed $1B in trading volume and quarter-to-date spot trading volume is up 77% from Q3,” said David Bonanno, CFO of Bullish.

Bullish executives are currently discussing the quarter on an earnings call that started at 8:30 a.m. ET.

BLSH Price Action: Bullish shares were up 3.34% at $36.50 at the time of publication on Wednesday, per Benzinga Pro.

Read Next:

Image: jackpress/Shutterstock.com