Bullish to Report Q3 Earnings: What's in Store for the Stock?

Core Insights - Bullish (BLSH) is expected to report third-quarter 2025 results on November 19, 2025, with total adjusted revenue projected between $69 million and $76 million, and adjusted transaction revenue estimated at $25.5 million to $28 million [1][9] - The Zacks Consensus Estimate for earnings remains steady at 8 cents per share, with the revenue consensus pegged at $74.10 million [1] Revenue Drivers - The third-quarter performance of Bullish is anticipated to benefit from strong growth in Subscription Services and Other revenue, driven by Liquidity Services and CoinDesk-branded products [2][9] - The Liquidity Services business, particularly through collaboration with Solana and agreements with stablecoin issuers, is expected to significantly boost Subscription Services and Other revenue, projected to be between $43.5 million and $48.0 million for the quarter [3] - The CoinDesk Indices business is also expected to contribute positively, especially following the SEC approval of the Grayscale ETF based on the CoinDesk 5 index, which saw assets under management increase to $41 billion, up over $9 billion from the previous quarter [4] Regulatory Developments - The recent approval of the New York BitLicense is a key factor expected to benefit Bullish, allowing the company to officially launch its exchange in the U.S., which is anticipated to become its largest trading market [5] - The BitLicense provides regulatory clarity that is crucial for attracting institutional clients [5] Market Challenges - Fluctuations in Bitcoin prices may negatively impact Bullish's performance due to potential reductions in market-wide digital asset trading volumes [6] Earnings Expectations - According to the Zacks model, Bullish has an Earnings ESP of 0.00% and a Zacks Rank of 2, indicating a moderate outlook for an earnings beat [7]