Bullish Swings to $18.5M Q3 Profit as Options Volume Tops $1 Billion

Core Insights - Bullish reported a net income of $18.5 million for Q3, marking a return to profitability from a loss in the previous year, driven by the expansion into US spot trading and crypto options [1] - The company generated $76.5 million in adjusted revenue for the period ending September 30, compared to $44.6 million in Q3 2024 [1] - Adjusted EBITDA increased to $28.6 million from $7.7 million in the prior-year period [1] Spot Trading and Options Volumes - Bullish launched its crypto options offering with 14 trading partners, achieving over $1 billion in volume within the quarter [2] - The company began spot trading operations in the US in September, following regulatory approval from the New York State Department of Financial Services [2] - Spot trading volume in Q4 has risen 77% compared to the Q3 average [3] Investor Sentiment - The earnings report coincided with significant accumulation by major investors, including Ark Invest, which purchased nearly $10 million worth of Bullish shares shortly before the earnings release [4] - Ark Invest has increased its position in Bullish, accumulating approximately $172 million in shares since the company's public listing in August [4] Diversified Revenue Streams - Bullish reported growth in its non-transactional businesses, with the Subscription, Services, and Other (SS&O) segment generating record revenue, more than doubling in Q3 compared to Q2 [5] - The company projects SS&O revenue between $47 million and $53 million for Q4 2025, with adjusted operating expenses expected to range from $48 million to $50 million for the same period [5] Financial Position - Bullish ended the quarter with $3.48 billion in net liquid assets, excluding customer funds and borrowings [6]