Use of Websites to Distribute Material Company Information We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases ...

Core Insights - Bullish reported a successful third quarter for 2025, launching new trading services and achieving significant trading volumes, indicating strong institutional interest in digital assets [2][7][8]. Financial Performance - Adjusted revenue for Q3 2025 reached $76.5 million, up from $44.6 million in Q3 2024, marking a 71.5% increase [8]. - Adjusted EBITDA was $28.6 million compared to $7.7 million in the previous year, reflecting a substantial improvement in profitability [8]. - The company achieved a net income of $18.5 million, a significant turnaround from a net loss of $67.3 million in Q3 2024 [8][22]. Trading Activities - Bullish launched its crypto options trading, surpassing $1 billion in trading volume shortly after launch [2][8]. - Spot trading volume increased by 77% compared to Q3 2025, indicating robust growth in trading activities [2]. Business Expansion - The company expanded its liquidity services partnerships significantly, more than doubling the number of partners in Q3 compared to Q2 [8]. - Bullish successfully launched U.S. spot trading following the approval of its NY BitLicense in September 2025 [8]. Market Positioning - Bullish is positioned at the intersection of key trends in the crypto market, including regulatory clarity, institutional adoption, and the tokenization of real-world assets [2][8]. - The company is focused on providing market infrastructure and information services, catering to institutional clients in the digital asset space [4].

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]

Core Insights - Bullish, an institutionally focused global digital asset platform, released its monthly metrics for October 2025, highlighting trading volumes and market performance for Bitcoin and Ethereum [1][2]. Monthly Metrics Summary - **Trading Volume**: - Total Spot Trading Volume for October 2025 reached $77.5 billion, with Bitcoin at $38.2 billion, Ethereum at $15.1 billion, and stablecoins at $19.6 billion [6]. - The total trading volume, including perpetual contracts, was $80.5 billion [6]. - **Average Trading Spread**: - The average trading spread for spot trading was 1.75 basis points in October 2025, showing a decrease from previous months [8]. - **Volatility**: - Monthly average volatility for Bitcoin was 38%, while Ethereum's volatility was 58% in October 2025 [8]. Company Overview - Bullish operates a regulated digital asset platform providing market infrastructure and information services, including a digital assets exchange and market data analytics [3][4]. - The company is regulated in multiple jurisdictions, including the United States, European Union, and Hong Kong [3]. Additional Information - Investors can access detailed monthly metrics and other relevant information through Bullish's Investor Relations website [5][11]. - The company plans to release its financial results for the third quarter of 2025 on November 19, 2025 [16].

Core Insights - Bullish has launched spot trading in the United States, aiming to provide precision, efficiency, and compliance for institutional and advanced traders [1][2] - The platform has achieved over $1.5 trillion in cumulative trading volume since late 2021 and ranks among the top ten exchanges for Bitcoin and Ether trading [2] - The launch is supported by regulatory approvals from the New York State Department of Financial Services, allowing trading in 20 states [1][4] Company Features - Bullish offers 0% maker fees and ultra-low taker fees for institutional accounts, along with 0% trading fees for individual accounts [6] - The platform combines a central limit order book with Automated Market Maker technology to ensure deep liquidity and efficient trade execution [4][6] - High-throughput APIs are available for programmatic trading strategies, enhancing the trading experience for users [6] Market Position - The U.S. launch is seen as a significant milestone for Bullish, positioning it as a trusted venue for high-performance trading tailored to institutional needs [2][3] - The platform is designed to meet the unique demands of hedge funds, proprietary trading firms, market makers, and high-frequency traders [2][3] - Bullish's focus on liquidity, compliance, and execution quality aligns with the needs of institutional investors, as highlighted by partners like Nonco and BitGo [3][4] Availability - Bullish is currently operational in states including Arizona, California, Florida, New York, and Washington, D.C., with plans for further expansion [5][6] - Interested parties in other states can join a waitlist for future access [5]

Core Insights - Bullish reported better-than-expected Q2 earnings and revenue, with EPS at $0.93 compared to a loss of $1.03 a year ago, exceeding the market expectation of -$0.05 [1] - The company’s revenue for Q2 was $57 million, slightly below last year's $60.7 million but above the market forecast of $55.8 million [1] - Digital asset sales reached $58.6 billion, significantly up from $49.6 billion in Q2 2024, with trading volume soaring to $179.6 billion from $133 billion year-over-year [1] Financial Performance - Adjusted operating expenses for the quarter were $48.9 million, up from $46 million a year ago [1] - Adjusted EBITDA was $8.1 million, down from $14.7 million in the same quarter last year [1] - The company expects Q3 2025 adjusted revenue to be between $69 million and $76 million, significantly higher than the analyst consensus of $57.1 million [2] Market Position and Growth - Bullish's digital asset index provider, CoinDesk Indices, reported an AUM of $41 billion, increasing by over $9 billion from Q1 [2] - The company recently obtained a BitLicense from the New York State Department of Financial Services, facilitating its expansion in the U.S. market [3] - Cathie Wood's ARK Invest has increased its stake in Bullish, purchasing over 160,000 shares valued at approximately $8.3 million, continuing to hold a total of over $129 million in Bullish stock across multiple ARK funds [3]

Core Insights - Bullish reported strong financial results for Q2 2025, highlighting growth in liquidity services and successful execution of a Consensus conference, contributing to positive momentum heading into Q3 2025 [2][5] - The company received the New York DFS Bitlicense, enhancing its regulatory standing and facilitating entry into the U.S. market in Q4 2025 [5][6] Financial Performance - Digital asset sales reached $58.6 billion, up from $49.6 billion year-over-year, with net income of $108.3 million compared to a loss of $116.4 million in Q2 2024 [5][6] - Adjusted revenue was $57.0 million, a decrease from $60.7 million, while adjusted EBITDA was $8.1 million, down from $14.7 million [6] - Trading volume increased to $179.6 billion from $133.0 billion, with average daily volume rising to 1.974 billion from 1.462 billion [6] Business Highlights - Subscription, Services and Other (SS&O) revenue grew to $32.9 million, reflecting a 61.4% sequential increase and 27.4% year-over-year growth [5][6] - CoinDesk Indices reported $41 billion in assets under management, marking an increase of over $9 billion from Q1 2025 [5][6] - The company signed multi-year agreements with partners like Igloo Inc., showcasing successful cross-selling strategies [5][6] Future Guidance - For Q3 2025, Bullish anticipates adjusted revenue between $69.0 million and $76.0 million, with adjusted EBITDA expected to range from $25.0 million to $28.0 million [5][7]

Company Overview - Bullish operates in the digital assets space, providing services such as the Bullish Exchange and CoinDesk Indices, which cater to both digital assets and traditional finance [1] - The company has experienced a volatile trading history, yet analysts have maintained a consistent price target of $56, indicating a steady outlook on its market performance [1] Financial Performance - Despite a drop of over 50% from its initial peak, the stability in Bullish's price target suggests analysts believe the company can maintain its market position [2] - Bullish's revenue is heavily reliant on its crypto holdings, contributing to its volatility, and while CoinDesk services have seen growth, they lack substantial scale [2] - The company is not yet profitable, with Q2 profit attributed entirely to the appreciation of crypto assets, masking underlying operational losses [3] Analyst Insights - Analyst Brian Bedell from Deutsche Bank has set a lower price target of $51 for Bullish, reflecting the company's challenges [3] - Some analysts, like Charles Moon from Prosper Trading Academy, predict a potential breakout for Bullish, possibly returning to its IPO highs [3] - Investors are advised to consider these factors alongside broader market trends and economic conditions [3]

Core Points - Bullish Europe GmbH has secured a license under the Markets in Crypto-Assets Regulation (MiCAR) from BaFin, enhancing its regulatory compliance in the EU [1][2] - The MiCAR approval positions Bullish to meet the growing institutional demand for regulated trading venues in Europe, which is the second largest cryptoasset economy globally [2][3] - The company emphasizes its commitment to rigorous regulatory standards and ongoing oversight by BaFin, which is respected by institutional investors [2][3] Company Overview - Bullish is an institutionally focused global digital asset platform providing market infrastructure and information services, including a regulated digital assets exchange and market data analytics [4] - The platform operates under multiple regulations in the US, Germany, Hong Kong, and Gibraltar, ensuring a broad reach and compliance [4] - Bullish offers various services such as CoinDesk Indices and CoinDesk Data, catering to both digital assets and traditional finance industries [4]

Core Viewpoint - Bullish, a global digital asset platform, will release its Q2 2025 financial results on September 17, 2025, and will host an earnings conference call at 5:30 p.m. Eastern Time on the same day [1]. Group 1: Financial Results and Metrics - The earnings conference call will be accessible via a live webcast on the Bullish Investor Relations website, with a replay and transcript available afterward [2]. - Bullish plans to report select monthly metrics to provide investors with more frequent updates on trading volume, average trading spread, and volatility measures for Bitcoin and Ethereum [3]. - The first monthly metrics package will be released today, with future metrics expected to be published at the end of each month [4]. Group 2: Company Overview - Bullish operates as an institutionally focused global digital asset platform, offering market infrastructure and information services, including a regulated digital assets exchange and various data and analytics services [5]. - The Bullish Exchange integrates a high-performance central limit order book matching engine with automated market making to ensure deep and predictable liquidity, and is regulated in multiple jurisdictions including the U.S., Germany, Hong Kong, and Gibraltar [5]. - CoinDesk Indices and CoinDesk Data provide benchmarks and market analytics for digital assets, while CoinDesk Insights covers news and insights related to digital assets and blockchain technology [5]. Group 3: Investor Communication - The company utilizes its Investor Relations website and social media accounts to disseminate material information relevant to investors, encouraging regular review of updates alongside SEC filings and press releases [6].