Core Viewpoint - Bullish, a crypto trading platform backed by Peter Thiel, reported strong Q3 earnings but saw its stock price decline despite beating revenue estimates [1][8]. Financial Performance - Adjusted revenue for Q3 was $76.5 million, exceeding Wall Street's estimate of $71.2 million [2]. - Earnings per share (EPS) of $0.10 met analyst expectations [2]. - Digital asset sales reached $41.6 billion, with adjusted transaction revenue at $26.7 million and adjusted net income of $13.8 million [7]. Business Developments - Bullish launched U.S. spot trading and crypto options trading with 14 leading trading partners during the last quarter [4]. - The options product surpassed $1 billion in trading volume [4]. - The company signed notable institutional clients and expanded liquidity services partners significantly [3]. Future Outlook - For Q4, Bullish expects subscription, services, and other revenue to be between $47 million and $53 million, with adjusted operating expenses projected at $48 million to $50 million [5]. - The company is experiencing strong momentum heading into the fourth quarter [3].