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]

Trading Volume & Open Interest - CME Group 的加密货币期货和期权总季度交易量超过 9000 亿美元，创历史新高 [1] - 平均每日未平仓合约 (ADOI) 达到 313 亿美元 [1] - 9 月 18 日，名义未平仓合约峰值达到 390 亿美元 [1] Ethereum Performance - 以太坊期货和期权也创下多个历史新高 [1] - 以太坊单日交易量高达 13.1 亿美元 [1]

Interview with Deribit CEO Luuk Strijers:Deribit CEO Luuk Strijers stated that Deribit leads the crypto options market by focusing on options, institutional trust, and strong infrastructure. He said the Coinbase acquisition will help expand globally, combining Deribit’s product focus with Coinbase’s scale and compliance. Strijers noted ongoing regulatory and KYC challenges, and while DeFi options are growing, institutions continue to choose Deribit for security and reliability.Read morehttps://t.co/JCNDxzNO ...

Coinbase announced that it has completed the acquisition of crypto options trading platform Deribit. Deribit currently has approximately $59 billion in open interest, recorded over $1 trillion in trading volume last year, and achieved a record-high monthly trading volume of $185 billion in July. This acquisition will enable Coinbase to achieve full coverage across spot, futures, perpetual contracts, and options. https://t.co/GFWHGB5hLV ...