Digital assets trading platform Bullish (NYSE: BLSH) has released its fourth-quarter 2025 earnings on February 5, 2026, showcasing a blend of operational growth and significant accounting losses driven by volatile cryptocurrency valuations. The company, which operates a regulated exchange for spot and derivatives trading, reported digital asset sales of $64.3 billion for the quarter, down from previous periods but still reflecting active institutional engagement.
However, under International Financial Reporting Standards (IFRS), Bullish posted a net loss of $563.6 million, or $3.73 per diluted share, primarily due to mark-to-market adjustments on its digital asset holdings amid a broader crypto market downturn that wiped out trillions in value.
On an adjusted basis, which excludes these volatile asset revaluations, the results painted a more positive picture.
Adjusted revenue climbed to $92.5 million, marking a substantial increase from $55.2 million in Q4 2024, while adjusted EBITDA rose to $44.5 million from $15.8 million.
Adjusted net income reached $28.9 million, highlighting the underlying strength of Bullish’s core operations.
For the full year 2025, adjusted revenue totaled $288.5 million, with adjusted EBITDA at $94.3 million and adjusted net income of $38.8 million, demonstrating year-over-year progress despite headwinds.
Operationally, Bullish has emphasized its rapid expansion in derivatives, particularly options trading, which surpassed $9 billion in volume and achieved a peak open interest of $4 billion by January 31, 2026.
This positioned the exchange as the second-largest venue for Bitcoin options open interest globally.
The firm also solidified its role as the leading indexer for digital asset-focused exchange-traded funds (ETFs), securing 15 out of 39 global listings in the quarter.
Strategic moves included forging new institutional partnerships to enhance liquidity services and obtaining U.S. Transfer Agent Registration to bolster its tokenization infrastructure.
CEO Tom Farley described the period as a pivotal moment for digital assets, stressing the shift toward onchain capital efficiency for faster, more accessible markets.
CFO David Bonanno echoed this optimism, noting record adjusted revenue growth and operational leverage, with eyes on continued momentum in 2026.
Bullish provided guidance for 2026, projecting subscription, services, and other revenue between $220 million and $250 million, adjusted operating expenses of $210 million to $230 million, and finance expenses ranging from $52 million to $60 million.
These forecasts underscore confidence in scaling institutional adoption, including tokenization of real-world assets and deeper U.S. regulatory integration.
Market reaction to the earnings was decidedly negative, with BLSH shares experiencing sharp volatility.
Closing at $27.40 on February 4, the stock plunged as much as 11% in premarket trading on February 5, settling around $26.00 before further declines.
By the end of February 5, shares closed at $24.90, down 8.46% for the day. Intraday trading saw prices dip to a 52-week low near $24.85, a stark contrast to the 52-week high of $118.
Analysts attribute this sell-off to investor focus on the headline net loss and broader crypto sector skepticism, including regulatory uncertainties and competitive pressures, overshadowing the adjusted metrics and growth initiatives.
Despite the dip, some observers see value in the stock’s forward price-to-earnings ratio of around 30, suggesting potential for recovery if market sentiment improves.
Overall, while Bullish’s results signal operational resilience, the immediate stock price erosion reflects the crypto industry’s cyclical challenges.