Bullish is a cryptocurrency exchange focused on institutions and is the parent company of CoinDesk. The company reported its strongest quarterly performance since going public, driven by a surge in institutional activity in its new U.S. spot market and a cryptocurrency options business that surpassed $1 billion in trading volume.
Bullish announced on Wednesday that it recorded a net profit of $18.5 million, reversing a loss of $67.3 million in the same period last year. Adjusted revenue grew 72% year-over-year to $76.5 million, while adjusted EBITDA climbed from $7.7 million to $28.6 million.
Adjusted net profit also turned positive, reaching $13.8 million, despite adjusted trading revenue falling from $32.9 million to $26.7 million, reflecting a decrease in trading volume.
Bullish's stock price reacted negatively to the news, dropping over 6% in early trading and nearly 40% over the past month.
Bullish debuted on the New York Stock Exchange (NYSE) on August 13, soaring from an IPO price of $37 to an intraday high of $188, a gain of up to 218%. Since then, the stock has given back its early gains and is currently hovering around $35.
With the support of the U.S. government for cryptocurrencies and the new regulatory clarity for stablecoins under the GENIUS Act, 2025 is set to be a breakthrough year for cryptocurrency companies entering the public market. However, despite a strong market debut, many cryptocurrency companies are still struggling to maintain their early gains.
In June, stablecoin issuer Circle went public on the New York Stock Exchange, rising 167% on its first day of trading. The stock opened at $31 and closed at $82 that day. According to Yahoo Finance, it is currently trading at around $71.
Figure, a blockchain-based financial product marketplace, began trading on Nasdaq on September 11 after raising its IPO price from $18 to $25 due to strong demand. The stock rose nearly 25% on its first day and reached a high of $49.17 on October 8. It is currently trading at around $38.15.
Cryptocurrency exchange Gemini Space Station (GEMI) debuted on Nasdaq on September 12 at a price of $28 per share, well above its initial range of $17 to $19. The stock climbed to $40 in early trading but has since retreated, currently trading close to $11.60.
Cryptocurrency exchange Kraken announced on Wednesday that it has confidentially submitted an S-1 draft form to the U.S. Securities and Exchange Commission, taking the first formal step toward a potential initial public offering.
Related: DAT companies during market adjustment: Can the coin hoarding strategy still support stock prices?
Original article: “Bullish Reports Record Third Quarter Earnings, But Stock Price Continues to Decline”
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