Bullish reported a record $76.5 million in adjusted revenue during Q3 2025, comfortably beating analyst expectations — but the market didn’t celebrate. Instead, the company’s shares fell right after the earnings release. For many investors, the focus quickly shifted to the earnings per share figure, which came in at $0.07 instead of the expected $0.10, creating a disconnect between the company’s strong growth story and what ultimately reaches shareholders.
Strong results overshadowed by investor doubts
The quarter was objectively solid. Bullish grew adjusted revenue by 71.5% year-over-year, reaching $76.5 million versus the $71.1 million forecast. Adjusted EBITDA jumped to $28.6 million, up dramatically from $7.7 million a year earlier. The company even posted $18.5 million in adjusted net income, a major recovery from the $67.3 million loss in the same quarter of 2024. Operational momentum was also clear: Bullish’s new options product surpassed $1 billion in traded volume, and spot trading volume climbed 77%, helping the exchange secure a 3.7% market share in the U.S.
But despite all these signs of progress, investors fixated on the weaker parts of the report. EPS missed expectations, GAAP EPS dropped from $0.93 to $0.14, and digital asset sales declined from $54.2 billion to $41.6 billion year-over-year. Those numbers raised concerns about rising costs, shifting market conditions, and whether Bullish can convert its strong growth into meaningful returns for shareholders. The reaction was swift: the stock fell more than 5% on the day, extending a nearly 40% slide over the previous month.
In an effort to keep momentum high, Bullish has launched a $10 million trading competition aimed at boosting liquidity and drawing more professional traders to the platform. Still, the company must navigate several headwinds at once, including regulatory uncertainty, investor sensitivity to per-share earnings, and the broader challenge of turning rapid expansion into lasting shareholder value.
Despite the market’s reaction, the quarter shows a company that’s gaining real traction. The question now is whether Bullish can translate that progress into stronger EPS in the coming months — a milestone that investors will be watching closely as they gauge the company’s strategy and long-term potential.