TL;DR:
- Bullish reported adjusted revenue of $92.5 million, exceeding market forecasts.
- The company recorded a GAAP loss of $3.73 per share due to negative digital asset remeasurements.
- Spot trading volume reached $64.3 billion following its recent expansion into the U.S.
Bullish recently presented its Bullish Q4 financial results, exceeding analyst projections for adjusted revenue and earnings per share. With a turnover of $92.5 million, the company confirmed the robustness of its business model compared to its competition.
However, despite its positive operating performance, Bullish reported significant losses under GAAP accounting principles. This result is mainly attributed to non-cash charges derived from the measurement of its digital asset reserves, reflecting the intrinsic volatility of the sector.
Strategic Expansion and Projections for 2026
In an operational context, the firm achieved major milestones during the final quarter of the year, such as its entry into the U.S. market last September. This move allowed them to reach spot trading volumes of $64.3 billion, consolidating their appeal among institutional investors.
Additionally, they launched their options division, which has already generated $9 billion in volume. According to CEO Tom Farley, the company’s institutional positioning is the right strategy to face current macroeconomic challenges.
Despite a 5% drop in share price, in line with the general retreat of Bitcoin and other companies like Coinbase, analysts maintain a cautious outlook. Oppenheimer experts highlighted growth in the services and subscriptions segment, projecting positive momentum for 2026.
In summary, while trading data at the start of 2025 shows some monthly weakness, revenue guidance for 2026 suggests resilience. Short-term visibility remains limited by crypto market volatility, but Bullish’s institutional focus continues to be its primary competitive strength.
