Bullish reports Q4 loss despite stronger operating performance and rapid growth in its bitcoin options business.
The institution-focused digital asset exchange posted a fourth-quarter net loss of nearly $564 million, a sharp reversal from roughly $159 million in profit a year earlier. The company linked the swing to the recent crypto market downturn, which erased more than $1.9 trillion from total market value.
Shares Whipsaw After Earnings
Bullish (NYSE: BLSH) shares reacted with heavy volatility. After finishing Wednesday at $27.40, the stock dropped as much as 11% in premarket trading, then clawed back some losses to trade around $26.00 early Thursday.
Better Performance Beneath the Headline Numbers
Even with the large reported loss, Bullish said it achieved record adjusted revenue and improved key profitability measures, suggesting that core business activity continued to expand.
CEO Tom Farley said digital assets may be approaching a major “turning point” as more financial activity shifts onchain, and he believes Bullish is positioned to benefit as institutional participation grows.
Bitcoin options growth stands out
The options segment was a major bright spot:
- Options trading volume exceeded $9 billion
- Open interest reached a record $4 billion by the end of January
Bullish said this momentum makes it the second-largest venue for bitcoin options open interest.
Additional Growth Moves
Bullish also said it became a top index provider for digital asset exchange-traded products during the quarter, supporting 15 of 39 newly listed crypto-focused ETFs worldwide. It also secured U.S. transfer agent registration, supporting its expansion into tokenization and broader market infrastructure.
Full-Year Results
For full-year 2025, Bullish reported a net loss of $785.5 million, compared with a profit the year before. Still, the company said adjusted revenue and operating profitability improved over the year.
