Bullish $(BLSH)$ reported its fourth quarter (Q4) 2025 financial results, posting digital asset sales of USD 64.3 billion and adjusted revenue of USD 92.5 million. Adjusted EBITDA for the period reached USD 44.5 million, while adjusted net income stood at USD 38.8 million. The company reported net income of USD -563.6 million for Q4 2025. Adjusted transaction revenue for Q4 2025 was USD 130.7 million. Bullish also reported record figures in adjusted revenue, adjusted EBITDA, and adjusted net income for the quarter. Key business highlights for Q4 2025 include Bullish surpassing USD 9 billion in options trading volume and reaching an open interest high of USD 4 billion, establishing the company as the second largest exchange for BTC options open interest as of January 31, 2026. In exchange-traded products, Bullish became the leading indexer by market share for digital asset-focused ETFs, securing 15 out of 39 ETF listings globally in the quarter. The company also reported continued growth in liquidity services, driven by new institutional partnerships and record subscription, services, and other revenue. Management noted the company’s strong operating leverage and momentum heading into 2026.

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