Bullish (BLSH) released its third-quarter earnings Wednesday morning, and the digital asset platform had some solid numbers to show off. Revenue came in at $76.5 million, comfortably ahead of the $71.2 million analysts were expecting. Adjusted earnings hit 10 cents per share, right in line with estimates.
The details paint an interesting picture. Digital asset sales reached $41.6 billion for the quarter, down from $54.2 billion in the same period last year. Adjusted transaction revenue followed a similar path, declining to $26.7 million from $32.9 million year-over-year.
But here's where things get more interesting. Bullish rolled out crypto options with 14 leading trading partners during the quarter, and its liquidity services partnerships more than doubled. The company made a point of noting that "meaningful growth" has continued into the fourth quarter—which is always nice to hear when you're trying to convince investors the good times aren't over.
"We believe Bullish is positioned at the intersection of trends driving crypto evolution: regulatory clarity, institutional adoption, and real-world asset tokenization," said CEO Tom Farley.
Looking ahead, the company expects fourth-quarter subscription, services and other revenue between $47 million and $53 million. Adjusted operating expenses should land in the $48 million to $50 million range.
CFO David Bonanno was particularly enthusiastic about recent performance: "Bullish continues to win. After posting record SS&O revenue and record profitability in the third quarter, we are continuing to see strong momentum in the fourth quarter. Our recently launched options product has already surpassed $1B in trading volume and quarter-to-date spot trading volume is up 77% from Q3."
Bullish shares were trading up 3.34% at $36.50 following the results.
