Bullish recorded a significant fourth-quarter loss even as key indicators pointed to stronger underlying business performance and rising demand for bitcoin derivatives.
The exchange reported a net loss of nearly $564 million for Q4, a sharp reversal from the profit posted in the same period last year. The decline followed a broad crypto market downturn that wiped out more than $1.9 trillion in total market value over recent months. Bullish shares reacted with heavy volatility, sliding in early trading before partially recovering later in the session.
Adjusted Revenue and Core Activity Hit Record Levels
Despite the headline loss, Bullish said adjusted revenue and profitability reached all-time highs during the quarter. Management emphasized that institutional trading activity continued to expand, signaling resilience in the platform’s core operations even amid market turbulence.
Options trading emerged as a major growth engine. Bitcoin options volume exceeded $9 billion, while open interest climbed to a record $4 billion by late January. Bullish now ranks as the second-largest venue globally for bitcoin options open interest, highlighting its growing role in derivatives markets.
Expansion Into Tokenization and Market Infrastructure
During the quarter, Bullish also became the leading index provider for newly launched crypto exchange-traded products, supporting 15 out of 39 global listings. The company additionally secured U.S. transfer agent registration, positioning itself to expand tokenization and trading infrastructure services in 2026.
For full-year 2025, Bullish reported a net loss of $785.5 million, though adjusted performance metrics improved steadily throughout the year.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.