Bullish Reports Fourth Quarter 2025 Results
CAYMAN ISLANDS--( BUSINESS WIRE)--Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced financial results for the fourth quarter ended December 31, 2025.
Tom Farley, CEO: “I believe that we are at a turning point for digital assets. For all of crypto’s extreme volatility and cyclicality, the vision of faster, better, cheaper, permissionless capital is being unlocked in real-time to bring everything onchain. What I envision immediately ahead for this industry - and, particularly for Bullish, is why I came to the digital assets space.”
David Bonanno, CFO: “I’m proud of our financial results for the quarter and the Full Year 2025, achieving record adjusted revenue growth and demonstrating our strong and expanding operating leverage; we look forward to building on our momentum in 2026.”
Q4 2025 Financial Highlights
All amounts compared to Q4 2024
Full Year 2025 Financial Highlights
All amounts compared to Full Year 2024
Q4 2025 Key Business Metrics
Business Highlights
2026 Guidance
To give investors insight into our business and expectations, management is providing the following guidance for the full year 2026:
Conference Call Webcast and Q&A Information
Bullish will host a call to discuss its results at 8:30 a.m. ET on February 5, 2026. The live webcast can be accessed at investors.bullish.com, along with supplemental slides. Following the call, a replay and transcript will be available at investors.bullish.com.
About Bullish
Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.
Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology. For more information, please visit bullish.com and follow LinkedIn and X.
Use of Websites to Distribute Material Company Information
We use the Bullish Investor Relations website ( investors.bullish.com) and our X account ( x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.
Non-IFRS financial measures and key performance indicators
This communication includes certain financial measures that are not recognized by the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures are “adjusted transaction revenue,” “subscription, services and other revenue,” “adjusted revenue,” “adjusted net income / (loss)” and “adjusted EBITDA,” “gross liquid assets” and “net liquid assets”, and “adjusted operating expense.” These non-IFRS financial measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. We believe these non-IFRS financial measures provide useful information to management and investors regarding certain financial and business trends. These non-IFRS financial measures are subject to inherent limitations as they reflect the exercise of judgments about which items of expense and income are excluded or included in determining these non-IFRS financial measures. Refer to the section “Reconciliation of Non-IFRS Measures” for further details and a reconciliation of the non-IFRS financial measures presented to their most directly comparable IFRS financial measures.
This communication also provides our forward-looking “adjusted transaction revenue,” “subscription, services & other revenue,” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” guidance for the upcoming fiscal quarter. Information reconciling upcoming fiscal quarter “adjusted transaction revenue,” “subscription, services & other revenue,” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” to their most directly comparable IFRS financial measures is unavailable to us without unreasonable effort due to the high variability, complexity and lack of visibility in making accurate forecasts and projections to certain reconciling items. These items cannot be reasonably and accurately predicated without the investment of undue time, costs and other resources, and accordingly, no reconciliation of the forward-looking non-IFRS financial measures is included. These reconciling items could be material to our actual results for the period.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Such statements include, without limitation, statements relating to our expected financial or operating performance, including for the upcoming fiscal quarter; our business strategy and potential market opportunities; current and prospective products, services or acquisitions; trends in, demand for, and growth and market size of, the digital assets industry; the breadth and timing of onchain adoption; expectations regarding relationships with clients and third-party business partners and overall business momentum; our plans and expectations related to tokenization; competition in our industry; the regulatory and legal environment, including regulatory proceedings or approvals; and general economic and business conditions. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by us, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited to intense competition in our industry, including from unregulated and less-regulated entities and platforms; our ability to execute our business strategy and grow our business and operations, including in new geographic locations; our ability to develop, launch and improve our products and services and their adoption; our ability to attract and retain customers; the evolving rules and regulations applicable to digital assets and our products and services; our ability to obtain and maintain regulatory approvals and stay in compliance with laws and regulations, and the costs of doing so; evolution and adoption of digital assets; interest rate fluctuations and digital asset price volatility; changes in, or unexpected, costs to operate our business; cybersecurity risks, including with respect to digital assets custody; disruptions to information and technology systems, blockchain networks and third-party services on which we rely; changes in general market, political or economic conditions; and other risks and uncertainties set forth in the section entitled “Risk Factors” in our final prospectus dated August 12, 2025 filed with the Securities and Exchange Commission (“SEC”), as well as potential risks and uncertainties disclosed in our other filings with the SEC. We may not actually achieve the performance, plans, or expectations disclosed in our forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake any duty to update forward-looking statements.
Definitions of Certain Metrics
BULLISH
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands, except per share data)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Digital assets sales
$
64,345,078
$
66,026,131
$
244,811,387
$
250,201,282
Cost of digital assets derecognized
(64,323,568
)
(66,001,337
)
(244,733,087
)
(250,104,770
)
Other revenues
56,195
14,473
158,941
61,967
Change in fair value of digital assets held, net
(485,175
)
186,029
(674,968
)
207,043
Net spread related income and change in fair value of perpetual futures on the Exchange
(886
)
(3,228
)
(7,179
)
(17,139
)
Change in fair value of investment in financial assets
(105,555
)
27,369
(36,034
)
29,453
Administrative expenses
(46,276
)
(37,082
)
(182,188
)
(153,119
)
Other expenses
(14,392
)
(12,635
)
(60,425
)
(46,079
)
Finance expense
(14,932
)
(10,659
)
(52,369
)
(38,529
)
Change in fair value of derivatives
17,521
(12,867
)
9,609
(12,190
)
Change in fair value of financial liability at FVTPL
6,900
(13,950
)
(20,100
)
(43,350
)
Income/(loss) before income tax
$
(565,090
)
$
162,244
$
(786,413
)
$
84,569
Income tax benefit/(expense)
1,523
(3,782
)
944
(5,005
)
Net income/(loss)
$
(563,567
)
$
158,462
$
(785,469
)
$
79,564
Attributable to:
Owners of the Group
(546,598
)
157,033
(764,681
)
78,527
Non-controlling interests
(16,969
)
1,429
(20,788
)
1,037
Net income/(loss)
$
(563,567
)
$
158,462
$
(785,469
)
$
79,564
Other comprehensive income/(loss)
Items that will not be subsequently reclassified to profit or loss:
Revaluation of digital assets held as investments
(123,816
)
575,424
409,644
1,020,339
Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk
1,350
(11,450
)
(3,050
)
(16,350
)
$
(122,466
)
$
563,974
$
406,594
$
1,003,989
Items that may be reclassified subsequently to profit or loss:
Foreign exchange differences on translation of foreign operations
41
(712
)
1,676
(712
)
Total comprehensive income/(loss)
$
(685,992
)
$
721,724
$
(377,199
)
$
1,082,841
Attributable to:
Owners of the Group
(695,383
)
714,757
(436,588
)
1,072,710
Non-controlling interests
9,391
6,967
59,389
10,131
Total comprehensive income/(loss)
$
(685,992
)
$
721,724
$
(377,199
)
$
1,082,841
Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share
Basic
150,924
113,153
127,723
112,664
Diluted
150,924
115,889
127,723
115,400
Earnings/(Loss) per share
Basic
$
(3.73
)
$
1.40
$
(6.15
)
$
0.70
Diluted
$
(3.73
)
$
1.37
$
(6.15
)
$
0.68
BULLISH
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF DECEMBER 31, 2025 AND DECEMBER 31, 2024
(In thousands)
December 31, 2025
December 31, 2024
ASSETS
Non-current assets
Goodwill
$
63,062
$
61,475
Other intangible assets
31,104
33,298
Property and equipment and right-of-use assets
28,369
14,118
Deferred tax assets
2,865
2,088
Other assets
21,311
22,087
Restricted cash
5,727
1,968
Total non-current assets
$
152,438
$
135,034
Current assets
Digital assets held - inventories
$
206,178
$
573,876
Digital assets held - intangible assets
1,537,071
1,878,268
Digital assets held - financial assets
1,037,915
132,649
Loan and other receivables - digital assets
446,481
166,388
Derivative financial instruments
—
—
Investments in financial assets
404,144
86,173
Other assets
47,502
21,209
Customer segregated cash
20,044
6,382
Restricted cash
16,839
15,893
Cash and cash equivalents
87,892
31,540
Total current assets
$
3,804,066
$
2,912,378
Total assets
$
3,956,504
$
3,047,412
LIABILITIES
Non-current liabilities
Borrowings from related parties
$
505,600
$
482,450
Convertible redeemable preference shares
—
47,879
Digital assets loan payable
5,267
20,613
Lease liabilities
14,378
10,756
Deferred tax liabilities
18
6
Other payables
3,000
—
Total non-current liabilities
$
528,263
$
561,704
Current liabilities
Customer segregated cash liabilities
$
20,044
$
6,382
Borrowings
49,982
25,000
Digital assets loan payable
334
—
Lease liabilities
5,524
4,246
Other payables
54,028
49,421
Total current liabilities
$
129,912
$
85,049
Total liabilities
$
658,175
$
646,753
Net assets
$
3,298,329
$
2,400,659
EQUITY
Share capital and share premium
$
5,110,063
$
3,821,537
Option premium on convertible redeemable preference shares
—
18,399
Reserves
774,224
858,797
Accumulated deficit
(2,656,325
)
(2,309,053
)
Total shareholders' equity attributable to the owners of the Group
$
3,227,962
$
2,389,680
Non-controlling interests
70,367
10,979
Total equity
$
3,298,329
$
2,400,659
Non-IFRS Measures Summarized
(In thousands)
Three Months Ended
Year Ended
December 31,
December 31,
December 31,
December 31,
2025
2024
2025
2024
Non-IFRS Financial Measures
Adjusted Transaction Revenue
$
37,929
$
40,996
$
130,739
$
153,247
Adjusted Revenue
92,508
55,183
288,455
213,912
Adjusted EBITDA
44,450
15,771
94,271
52,102
Adjusted Net Income
28,864
4,039
38,792
9,622
Adjusted Operating Expenses
48,058
39,411
194,184
161,795
Period ended
December 31,
December 31,
2025
2024
Gross Liquid Assets
$
3,719,681
$
2,868,894
Net Liquid Assets
2,859,701
1,696,127
Reconciliation of Non-IFRS Measures
(In thousands)
Three Months Ended
Year Ended
December 31,
December 31,
December 31,
December 31,
Adjusted Transaction Revenue and Adjusted Revenue
2025
2024
2025
2024
Digital assets sales
$
64,345,078
$
66,026,131
$
244,811,387
$
250,201,282
Digital asset sales on venues other than Exchange
(36,583
)
(2,124
)
(396,424
)
(21,821
)
Digital asset sales - on our Exchange
$
64,308,495
$
66,024,007
$
244,414,963
$
250,179,461
Cost of digital assets derecognized - on our Exchange
(64,286,992
)
(65,999,234
)
(244,336,500
)
(250,082,963
)
Change in fair value of digital assets inventories, arising from purchase of digital assets on our Exchange
15,670
18,662
56,031
71,685
Transaction income
1,642
789
3,424
2,203
Net spread related income and change in fair value of perpetual futures
(886
)
(3,228
)
(7,179
)
(17,139
)
Adjusted Transaction Revenue
$
37,929
$
40,996
$
130,739
$
153,247
Subscriptions and services revenue
54,554
13,684
155,517
59,764
Change in fair value of investment in financial assets
—
—
—
168
Revaluation of digital assets held as investments
25
503
2,199
733
Adjusted Revenue
$
92,508
$
55,183
$
288,455
$
213,912
Adjusted EBITDA and Adjusted Net Income
Income/(loss)
$
(563,567
)
$
158,462
$
(785,469
)
$
79,564
Adjusted to exclude the following:
Digital asset sales on other venues
(36,583
)
(2,124
)
(396,424
)
(21,821
)
Cost of digital assets derecognized on other venues
36,576
2,103
396,586
21,807
Loss/(Gain) from changes in fair value of digital assets inventories net payable to customers
120,241
(131,742
)
208,577
(130,732
)
Income tax expense
(1,523
)
3,782
(944
)
5,005
Finance expenses
14,932
10,659
52,369
38,529
Employee share-based payment expenses
4,047
4,699
15,567
22,587
Other share-based payment expenses
628
—
628
—
Change in fair value of loan and other receivables - digital assets
64,268
(48,510
)
24,994
(43,676
)
Change in fair value of digital assets loan payable
(2,873
)
14,339
(15
)
14,449
Change in fair value of derivatives
(17,521
)
12,867
(9,609
)
12,191
Change in fair value of financial liability at FVTPL
(6,900
)
13,950
20,100
43,350
Change in fair value of investments in financial assets
105,555
(27,369
)
36,034
(29,286
)
Impairment losses of digital assets held - intangible assets
319,209
(1,454
)
497,443
24,601
Impairment of right-of-use assets
—
—
—
956
Non-recurring expenses
7,360
4,629
29,172
10,019
Depreciation and amortization
576
977
3,063
3,826
Adjusted to include the following:
Revaluation of digital assets held as investments
25
503
2,199
733
Adjusted EBITDA
$
44,450
$
15,771
$
94,271
$
52,102
Finance expenses
(14,932
)
(10,659
)
(52,369
)
(38,529
)
Depreciation and amortization
(576
)
(977
)
(3,063
)
(3,826
)
Tax effect of adjusted net income before taxes
(78
)
(96
)
(47
)
(125
)
Adjusted Net Income
$
28,864
$
4,039
$
38,792
$
9,622
Note - Figures presented may not sum precisely due to rounding.
Gross and Net Liquid Assets
(In thousands)
December 31, 2025
December 31, 2024
Digital assets held - inventories
$
206,178
$
573,876
Digital assets held - intangible assets
1,537,071
1,878,268
Digital assets held - financial assets (on Exchange)
84,993
67,526
Digital assets held - financial assets (off Exchange)
952,922
65,123
Loan and other receivable
446,481
166,388
Investments in financial assets
404,144
86,173
Cash and cash equivalents
87,892
31,540
Gross Liquid Assets
$
3,719,681
$
2,868,894
(-) Digital assets held - inventories
$
(206,178
)
$
(573,876
)
(-) Digital assets held - financial assets (on Exchange)
(84,993
)
(67,528
)
(-) Digital assets loan payable
(5,601
)
(20,613
)
(-) Borrowings
(49,982
)
(25,000
)
(-) Borrowings from related parties
(505,600
)
(482,450
)
(-) Cash on the Exchange
(7,626
)
(3,300
)
Net Liquid Assets
$
2,859,701
$
1,696,127
Note - Figures presented may not sum precisely due to rounding.
Reconciliation of Adjusted Operating Expense
(In thousands)
Three Months Ended
Year Ended
December 31,
December 31,
December 31,
December 31,
IFRS Core Operating Expense to Adjusted Operating Expense
2025
2024
2025
2024
IFRS Core Operating Expense
$
60,669
$
49,717
$
242,614
$
199,199
Adjusted for
Employee share-based compensation expense
4,047
4,699
15,567
22,587
Other share-based compensation expense
628
—
628
—
Non-recurring expenses - legal and professional fees
6,386
4,322
25,292
7,245
Non-recurring expenses - compensation and benefits
974
308
3,880
3,746
Depreciation and amortization expense
576
977
3,063
3,826
Adjusted Operating Expense
$
48,058
$
39,411
$
194,184
$
161,795
Note - Figures presented may not sum precisely due to rounding.