Crypto platform Bullish tops Q4 estimates, posts GAAP loss on digital asset writedowns
TL;DR
Bullish reported strong Q4 earnings, beating revenue and EPS estimates, but posted a GAAP loss due to digital asset writedowns. The company saw high spot and options trading volumes, though shares fell amid crypto market volatility.
Key Takeaways
- •Bullish exceeded Q4 revenue and EPS forecasts with $92.5 million in adjusted revenue and $0.19 EPS, but incurred a GAAP loss from digital asset remeasurements.
- •Spot trading volume hit $64.3 billion and options trading surpassed $9 billion, reflecting growth in diversified offerings.
- •Analysts note early 2025 trading weakness but highlight strong 2026 guidance for SS&O revenue, indicating resilience compared to peers.
What to know:
- Bullish, the parent company of CoinDesk, reported fourth-quarter earnings on Thursday.
- The company posted $92.5 million in adjusted revenue in the fourth quarter and adjusted EPS of $0.19, both ahead of Wall Street forecasts.
- Spot trading volume reached $64.3 billion, while options trading volume surpassed $9 billion.
- Bullish, the parent company of CoinDesk, reported fourth-quarter earnings on Thursday.
- The company posted $92.5 million in adjusted revenue in the fourth quarter and adjusted EPS of $0.19, both ahead of Wall Street forecasts.
- Spot trading volume reached $64.3 billion, while options trading volume surpassed $9 billion.
Bullish (BLSH), the crypto trading platform and parent company of CoinDesk, reported $92.5 million in adjusted revenue in the fourth quarter, topping forecasts for $87.8 million.
Adjusted EPS of $0.19 was ahead of consensus $0.15.
On a GAAP basis, the company lost $3.73 a share, citing non-cash digital-asset remeasurement losses.
Bullish started spot crypto trading in the U.S. in September, marking its entry into a tightly regulated and competitive market. The platform saw $64.3 billion in spot trading volume during the quarter.
It also launched an options-trading business as part of a broader push to diversify its offerings. The new business line generated $9 billion in options trading volume for the quarter.
Bullish shares fell about 5% during normal trading hours, while bitcoin dropped more than 7% in the last 24 hours, trading below $70,000. Other crypto stocks, such as Coinbase (COIN), dropped 8% on Thursday, and Strategy (MSTR) declined 12%.
“We are more convicted than ever that our institutional positioning is the right approach at the right time,” Bullish CEO Tom Farley said on the company's call discussing earnings. “We expect that Bullish can and will thrive in 2026 despite a rough macro beginning to the year for our industry.”
Bullish went public on the New York Stock Exchange in August through a direct listing. The company had previously operated as a private exchange focused on institutional clients.
Compass Point’s Ed Engel said Bullish’s earnings were “strong,” but that early 2025 trading data shows signs of weakness, particularly in January, with revenue down 17% month-over-month and 32% below the Q4 average, according to Engel.
Despite the slowdown, he noted that Bullish’s 2026 guidance for Subscriptions, Services & Other (SS&O) revenue came in slightly above expectations, signaling more resilience than other crypto firms. However, without quarterly revenue or EBITDA guidance, and with trading income pacing below Street estimates, near-term visibility remains limited. Engel maintained a Neutral rating on the stock and put his $35 price target under review, citing macro crypto volatility and valuation concerns.
Oppenheimer analyst Owen Lau echoed that view, acknowledging that the company reported a strong fourth quarter, driven by better-than-expected growth in its SS&O segment. He added that 2026 guidance points to continued momentum, with SS&O revenue expected to grow nearly 50% at the midpoint and operating expenses coming in below his forecast.
UPDATE (Feb. 5, 3:46 pm UTC): Updates price action for normal trading hours.
UPDATE (Feb. 5, 2:35 pm UTC): Updates with analyst commentaries.