Bullish posted record revenue and profit in the third quarter, but the strong results failed to sway investors, with the company’s share price continuing to decline.
Bullish, an institutionally focused crypto exchange and the parent company of CoinDesk, reported its strongest quarter since going public, lifted by surging institutional activity around its new US spot market and a crypto options desk that crossed $1 billion in volume.
Bullish recorded $18.5 million in net income, swinging from a $67.3 million loss in the same quarter a year earlier, the company announced on Wednesday. Adjusted revenue rose 72% year-over-year to $76.5 million, while adjusted EBITDA climbed to $28.6 million from $7.7 million.
Adjusted net income also turned positive at $13.8 million, though adjusted transaction revenue dipped to $26.7 million from $32.9 million, reflecting lighter trading volumes.
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