---
title: "Bullish posts record Q3 earnings, but shares keep sliding"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/266598550.md"
description: "Bullish, a crypto exchange, reported record Q3 earnings with $18.5 million in net income and a 72% rise in adjusted revenue. Despite this, its stock fell over 6% and is down nearly 40% this month. Bullish debuted on the NYSE in August but has since lost its early gains. Other crypto companies also faced similar stock performance issues after strong market debuts."
datetime: "2025-11-19T17:02:12.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266598550.md)
  - [en](https://longbridge.com/en/news/266598550.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266598550.md)
---

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# Bullish posts record Q3 earnings, but shares keep sliding

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.

Bullish’s stock price did not react positively to the news. It was down over 6% in early trading hours, and remains down nearly 40% over the past month.

Bullish made its debut on the New York Stock Exchange (NYSE) on Aug. 13, soaring as much as 218% from its $37 IPO price to an intraday high of $188. It has since given back those early gains, with shares now hovering near $35.

**Public crypto companies in 2025**

Against the backdrop of a pro-crypto US administration and new stablecoin clarity under the GENIUS Act, 2025 has become a breakout year for crypto companies entering the public markets. But despite strong market debuts, many crypto companies have struggled to sustain early gains.

In June, stablecoin issuer Circle launched on the NYSE and rose 167% on its first day of trading. Shares debuted at $31 and closed the day at $82. They are currently trading around $71, as per data from Yahoo Finance.

Figure, a blockchain-based marketplace for financial products, began trading on the Nasdaq on Sept. 11 after lifting its IPO price to $25 from $18 amid strong demand. The stock jumped nearly 25% on its first day of trading and reached as high as 49.17 on Oct. 8. It now trades around $38.15.

Crypto exchange Gemini Space Station (GEMI) debuted on the Nasdaq on Sept. 12 at $28 per share, well above its original $17 to $19 range. The stock climbed to $40 in early trading before reversing, and currently trades near $11.60.

Crypto exchange Kraken announced on Wednesday it has confidentially filed a draft S-1 with the US Securities and Exchange Commission, taking the first formal step toward a potential initial public offering.

### 相关股票

- [Bullish (BLSH.US)](https://longbridge.com/zh-CN/quote/BLSH.US.md)

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