Bullish Posts Record Earnings Amid Crypto Winter Yet Shares Slide
Bullish (BLSH) delivered a paradox for investors: soaring financial metrics met with market indifference. The crypto exchange's Q3 2025 results showed adjusted revenue surging 72% year-over-year to $76.5 million, while net income swung to $18.5 million from a $67.3 million loss. Such performance would typically buoy shares—yet the stock dipped 3.5%-6%, languishing below its $37 IPO price.
The divergence highlights crypto markets' unforgiving nature. Despite launching options trading that surpassed $1 billion in volume and securing a New York BitLicense—key milestones for institutional credibility—investors punished the stock. Adjusted EBITDA told the same story: $28.6 million versus $7.7 million last year, a metric ignored as shares fell 40% monthly.
Market whispers suggest broader sector headwinds overshadowed operational wins. When even record-breaking fundamentals fail to MOVE the needle, it signals either extreme risk aversion or deeper skepticism about crypto's maturation timeline.
