Bullish Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw record revenue and EBITDA, driven by options trading, liquidity services, and institutional growth. 2026 guidance targets 50% SS&O revenue growth, with macro and regulatory factors as key variables. Tokenization and regulatory clarity remain central to long-term strategy.
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Record Q3 results with adjusted revenue up 72% year-over-year and strong growth in liquidity services, options trading, and CoinDesk businesses. U.S. expansion accelerated post-BIT license, with robust client onboarding and positive outlook for 2026.
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Q2 saw record subscription revenue and rapid growth in liquidity services, despite lower trading volumes due to low BTC volatility. U.S. market entry is imminent after securing the New York BitLicense, with strong guidance for Q3 and continued expansion in indices and options products.