Bullish (Blsh), the owner of Coindesk’s crypto platform, has moved to a third-quarter profit After introducing crypto options trading and spot trading in the US
Net income rose to $18.5 million, or 10 cents a share, from a $67.3 million loss, or 59 cents, in the quarter-earlier quarter. Analysts had estimated EPS at 10 cents, according to FactSet data. Adjusted revenue of $76.5 million beat analyst expectations of $72.9 million.
Bullish started its US Spot Trading business in September after receiving a bitlicense from New York regulators. It debuted crypto options with 14 trading partners, and five of the six introduced US Crypto Exchange-Traded Products (ETP) are based on Coindesk indexes. The firm doubled its liquidity services partnerships compared to the prior quarter.
“Our recently launched product portfolio exceeded $1 billion in trading volume and quarter-to-date spot trading volume was up 77% from Q3,” CFO David Bonanno said in the statement. “We are confident that our diversified business model will deliver sustained, profitable growth.”
While overall digital asset sales declined year-over-year, the company saw record revenue from its subscription, services and other (SS&O) business lines. The firm recorded $28.6 million in adjusted EBITDA, compared to $7.7 million in the same quarter last year.
For the fourth quarter, Bullish said it expects subscription, services and other revenue of $47 million-$53 million.
The company’s shares rose more than 2% in pre-market trading.
