Bullish, an institution dedicated to the crypto exchange and the parent company of Coindesk, reported its strongest quarter since going public, lifted by a surge in institutional activity around the new US market area 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 was also positive at $13.8 million, although adjusted transaction income dipped to $26.7 million from $32.9 million, reflecting lighter trading volume.
Bullish stock price did not react positively to the news. It was down more than 6% in early trading hours, and is holding up down Almost 40% in the last month.
Bullish did it Debut on the New York Stock Exchange . It has since retraced earlier gains, with shares now hovering near $35.
Related: Ark Invest Scoops $10m in Bullish as it hits record low amid crypto stock rout
Public crypto companies in 2025
Against the backdrop of a Pro-crypto US Administration and new clarity of StableCoin under Genius Act2025 has been a breakout year for crypto companies entering the public markets. But despite the market’s strong debut, many crypto companies are struggling to maintain early gains.
In June, the StableCoin Issuer Circle launched on the NYSE and rose 167% on the first day of trading. The 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 NASDAQ on September 11 after raising its IPO price to $25 from $18 amid strong demand. The stock Jumped almost 25% on the first day of trading and reached as high as 49.17 on October 8. This today trading around $38.15.
Crypto Exchange Gemini Space Station (Gemi) debuted on the NASDAQ on Sept. 12 at $28 per share, well above the original $17 to $19 range. The stock climbed to $40 in early trading before reversing, and currently trading close to $11.60.
Crypto Exchange Kraken announced on Wednesday that it is confident filed A draft S-1 with the US Securities and Exchange Commission, taking the first formal step toward a potential initial public offering.
Magazine: Bitcoin’s ‘Speed Bump’ to $56k? Ripple rejects IPO plans: Hodler’s Digest, Nov. 2 – 8
