Bullish Posts Record Q3 Earnings Amid 40% Post-IPO Stock Drop
Bullish, the institutional crypto exchange and CoinDesk parent, reported record Q3 earnings, turning a $67.3 million loss into an $18.5 million net profit. Adjusted revenue rose 72% year-over-year to $76.5 million, while adjusted EBITDA climbed to $28.6 million and adjusted net income reached $13.8 million. Trading revenue dipped to $26.7 million amid lighter volumes. Despite strong Q3 earnings, Bullish’s stock tumbled over 6% in early trading and has slid nearly 40% since its August IPO, now trading around $35. This follows similar post-IPO pullbacks at Circle, Figure, Gemini and Kraken. Institutional activity around Bullish’s US spot market and crypto options desk drove growth, underscoring growing yet volatile demand in the crypto sector.
Neutral
Despite Bullish’s robust Q3 earnings and strong institutional trading activity, the stock’s 6% drop on the results and nearly 40% post-IPO slide indicate market caution. In the short term, traders may remain hesitant as similar crypto IPOs experienced pullbacks. Over the long term, solid fundamentals and growing institutional demand around spot markets and options desks suggest potential upside, but volatility is likely to persist.