Bullish reports Q4 loss as bitcoin options trading grows, shares whipsaw after earnings

Bullish posted a steep fourth-quarter loss even as underlying operating metrics improved and activity in its bitcoin options market accelerated.

The institutionally focused digital asset exchange reported a net loss of nearly $564 million in the fourth quarter, reversing net income of roughly $159 million a year earlier, as a crypto market selloff in recent months erased more than $1.9 trillion from the overall market cap.

Shares of Bullish (NYSE: BLSH) were volatile following the release. The stock, which closed Wednesday at $27.40, fell as much as 11% in premarket trading before reversing course a bit to trade around $26.00 at publication time Thursday morning.

While headline results swung to a loss, the company pointed to record adjusted revenue and profitability measures during the quarter, suggesting underlying business activity continued to expand.

CEO Tom Farley said he sees digital assets approaching a "turning point" as more financial activity moves onchain, adding that Bullish is positioning itself to benefit as institutional adoption grows.

Bullish options growth

A major driver of growth was the firm's options business, where trading volumes surpassed $9 billion and open interest reached a record $4 billion by the end of January. Bullish claims that this places it as the second-largest exchange for bitcoin options open interest.

The company also said it became the leading index provider for digital asset exchange-traded products during the quarter, supporting 15 of 39 new crypto-focused ETF listings globally.

Bullish added that it secured U.S. transfer agent registration, a step toward expanding its tokenization and market infrastructure offerings.

For the full-year 2025, Bullish reported a net loss of $785.5 million, compared with a profit the year before. Though on an adjusted basis, revenue and operating profitability improved over the course of the year.