Q4 2025 Bullish Earnings Call Transcript

Feb 05, 2026 / 01:30PM GMT

Release Date Price: $24.9 (-8.46%)

Transcript

Key Points

Positve

Bullish (BLSH) achieved record SS&O revenue of $54.6 million in Q4 2025, marking a 284% year-over-year increase.
The company successfully launched options trading in Q4 2025, rapidly scaling its market position and achieving over $2 billion in open interest.
Bullish (BLSH) secured key Tier 1 licenses, including the New York bit license and authorizations from European and Asian regulators.
The company is positioned at the intersection of three strong trends: regulatory clarity, increasing institutional participation, and expanding tokenization use cases.
Bullish (BLSH) continues to grow its customer base, with all-time highs in monthly active customers and total customer funds on the platform.

Negative

The digital asset market has experienced a significant price drop, which could impact Bullish (BLSH)'s growth trajectory.
The company faces macroeconomic headwinds, including unfavorable market conditions for asset prices and interest rates.
Bullish (BLSH) anticipates potential challenges in expanding its regulatory footprint in the United States.
The volatility in the crypto market may lead to a slowdown in pipeline growth and customer onboarding.
The company is not providing full-year adjusted transaction revenue guidance due to potential volatility.

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the Bullish Global fourth-quarter 2025 earnings call and Q&A. (Operator Instructions) I would now like to turn the call over to Michael Fedele, Vice President of Finance. You may begin.

Michael Fedele

Bullish - Vice President - Finance

Good morning, and welcome to our fourth quarter earnings call. I'm Michael Fedele, Vice President of Finance, and I'm joined on today's call by our Chief Executive Officer, Tom Farley, Chief Financial Officer, David Bonanno and Director of Corporate Development, Liam Foley. This call will contain forward-looking statements, including those relating to our expected performance and business opportunities. These statements are not assurances of future performance. They are subject to risks and uncertainties and our actual results could differ materially.

For more details on these risks, please refer to today's earnings press release and our SEC filings, including our prospectus dated August 12, 2025. We undertake no obligation to update or

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

30-Day 100% money back guarantee

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.