Bullish reported a fourth-quarter loss of $563.6 million, and its stock price fell 5%.

PANews reported on February 5th that, according to CoinDesk, cryptocurrency exchange Bullish released its Q4 2025 financial results, reporting a net loss of $563.6 million, compared to a net profit of $158.5 million in the same period last year. The company reported a loss of $3.73 per share, primarily attributed to losses from the remeasurement of non-cash digital assets. Following the release of the financial report, its stock price fell 5% in pre-market trading.

The report shows that the platform's spot trading volume reached $64.3 billion in the quarter. The company launched its spot trading business in the US last September, simultaneously introducing options trading, with options trading volume reaching $9 billion in the same quarter. Bullish plans to list on the New York Stock Exchange via direct listing in August 2025; previously, it was a privately held exchange focused on institutional clients.