Crypto platform Bullish tops Q4 estimates, posts GAAP loss on digital asset writedowns

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Crypto platform Bullish tops Q4 estimates, posts GAAP loss on digital asset writedowns

Shares of the company are sinking in pre-market action as crypto prices continue to plunge.

By Helene Braun, James Van Straten|Edited by Sheldon Reback

Updated Feb 5, 2026, 2:36 p.m. Published Feb 5, 2026, 12:48 p.m.

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Crypto exchange Bullish goes public on the New York Stock Exchange. (Aoyon Ashraf/Modified by CoinDesk))

What to know:

• Bullish, the parent company of CoinDesk, reported fourth-quarter earnings on Thursday.
• The company posted $92.5 million in adjusted revenue in the fourth quarter and adjusted EPS of $0.19, both ahead of Wall Street forecasts.
• Spot trading volume reached $64.3 billion, while options trading volume surpassed $9 billion.

Bullish (BLSH), the crypto trading platform and parent company of CoinDesk, reported $92.5 million in adjusted revenue in the fourth quarter, topping forecasts for $87.8 million.

Adjusted EPS of $0.19 was ahead of consensus $0.15.

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On a GAAP basis, the company lost $3.73 a share, citing non-cash digital-asset remeasurement losses.

Bullish started spot crypto trading in the U.S. in September, marking its entry into a tightly regulated and competitive market. The platform saw $64.3 billion in spot trading volume during the quarter.

It also debuted an options trading business as part of a broader push to diversify its offerings. The new business line generated $9 billion in options trading volume for the quarter.

Bullish shares fell 5% in pre-market trading following the earnings announcement alongside a continuing plunge in crypto prices that took bitcoin below $70,000.

“We are more convicted than ever that our institutional positioning is the right approach at the right time,” Bullish CEO Tom Farley said on the company's call discussing earnings. “We expect that Bullish can and will thrive in 2026 despite a rough macro beginning to the year for our industry.”

Bullish went public on the New York Stock Exchange in August through a direct listing. The company had previously operated as a private exchange focused on institutional clients.

Compass Point’s Ed Engel said Bullish’s earnings were “strong,” but that early 2025 trading data shows signs of weakness, particularly in January, with revenue down 17% month-over-month and 32% below the Q4 average, according to Engel.

Despite the slowdown, he noted that Bullish’s 2026 guidance for Subscriptions, Services & Other (SS&O) revenue came in slightly above expectations, signaling more resilience than other crypto firms. However, without quarterly revenue or EBITDA guidance, and with trading income pacing below Street estimates, near-term visibility remains limited. Engel maintained a Neutral rating on the stock and put his $35 price target under review, citing macro crypto volatility and valuation concerns.

Oppenheimer analyst Owen Lau echoed that view, acknowledging that the company reported a strong fourth quarter, driven by better-than-expected growth in its SS&O segment. He added that 2026 guidance points to continued momentum, with SS&O revenue expected to grow nearly 50% at the midpoint and operating expenses coming in below his forecast.

UPDATE (Feb. 5, 2:35 pm UTC): Updates with analyst commentaries.

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