Bullish Q3 FY2025 earnings call

• Bullish achieved record adjusted revenue, EBITDA, and net income in Q3 2025.
• In the last 6 weeks, momentum increased with full launch of options franchise, U.S. exchange business onboarding marquee customers, many new liquidity services customers signed in Q4, index business gaining traction with ETF launches, and media business growing to be the top crypto news site globally by views.
• Liquidity services is the fastest-growing business, added a record number of liquidity services partners in Q3 with active partner count up 100% sequentially, broadened Layer 1 blockchain relationships.
• Options trading launch had over $1 billion of volume in just over 2 weeks, $1 billion in open interest, and $240 million traded in a day.
• CoinDesk's indices underpinned new U.S.-based and global ETPs, CoinDesk Research launched as a subscription-based vertical.

In the third quarter of 2025, Bullish reported record adjusted revenue of $76.5 million, record adjusted EBITDA of $28.6 million, and record adjusted net income of $13.8 million. SS&O revenue (including liquidity services and all CoinDesk-branded products) for the third quarter reached $49.8 million, which is up over 50% versus the second quarter and over 300% versus the prior year's quarter. Through the first 3 quarters of 2025, SS&O revenue represents 53% of total adjusted revenue year-to-date compared to 28% for the full year 2024.

• Expect SS&O revenue between $47 million and $53 million for Q4 2025.
• Expect adjusted operating expenses between $48 million and $50 million for Q4 2025.
• Confident in sustained and profitable growth in the coming quarters.

• Risks associated with forward-looking statements as actual results may differ materially.
• Regulatory uncertainties in different geographies affecting business operations.
• Volatility in the digital asset space impacting revenue streams.

Q: Focus on liquidity services, including number of stablecoins serviced, economics of non-stablecoin vs stablecoin, and competition with ICO platform.

A: Bullish added record liquidity services partners, partnered with multiple stablecoins, non-stablecoin opportunities growing, and focused on institutional customers rather than the tail of crypto.

Q: Motivation for transfer agent licensure, competitive landscape, and AMM performance during volatility.

A: Transfer agent license to offer more services to securities issuers, competitive landscape involves focusing on own strengths, AMM performed well during volatility with less liquidation.

Q: SS&O growth vs Q4 guide and momentum post BitLicense approval.

A: Q4 guide accounts for seasonality and market factors, early wins and strong pipeline but diligence is robust.

Q: CLARITY Act impact on business, U.S. momentum, and incremental margins.

A: CLARITY Act could bring legal certainty, U.S. launch benefited from global order book, trading has higher incremental margins.

Q: Options capital efficiencies, tokenized assets, and options revenue timeline.

A: Options offer portfolio margining, tokenization creates new opportunities, but no specific timeline for options revenue to turn positive.

Q: Spot spreads and incremental pricing power.

A: Spreads rebounded, optimized for total adjusted transaction revenue.

Q: Next steps after BitLicense and remaining geographies.

A: Focus on consolidating markets, U.K. legislation upcoming, main geographies covered with ongoing license acquisitions.