Catenaa, Thursday, February 12, 2026-Bullish posted a $564 million net loss in the fourth quarter, reversing a $159 million profit a year earlier, even as its bitcoin options trading surged and underlying business metrics strengthened.
The digital asset exchange said market volatility and a crypto selloff that erased over $1.9 trillion from global capitalization weighed on results. Shares of Bullish (NYSE: BLSH) fell as much as 11% in premarket trading Thursday before recovering slightly to around $26.00.
Despite the headline loss, the firm reported record adjusted revenue and profitability measures for the quarter, suggesting growth in core operations. Bullish highlighted institutional adoption trends as more financial activity moves onchain, positioning itself to benefit from expanding market infrastructure.
A key driver was Bullish’s bitcoin options business. Trading volumes surpassed $9 billion, with open interest reaching a record $4 billion by late January, ranking the firm as the second-largest exchange by options open interest. The exchange also became the leading index provider for crypto exchange-traded products, supporting 15 of 39 new global crypto-focused ETF listings during the quarter.
Bullish secured U.S. transfer agent registration to expand its tokenization and market infrastructure offerings. For the full year 2025, the firm reported a net loss of $785.5 million, compared with a profit the previous year, though adjusted revenue and operating performance improved across the period.
