Bullish (BLSH) Stock Today: Q3 2025 Earnings, ARK Invest Buying and Crypto Volatility on 19 November 2025

Bullish (NYSE: BLSH), the institutional crypto exchange backed by Block.one, is at the centre of market attention today after reporting record third‑quarter 2025 results – even as its share price remains under pressure amid a brutal sell‑off in crypto‑linked equities.

As of this morning in New York (19 November 2025), Bullish shares were trading around $35.05, down roughly 7% from Tuesday’s close of $37.76, and sitting just above a new 52‑week low of $34.63. The stock is also a long way off its 52‑week high of $118. ^[1]

At the same time, the company has just delivered record adjusted revenue and profitability for Q3 2025, while big-name institutions like ARK Invest and BlackRock have been quietly building large positions in the name. ^[2]

Below is a breakdown of everything that matters for Bullish and BLSH stock today, 19 November 2025.

Q3 2025: Bullish swings to profit with record adjusted revenue

Bullish released its Q3 2025 results this morning, covering the quarter ended 30 September 2025. Management describes the period as the company’s “record” quarter on several key metrics. ^[3]

Headline financials (year‑on‑year vs Q3 2024): ^[4]

Digital asset sales:
- Q3 2025: $41.6 billion
- Q3 2024: $54.2 billion (lower trading volumes overall, but still massive throughput)
Net income:
- Q3 2025: $18.5 million (profit)
- Q3 2024: –$67.3 million (loss)
Diluted EPS (IFRS):
- Q3 2025: $0.10 per share
- Q3 2024: –$0.59 per share
Adjusted revenue (non‑IFRS):
- Q3 2025: $76.5 million
- Q3 2024: $44.6 million
Adjusted EBITDA (non‑IFRS):
- Q3 2025: $28.6 million
- Q3 2024: $7.7 million

The company also highlights adjusted net income of $13.8 million versus an adjusted loss of $3.1 million a year earlier, underscoring the transition from “growth at any cost” to a more sustainable, profitable business model. ^[5]

Interestingly, not all revenue lines are moving in the same direction:

Subscription, Services & Other (SS&O) revenue – which includes CoinDesk, CCData and other information services – surged to $49.3 million, up sharply from $11.5 million a year ago. ^[6]
Adjusted transaction revenue from pure trading activity actually fell to $26.7 million from $32.9 million as volumes declined and spreads compressed. ^[7]

That mix shift matters: Bullish is becoming less dependent on volatile trading fees and more reliant on recurring data and services income – a key point for long‑term investors looking for durability.

“Highly successful quarter”: what management is saying

CEO Tom Farley describes Q3 as a “highly successful” quarter, pointing to several strategic milestones: ^[8]

Launch of crypto options trading with 14 major trading partners
Launch of U.S. spot trading, following approval of its NY BitLicense in September
Strong traction for CoinDesk Indices, now used in 5 of 6 newly launched U.S. spot crypto ETPs
A meaningful expansion of Bullish’s liquidity services partnerships

CFO David Bonanno adds that:

The new options product has already cleared $1 billion in trading volume
Quarter‑to‑date spot trading volume in Q4 is up 77% versus Q3
Management expects the “diversified business model” to support “sustained, profitable growth” going forward ^[9]

Those comments dovetail with today’s upbeat coverage from CoinCentral, which frames the quarter as a “record Q3 performance” driven by expanded product offerings, U.S. expansion and institutional adoption. ^[10]

How BLSH stock is trading today (19 November 2025)

Earnings initially landed well in pre‑market trading:

Seeking Alpha notes that Bullish stock was up about 2% in pre‑market after the revenue beat and strong SS&O growth. ^[11]
Investing.com reports that shares were up roughly 3.2% in early trading on the back of “record adjusted revenue and adjusted EBITDA.” ^[12]

However, that early optimism faded quickly.

According to Google Finance, by around 9:40 a.m. ET BLSH was: ^[13]

Trading at $35.05
Down about 7.2% from the prior close of $37.76
Marking a day range of $34.63 – $37.00
Sitting in a 52‑week range of $34.63 – $118.00

The stock has also fallen roughly 45% over the past two months, dropping from around $69 in September to the high‑30s by mid‑November, a move highlighted by an InvestingPro analysis which points out that its fair‑value model had flagged Bullish as significantly overvalued earlier in the autumn. ^[14]

In other words: the business is improving, but the share price is still digesting a sharp de‑rating driven by concerns over valuation, sector risk and the broader crypto sell‑off.

ARK Invest, BlackRock and other institutions keep buying the dip

One of the most eye‑catching storylines around Bullish is the level of institutional interest.

ARK’s $10.2 million buy at record lows

On Monday, ARK Invest – the fund group led by Cathie Wood – bought about $10.2 million worth of Bullish shares as the stock hit a fresh record low near $36.75 during a crypto‑sector rout. ^[15]

Purchases were spread across ARKK, ARKW and ARKF, signalling a broad bet across Ark’s innovation and fintech strategies. ^[16]

This adds to prior Bullish purchases by ARK in recent weeks, including an additional $12 million disclosed earlier in November as the stock slid. ^[17]

Hedge funds and asset managers pile in

Data from QuiverQuant shows that in the most recent quarter: ^[18]

124 institutional investors added Bullish to their portfolios
None reported cutting positions in the latest filings
Large new positions were taken by BlackRock, Tidal Investments, T. Rowe Price, Sumitomo Mitsui Trust and others, each adding between ~1.1 million and ~2.7 million shares

On top of this, a fresh analysis today from Simply Wall St asks whether ARK’s BLSH bet signals “lasting institutional conviction or just a passing phase”, noting the combination of heavy recent buying and aggressive share-price declines. ^[19]

Altogether, the ownership data reinforces a key theme: while retail sentiment is jittery, large professional investors are still willing to take long‑term positions in Bullish at lower prices.

Earnings details: revenue beat, EPS picture mixed

Across today’s coverage, there is broad agreement that Bullish beat on revenue, but the EPS story depends on which metric you focus on.

Revenue: clear beat versus expectations

Analyst round‑ups from ChartMill, Benzinga and QuiverQuant show: ^[20]

Adjusted revenue:
- Actual: $76.5 million
- Consensus: ~$72–73 million
- Beat: approx $3.9 million
Most sources attribute the beat primarily to the surge in SS&O revenue, especially from CoinDesk‑related data and index products.

EPS: GAAP vs non‑GAAP confusion

Different outlets are quoting different EPS figures:

GAAP diluted EPS:
- Bullish’s own release and Investing.com highlight $0.10 per share, in line with analyst estimates and a huge improvement from last year’s loss. ^[21]
Non‑GAAP / adjusted EPS:
- ChartMill and QuiverQuant focus on an adjusted EPS of $0.07, versus a consensus estimate of $0.10 – a $0.03 “miss” on this basis. ^[22]

The discrepancy isn’t about the underlying performance so much as which profit measure you consider most relevant. On an IFRS basis, Bullish delivered its first cleanly profitable quarter; on a stricter adjusted basis, it still came in slightly below the aggressive expectations that had been set after its blockbuster Q2.

Street sentiment and price targets

According to QuiverQuant’s analyst-tracking: ^[23]

There are 5 recent Buy‑equivalent ratings on BLSH and no Sell ratings reported
11 analysts have issued price targets in the last six months, with a median target around $57
Recent targets include:
- $46 from JPMorgan (11/18/2025)
- $57 from ClearStreet (11/11/2025)
- $62–68 from Canaccord, Rosenblatt and others in September

Given today’s ~$35 share price, the Street still sees significant upside vs. current levels – provided Bullish can sustain growth and navigate the crypto cycle.

Strategy update: U.S. launch, options trading and CoinDesk integration

Beyond the headline numbers, today’s results and recent analyst notes paint a picture of a company trying to become a full‑stack, regulated crypto infrastructure player.

1. U.S. spot launch and NY BitLicense

Bullish secured approval from the New York State Department of Financial Services for a BitLicense in September and has since launched U.S. spot trading, a key milestone for any exchange that wants serious institutional flows. ^[24]

ClearStreet’s recent upgrade to “Buy” – echoed in coverage by CoinDesk, XT and Phemex – cites the U.S. expansion and rapid market-share gains as core elements of the bullish thesis. The firm estimates Bullish’s global spot market share has climbed from 2.1% to 3.7%, with October volumes up about 70% vs the prior quarter’s monthly average. ^[25]

2. Options trading clears $1B

The crypto options platform Bullish launched during Q3 has already topped $1 billion in trading volume, a notable achievement in a segment that is increasingly important for institutional hedging and structured products. ^[26]

Options volume is also a key differentiator versus many smaller exchanges and ties directly into Bullish’s pitch as a liquidity provider for professional traders, not just a retail venue.

3. CoinDesk Indices and data services

Through CoinDesk and CCData, Bullish now operates: ^[27]

CoinDesk Indices, which power multiple U.S. crypto ETPs
CoinDesk Data, offering market data and analytics
CoinDesk Insights / Media, including the flagship CoinDesk news platform

In Q3 and early Q4, five of six new spot crypto ETPs launched in the United States chose CoinDesk indices as their benchmark, and several issuers have already switched indices away from competitors to CoinDesk. ^[28]

This combination of trading, data, indices and media gives Bullish a vertically integrated presence across the digital asset value chain – something investors increasingly view as a moat.

Macro backdrop: crypto crash and sentiment reset

Bullish’s strong quarter is landing in a hostile macro environment for crypto‑linked equities.

Bitcoin has pulled back sharply in recent weeks; one CoinCentral market update notes that BTC only just reclaimed the $92,000 level on 19 November, with investors still cautious after a steep drawdown. ^[29]
A separate CoinCentral feature today describes a broad crypto crash that many experts say was “expected,” driven by ETF outflows, profit‑taking and macro uncertainty. ^[30]
FinanceFeeds and TradingView coverage emphasise that crypto‑exposed stocks across the board – from miners like Marathon Digital and CleanSpark to exchanges such as Coinbase – have suffered heavy losses over the last month. ^[31]

Against that backdrop, the 45% two‑month slide in BLSH looks less like an isolated company-specific blow‑up and more like part of a broader sector repricing – though Bullish’s previous valuation multiples clearly left room for disappointment, as InvestingPro highlighted in its fair‑value critique. ^[32]

Key risks investors are watching

Even with today’s positive earnings, coverage across financial media continues to flag several risks and open questions:

Valuation vs. fundamentals
- InvestingPro’s model previously estimated Bullish’s fair value at around $40.88 when the stock traded near $69.18, implying significant downside that has largely played out. ^[33]
- The question now is whether current levels around $35 fairly capture execution risk, regulatory risk and crypto cyclicality – or whether the stock could still overshoot to the downside.
Dependence on the crypto cycle
- While SS&O revenues are more stable, Bullish still relies heavily on trading activity, volatility and asset prices to drive growth – factors that can reverse quickly if the crypto bear market deepens. ^[34]
Regulatory and competitive pressure
- The company itself lists intense competition (including from less‑regulated venues), shifting rules and the cost of staying compliant across multiple jurisdictions as material risks in its forward‑looking statements. ^[35]
Execution on U.S. and derivatives strategy
- Analysts largely agree that Bullish’s future growth depends on successfully scaling U.S. spot and derivatives, and on capturing institutional flows from rivals. ClearStreet’s upgrade explicitly ties its Buy rating to these execution milestones. ^[36]

What today’s news could mean for BLSH going forward

Putting everything together, today’s developments around Bullish (BLSH) on 19 November 2025 can be summed up as follows:

Fundamentals
- The business just posted record adjusted revenue, adjusted EBITDA and adjusted net income, with a clean swing from deep losses to profitability.
- Revenue quality is improving as data and services become a larger slice of the pie. ^[37]
Market reaction
- Despite the beat and positive guidance, the stock is still trading lower on the day, reflecting a mix of profit‑taking, prior overvaluation and sector‑wide risk aversion. ^[38]
Flows and sentiment
- ARK Invest, BlackRock and other institutions are actively adding to positions at these lower levels, while the Street maintains an overall Buy‑tilted stance with a median price target well above current prices. ^[39]
Strategic positioning
- Bullish is emerging as a vertically integrated, regulated crypto infrastructure provider – spanning exchange, derivatives, data, indices and media – with growing market share and a meaningful U.S. footprint. ^[40]

For readers following BLSH stock today, the key takeaway is that the story is becoming more about execution than survival. The company now has:

Real profits
Recurring, high‑margin revenue streams
Heavy institutional backing

…but it also faces a volatile macro backdrop and a market that has become far more demanding on valuation.

As always, this article is for informational purposes only and does not constitute investment advice. Anyone considering exposure to BLSH or other crypto‑linked equities should carefully assess their own risk tolerance, time horizon and need for professional financial guidance.

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