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3w ago

Bullish Beats Q4 Estimates as GAAP Loss Hits $563.6M, Shares Slip 5%

Crypto volatility alongside a non-cash accounting loss clouds the near-term outlook.

Bullish logs $564m q4 loss as bitcoin options volume breaks $9b

Overview

  • The company reported adjusted revenue of $92.5 million versus $87.8 million expected and adjusted EPS of $0.19 versus $0.15 consensus.
  • GAAP results showed a $563.6 million net loss, or $3.73 per share, driven by digital-asset remeasurement.
  • Shares fell about 5% in pre-market trading as bitcoin traded below $70,000 during a sector-wide slide.
  • U.S. spot trading launched in September and a new options business in Q4 generated $64.3 billion in spot volume and $9 billion in options volume.
  • Analysts called Q4 execution solid but noted January revenue fell 17% month over month and 32% below the Q4 average, with SS&O guidance slightly above estimates yet limited near-term visibility without quarterly revenue or EBITDA targets.