Bullish Earnings Reveal Options Growth Outpacing Accounting Pain Beneath that headline loss, the exchange posted a markedly different picture on an adjusted basis. Adjusted revenue climbed to $92.5 million in the fourth quarter, up from $55.2 million a year earlier, while adjusted EBITDA rose to $44.5 million from $15.8 million. Adjusted net income reached $28.9 million, more than seven times the prior-year figure.
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Bullish’s stock BLSH is down today more than 7% around 1:30 p.m. Eastern Time on Feb. 5, 2026. Over the last five sessions, BLSH has lost more than 21% and it is down 38% this month. FAQ Why did Bullish post such a large Q4 loss?The loss was driven mainly by fair-value adjustments on digital assets and investments under IFRS accounting. How did Bullish perform on an adjusted basis?Adjusted revenue, EBITDA, and net income all rose sharply year over year in the fourth quarter. What stood out in Bullish’s trading activity?Its bitcoin options market topped $9 billion in volume and hit $4 billion in open interest. What is Bullish forecasting for 2026?The company expects $220 million to $250 million in subscription and services revenue with controlled operating expenses. 
