Bullish Swings to Profit in Third Quarter After Adding Options, U.S. Spot Trading

view original post

Bullish (BLSH), the crypto platform owner of CoinDesk, swung to a third-quarter profit after introducing crypto options trading and spot trading in the U.S.

Net income rose to $18.5 million, or 10 cents a share, from a $67.3 million loss, or 59 cents, in the year-earlier quarter. Analysts estimated EPS at 10 cents, according to FactSet data. Adjusted revenue of $76.5 million beat analyst expectations of $72.9 million.

STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

Bullish started its U.S. spot trading business in September after receiving a BitLicense from New York regulators. It debuted crypto options with 14 trading partners, and five of the six recently introduced U.S. crypto exchange-traded products (ETPs) were based on CoinDesk Indexes. The firm doubled its liquidity services partnerships compared with the prior quarter.

“Our recently launched options product has already surpassed $1 billion in trading volume and quarter-to-date spot trading volume is up 77% from Q3,” said CFO David Bonanno said in the statement. “We feel confident that our diversified business model will deliver sustained, profitable growth.”

While overall digital asset sales declined year-over-year, the company saw record revenue from its subscription, services and other (SS&O) business line. The firm recorded $28.6 million in adjusted Ebitda, compared with $7.7 million in the same quarter last year.

For the fourth quarter, Bullish said it expects subscription, services and other revenue of $47 million-$53 million.

Shares of the company rose more than 2% in pre-market trading.