In January, total trading volume on Bullish reached $52.2 billion, led by $22.5 billion in BTC spot and $8.4 billion in ETH spot trades. Stablecoin and other spot volumes added $11.2 billion and $3.4 billion respectively, while perpetual contract volume stood at $2.0 billion. The platform maintained an average spread of 1.67 basis points across all products, reflecting tight execution costs. BTC annualized volatility measured 33% and ETH volatility 46%, down from Q4 peaks but supportive of sustained client activity. These unaudited metrics demonstrate consistent institutional engagement at competitive trading conditions. Bullish reported a net loss of $563.6 million in Q4 2025, or $3.73 per diluted share, swinging from a $158.5 million profit in the year-earlier quarter. Adjusted revenue climbed 68% year-over-year to $92.5 million, driven by strong subscription, services and other sales, while adjusted transaction revenue of $37.9 million dipped 8% versus Q4 2024. Adjusted EBITDA more than doubled to $44.5 million, reflecting flat operating expenses even as digital asset sales remained resilient at $64.3 billion. On a full-year basis, adjusted revenue rose 35% to $288.5 million and adjusted EBITDA reached $94.3 million, underscoring expanding operating leverage despite a $785.5 million net loss for 2025. Bullish achieved record EBITDA margins in Q4 through flat adjusted operating costs of $48.0 million and robust subscription revenue growth, signaling strong operating leverage. The platform’s new options offering surpassed $9 billion in volume with open interest at $4 billion, making it the second-largest BTC options venue by open interest as of January 31, 2026. The company also captured 38% of global digital asset ETF indexing mandates in the quarter, winning 15 of 39 listings. Institutional liquidity services delivered another record subscription, services and other revenue quarter, while Bullish secured Transfer Agent registration to advance its tokenization roadmap.