Bullish (NYSE: BLSH) announced its Q4 2025 and full-year results. CEO Tom Farley stated that the industry is at a "turning point." Despite the company's Q4 net loss of $563.6 million, its non-IFRS adjusted revenue increased from $55.2 million in the same period last year to $92.5 million. Key business highlights include options trading volume surpassing $9 billion and leading market share as a provider of digital asset ETF indices. Management expects 2026 subscription, service, and other revenue to be between $220 million and $250 million.

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