Key Notes

Crypto options launched with 14 trading partners and crossed $1 billion in volume during Q3, while US spot trading began after NYDFS approval.

Ark Invest has accumulated approximately $172 million in Bullish shares since the company's August public listing across multiple ETFs.

The exchange ended Q3 with $3.48 billion in net liquid assets and projects Q4 subscription revenue between $47 million and $53 million.

Bullish reported net income of $18.5 million for the third quarter on Nov. 19, swinging to profitability from a loss in the prior year as the exchange expanded its product lines to include US spot trading and crypto options.

The company generated $76.5 million in adjusted revenue for the period ending Sept. 30. This compares to $44.6 million reported in Q3 2024, acco

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