Bullish · NYSE:BLSH
Bullish — Q4 2025 Earnings Presentation
30 slides from Bullish's earnings presentation, Feb 5, 2026
Slide 1: Bullish 4Q 2025 Shareholder Update
Bullish 4Q 2025 Shareholder Update February 5, 2026 1 1
Slide 2: Disclaimer
Disclaimer Non-IFRS financial measures and key performance indicators This communication includes certain financial measures that are not recognized by the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures are “adjusted transaction revenue,” “subscription, servi
Slide 3: Speaking Today
Speaking Today Tom Farley David Bonanno Chief Executive Officer Chief Financial Officer 3
Slide 4: Our objective
Our objective To provide mission-critical products and services that are designed to help institutions grow their businesses, build trust across global regulatory frameworks, and drive the adoption of blockchain technology and digital assets 4
Slide 5: 4Q 2025 Earnings
4Q 2025 Earnings Options Launch & Rapid Adoption Surpassed $9B in options trading volume and reached an open interest high of $4B, establishing Bullish as the #2 exchange for BTC options open interest2 Total Trading Spot Trading Volume Options Trading Volume Volume Liquidity Services Growth $222B $2
Slide 6: 2025 Financial Performance
2025 Financial Performance Bullish achieved record growth with significant operating leverage in 2025, driven by our successful options launch, U.S. market entry, and securing key Tier 1 regulatory licenses globally Adjusted Revenue Growth Operating Leverage Expansion Adjusted EBITDA & Net Income Ma
Slide 7: 2026 Priorities
2026 Priorities Continue Exchange Growth with a Lead the Market in Tokenization of Expand Information Services & Priority on Derivatives and the U.S. Real-World Assets Other Offerings Widen our tokenization solutions to meet our offering: • Obtain U.S. and international licenses to create, trade, an
Slide 8: Exchange Momentum Driven By Options Adoption
Exchange Momentum Driven By Options Adoption From Launch to #2 in One Quarter Leading Challengers in BTC Options Open Interest… Open Interest By Exchange (Excluding Deribit) Bullish OKX Binance CME Group 100% 90% 80% Surpassed $9B in BTC options trading 70% 60% volume in less than 90 days and 50% 40
Slide 9: Powering our Partner’s Growth
Powering our Partner’s Growth USD.ai and $CHIP Bridging Decentralized Finance and Physical AI Infrastructure Investment: Strategic Partnership: Bullish x USD.ai ● USD.ai is pioneering onchain Infrastructure Finance by Deepening Liquidity for AI-Driven Markets: Bullish will be creating the first dece
Slide 10: Financials & KPIs
Financials & KPIs 4Q 2025 Update 10
Slide 11: 4Q 2025 In-line or Above Guided Ranges
4Q 2025 In-line or Above Guided Ranges Figures in $ millions, unless otherwise noted 4Q'2025 Guidance vs Actual Total Trading Volume ($B) $222 Adjusted Transaction Revenue 37.9 Subscription, Services and Other 54.6 $47.0 to $53.0 Total Adjusted Revenue 92.5 Adjusted OPEX 48.1 $48.0 to $50.0 Adjusted
Slide 12: Income Statement and KPIs
Income Statement and KPIs Figures in $ millions, unless otherwise noted 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1 Financial Metrics ($M) Adjusted Transaction Revenue $44.5 $34.9 $32.8 $41.0 $153.2 $42.0 $24.1 $26.7 $37.9 $130.7 Subscription & Services Revenue 8.8 25.8 11.5 13.7 59.8 19.7 3
Slide 13: Bullish Adjusted Operating Expense Summary
Bullish Adjusted Operating Expense Summary Bullish Adjusted Operating Expense Figures in $ millions, unless otherwise noted End of period total Headcount 2 371 367 342 388 406 406 409 414 $49.2 $48.9 $47.9 $48.1 $46.0 4.8 3.8 5.7 4.5 8.3 $39.5 $36.9 $39.4 5.5 6.6 4.5 6.4 3.6 3.9 4.5 4.5 4.9 1.1 3.1
Slide 14: Digital Asset Balances
Digital Asset Balances Digital Asset Balances – 4Q25 BTC 2 ETH 2 USDx Other Total2 1 Ending Price as of 12/31/2025 $88,662 $2,984 Units (in 000s) Digital assets held - intangible assets 16.3 4.8 Digital assets held - inventories 1.7 7.7 Loan and other receivable - digital assets 3.2 1.7 Digital asse
Slide 15: Post-Quarter Performance
Post-Quarter Performance 15
Slide 16: January 2026 Exchange Update
January 2026 Exchange Update Monthly Metrics Report for January 2026 (Unaudited) 2025 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan (B - in billions) Trading Volume ($B) Spot - BTC 34.6 30.9 43.2 39.2 32.8 19.9 20.8 18.2 16.4 38.2 38.4 25.9 22.5 Spot - ETH 18.3 19.2 14.9 10.9 12.0 9.5 11.
Slide 17: 2026 Full Year Guidance
2026 Full Year Guidance Figures in $ millions, unless otherwise noted 2025 Actuals v. 2026 Guidance SS&O Revenue, Adj. Operating Expenses, and Finance Expenses FY 2025 High Low 2025 Results ‘25 Actual vs. ‘26 Forecast3 Subscription, Services and Other $235.0 Adjusted Revenue ($M) $157.7 $49.8 $54.6
Slide 18: Net Liquid Assets & Cash Flow
Net Liquid Assets & Cash Flow Figures in $ millions, unless otherwise noted $446 $3,720 $404 ($299) $206 $2,860 $1,038 ($561) $1,537 $88 Cash and Digital Digital Digital Investments Loan & Gross On Exchange Borrowings Net Liquid Assets Cash Assets Held Assets Held Assets Held in Financial Other Liqu
Slide 19: Appendix
Appendix 19
Slide 20: Bullish Revenue Model
Bullish Revenue Model INFRASTRUCTURE Adjusted Volumes Spread Fees Exchange transaction revenue MARKET Balances Subscription Performance Liquidity services fee based upside revenue Liquidity Services SUBSCRIPTION SERVICES & OTHER REVENUE Yield Asset-linked Indices related Indices revenue AUM fee % da
Slide 21: Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss)
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited) Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS finan
Slide 22: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited) Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS financial measures. See subsequent sections including App
Slide 23: Non-IFRS Measures Summarized
Non-IFRS Measures Summarized Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS financial measures. See subsequent sections including Appendix for further exp
Slide 24: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures Notes: 1. Figures presented may not sum precisely due to rounding 2. See Definition of Certain Metrics for additional details 24
Slide 25: Gross and Net Liquid Assets
Gross and Net Liquid Assets Figures in $ thousands Notes: 1. Figures presented may not sum precisely due to rounding 2. See Definition of Certain Metrics for additional details 25
Slide 26: Reconciliation of Adjusted Operating Expense
Reconciliation of Adjusted Operating Expense Figures in $ thousands Notes: 1. Figures presented may not sum precisely due to rounding 2. See Definition of Certain Metrics for additional details 26
Slide 27: Reconciliation of Adjusted Fully Diluted Shares Outstanding
Reconciliation of Adjusted Fully Diluted Shares Outstanding Shares in thousands Non-IFRS Adjusted Fully Diluted Shares Outstanding (Unaudited) As of December 31 Ordinary shares outstanding 150,834 Vested BMC1 Class A and Class B Shares 4,796 Vested Options 2,342 Vested RSUs 165 Shares repurchased un
Slide 28: Definition of Certain Metrics
Definition of Certain Metrics Adjusted transaction revenue is a non-IFRS financial measure intended to capture the fees and trading spreads earned from customers trading on our Exchange. We define adjusted transactional revenue as (i) the portion of “Digital asset sales”, as reported in accordance w
Slide 29: Definition of Certain Metrics (Cont’d)
Definition of Certain Metrics (Cont’d) Adjusted net income/(loss) is calculated as income/(loss) after tax adjusted by the same adjustment items taken into account for determining adjusted EBITDA, with further adjustment to add back finance expense and depreciation and amortization, and reduced by t
Slide 30: Bullish
°F °¢ Bullish