Slide 1: Bullish 3Q 2025 Shareholder Update
Bullish 3Q 2025 Shareholder Update November 19, 2025 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: Recent Bullish Highlights
Recent Bullish Highlights 3Q 2025 Earnings Options Launch & Rapid Adoption – Launched Crypto Options (Oct. 8) with 14 leading trading partners. – Rapid Adoption: Recently surpassed $1B in options trading volume. Total Trading Spot Trading Derivatives Trading Volume Volume Volume CoinDesk Indices & L
Slide 6: Financials & KPIs
Financials & KPIs 3Q 2025 Update 6
Slide 7: 3Q 2025 In-line or Above Guided Ranges
3Q 2025 In-line or Above Guided Ranges 3Q’2025 Note: Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income and adjusted EBITDA are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliatio
Slide 8: Income Statement and KPIs
Income Statement and KPIs 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 LTM 3Q 2025 Financial Metrics ($M) Adjusted Transaction Revenue $44.5 $34.9 $32.9 $41.0 $153.3 $42.0 $24.1 $26.7 $133.9 Subscription & Services Revenue 8.8 25.8 11.5 13.7 59.8 19.7 31.9 49.3 114.7 Revaluation of digital assets held as
Slide 9: Bullish Adjusted Operating Expense Summary
Bullish Adjusted Operating Expense Summary Key Highlights Bullish Adjusted Operating Expense (In U.S. $ Millions) Adjusted Operating Expenses decreased 2.0% QoQ End of period total Headcount 3 ($48.9M in 2Q25 vs. $47.9M in 3Q25). Compensation and Benefits remains the largest driver, 371 367 342
Slide 10: Digital Asset Balance Update
Digital Asset Balance Update Digital Asset Balances – 3Q25 2 BTC ETH USDx Other Total 1 Ending Price as of 9/30/2025 $113,074 $4,160 Units (in 000s) Digital assets held - intangible assets 17.7 9.9 Digital assets held - inventories 1.8 8.4 Loan and other receivable - digital assets 2.8 3.0 Digital a
Slide 11: Post-Quarter Performance
Post-Quarter Performance 4Q 2025 Update & Guidance 11
Slide 12: October Exchange Update
October Exchange Update Notes: * Figures presented may not sum precisely due to rounding 12
Slide 13: 4Q 2025 Guidance
4Q 2025 Guidance Notes: 1 Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income and adjusted EBITDA are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financia
Slide 14: Net Liquid Assets Calculation Update
Net Liquid Assets Calculation Update $437 $4,419 $376 ($362) $254 $3,485 $1,189 ($572) $2,094 $69 Cash and Digital Digital Digital Investments Loan & Gross On Exchange Borrowings Net Liquid Assets Cash Assets Held Assets Held Assets Held in Financial Other Liquid Capital and as of Equivalents - Inta
Slide 15: Appendix
Appendix 15
Slide 16: Bullish Benefits from a Diverse Revenue Model
Bullish Benefits from a Diverse Revenue Model INFRASTRUCTURE Adjusted Volumes Spread Fees Exchange transaction revenue MARKET Balances Subscription Performance Liquidity services fee based upside revenue Liquidity Services SUBSCRIPTION SERVICES & OTHER REVENUE Yield Asset-linked Indices related Indi
Slide 17: Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss)
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited) Note: Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS financial
Slide 18: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited) Note: Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS financial measures. See subsequent sections including Appendi
Slide 19: Non-IFRS Measures Summarized
Non-IFRS Measures Summarized Three months ended Nine months ended ($ in millions) September 30 September 30 September 30 September 30 2025 2024 2025 2024 Non-IFRS Financial Measures Adjusted transaction revenue $ 26.7 $ 32.9 $ 92.8 $ 112.3 Adjusted revenue $ 76.5 $ 44.6 $ 195.9 $ 158.8 Adjusted EBIT
Slide 20: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures ($ in millions) Three months ended Nine months ended September 30 September 30 September 30 September 30 Adjusted Transaction Revenue and Adjusted Revenue 2025 2024 2025 2024 Digital assets sales $ 41,599.5 $ 54,192.4 $ 180,466.3 $ 184,175.2 Digital asset sales on
Slide 21: Gross and Net Liquid Assets
Gross and Net Liquid Assets September 30, 2025 December 31, 2024 Digital assets held - inventories $ 254.2 $ 573.9 Digital assets held - intangible assets 2,094.4 1,878.3 Digital assets held - financial assets (on Exchange) 99.2 67.5 Digital assets held - financial assets (off Exchange) 1,089.9 65.1
Slide 22: Reconciliation of Adjusted Operating Expense
Reconciliation of Adjusted Operating Expense ($ in millions) Three months ended Nine months ended September 30 September 30 September 30 September 30 IFRS Core Operating Expense to Adjusted Operating Expense 2025 2024 2025 2024 IFRS Core Operating Expense $ 59.3 $ 46.4 $ 181.9 $ 149.5 Adjusted for S
Slide 23: 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 24: 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 25: Bullish
°F °¢ Bullish