Bullish posts record Q3 earnings, but shares keep sliding
Analysis
Price Impact
MedWhile bullish, a crypto exchange, reported record q3 earnings, its shares continued to slide. this indicates that strong operational performance by crypto-related public companies is currently not enough to sway investor sentiment, which remains cautious or negative. this could lead to a 'risk-off' sentiment for other crypto equities and potentially impact overall market confidence, though less directly on major crypto assets.
Trustworthiness
HighThe information is sourced from bullish's official announcement and verified financial data from yahoo finance, reported by cointelegraph, a recognized crypto news outlet.
Price Direction
NeutralThe news primarily concerns the stock performance of publicly traded crypto companies rather than direct crypto asset prices. the consistent decline in shares despite positive earnings suggests underlying investor skepticism in the valuation of these companies. while not directly bearish for crypto coins, it implies a more cautious or 'wait-and-see' approach from traditional investors towards the crypto industry's public face, which could indirectly dampen broader market enthusiasm.
Time Effect
LongThe trend of crypto companies (bullish, gemini) struggling to maintain early ipo gains and experiencing declining share prices even with good fundamentals points to a persistent, long-term challenge in investor confidence and valuation for this sector, rather than a short-term market fluctuation.
Original Article:
Article Content:
Nate Kostar 2 minutes ago Bullish posts record Q3 earnings, but shares keep sliding Bullish posted record revenue and profit in the third quarter, but the strong results failed to sway investors, with the company’s share price continuing to decline. Listen 0:00 23 News COINTELEGRAPH IN YOUR SOCIAL FEED Bullish, an institutionally focused crypto exchange and the parent company of CoinDesk, reported its strongest quarter since going public, lifted by surging institutional activity around its new US spot market and a crypto options desk that crossed $1 billion in volume. Bullish recorded $18.5 million in net income, swinging from a $67.3 million loss in the same quarter a year earlier, the company announced on Wednesday. Adjusted revenue rose 72% year-over-year to $76.5 million, while adjusted EBITDA climbed to $28.6 million from $7.7 million. Adjusted net income also turned positive at $13.8 million, though adjusted transaction revenue dipped to $26.7 million from $32.9 million, reflecting lighter trading volumes. Bullish’s stock price did not react positively to the news. It was down over 6% in early trading hours, and remains down nearly 40% over the past month. Source: Yahoo Finance Bullish made its debut on the New York Stock Exchange (NYSE) on Aug. 13, soaring as much as 218% from its $37 IPO price to an intraday high of $188. It has since given back those early gains, with shares now hovering near $35. Related: ARK Invest scoops $10M in Bullish as it hits record low amid crypto stock rout Public crypto companies in 2025 Against the backdrop of a pro-crypto US administration and new stablecoin clarity under the GENIUS Act , 2025 has become a breakout year for crypto companies entering the public markets. But despite strong market debuts, many crypto companies have struggled to sustain early gains. In June, stablecoin issuer Circle launched on the NYSE and rose 167% on its first day of trading. Shares debuted at $31 and closed the day at $82. They are currently trading around $71, as per data from Yahoo Finance. Figure, a blockchain-based marketplace for financial products, began trading on the Nasdaq on Sept. 11 after lifting its IPO price to $25 from $18 amid strong demand. The stock jumped nearly 25% on its first day of trading and reached as high as 49.17 on Oct. 8. It now trades around $38.15. Crypto exchange Gemini Space Station (GEMI) debuted on the Nasdaq on Sept. 12 at $28 per share, well above its original $17 to $19 range. The stock climbed to $40 in early trading before reversing, and currently trades near $11.60. Source: Y ahoo Finance Crypto exchange Kraken announced on Wednesday it has confidentially filed a draft S-1 with the US Securities and Exchange Commission, taking the first formal step toward a potential initial public offering. Magazine: Bitcoin’s ‘speed bump’ to $56K? Ripple rejects IPO plans: Hodler’s Digest, Nov. 2 – 8 # Kraken # Business # Circle # Gemini # IPO Add reaction