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For the third quarter of 2025, total adjusted revenue is expected to be between $69 million and $76 million, with adjusted transaction revenue in the range of $25.5 million-$28 million.
The Zacks Consensus Estimate for earnings has remained steady at 8 cents per share over the past 30 days. The consensus mark for revenues is pegged at $74.10 million.
Let us see how things have shaped up for BLSH prior to the announcement:
Bullish’s third-quarter performance is expected to have benefited from the strong growth in its Subscription Services and Other revenue, which has been driven by its Liquidity Services and CoinDesk-branded products.
The Liquidity Services business is a major driver of revenue growth, particularly with its collaboration with Solana. This partnership, along with other agreements with stablecoin issuers, is expected to have significantly boosted subscription services and other revenue in the to-be-reported quarter. For the third quarter of 2025, Subscriptions, Services & Other Revenue is expected to be between $43.5 million and $48.0 million.
The company’s CoinDesk Indices business is also expected to have contributed to third-quarter 2025 performance, particularly with the SEC approval of the Grayscale ETF based on the CoinDesk 5 index. In the second quarter of 2025, CoinDesk Indices accounted for $41 billion in assets under management, an increase of over $9 billion from the first quarter of 2025.
The recent approval of the New York BitLicense is another key factor, which is expected to have benefited BLSH in the to-be-reported quarter. This milestone allows the company to officially launch its exchange in the United States, which it anticipates will become its largest trading market. The BitLicense enables BLSH to offer its services in New York, a critical financial hub, and provides the regulatory clarity needed to attract institutional clients.
However, fluctuations in Bitcoin prices, which could lead to reduced market-wide digital asset trading volumes, might have hurt Bullish’s performance in the to-be-reported quarter.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. But that is not the exact case here.
Bullish has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
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Bullish to Report Q3 Earnings: What's in Store for the Stock?
Key Takeaways
Bullish (BLSH - Free Report) is set to report third-quarter 2025 results on Nov. 19, 2025.
For the third quarter of 2025, total adjusted revenue is expected to be between $69 million and $76 million, with adjusted transaction revenue in the range of $25.5 million-$28 million.
The Zacks Consensus Estimate for earnings has remained steady at 8 cents per share over the past 30 days. The consensus mark for revenues is pegged at $74.10 million.
Let us see how things have shaped up for BLSH prior to the announcement:
Bullish Price and EPS Surprise
Bullish price-eps-surprise | Bullish Quote
Factors to Note for BLSH
Bullish’s third-quarter performance is expected to have benefited from the strong growth in its Subscription Services and Other revenue, which has been driven by its Liquidity Services and CoinDesk-branded products.
The Liquidity Services business is a major driver of revenue growth, particularly with its collaboration with Solana. This partnership, along with other agreements with stablecoin issuers, is expected to have significantly boosted subscription services and other revenue in the to-be-reported quarter. For the third quarter of 2025, Subscriptions, Services & Other Revenue is expected to be between $43.5 million and $48.0 million.
The company’s CoinDesk Indices business is also expected to have contributed to third-quarter 2025 performance, particularly with the SEC approval of the Grayscale ETF based on the CoinDesk 5 index. In the second quarter of 2025, CoinDesk Indices accounted for $41 billion in assets under management, an increase of over $9 billion from the first quarter of 2025.
The recent approval of the New York BitLicense is another key factor, which is expected to have benefited BLSH in the to-be-reported quarter. This milestone allows the company to officially launch its exchange in the United States, which it anticipates will become its largest trading market. The BitLicense enables BLSH to offer its services in New York, a critical financial hub, and provides the regulatory clarity needed to attract institutional clients.
However, fluctuations in Bitcoin prices, which could lead to reduced market-wide digital asset trading volumes, might have hurt Bullish’s performance in the to-be-reported quarter.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. But that is not the exact case here.
Bullish has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
NVIDIA (NVDA - Free Report) presently has an Earnings ESP of +3.17% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA shares have risen 41.7% year to date. NVDA is scheduled to report third-quarter fiscal 2026 results on Nov. 19.
Semtech Corporation (SMTC - Free Report) presently has an Earnings ESP of +1.29% and a Zacks Rank #2.
Semtech Corporation shares have gained 5.9% year to date. SMTC is scheduled to report third-quarter fiscal 2026 results on Nov. 24.
Workday (WDAY - Free Report) presently has an Earnings ESP of +2.94% and a Zacks Rank #3.
Workday shares have plunged 10.5% year to date. WDAY is scheduled to report third-quarter fiscal 2026 results on Nov. 25.