Digital asset platform Bullish, listed on the U.S. stock market, reported $244.8 billion in digital asset sales for fiscal year 2025, a slight decrease from $250.2 billion the previous year. Fourth-quarter sales reached $64.3 billion, down from $66 billion year-on-year. The company recorded a GAAP net loss of approximately $564 million in Q4, with adjusted EBITDA at $44.5 million and adjusted net income at $28.9 million. Notably, Bitcoin options trading volume exceeded $9 billion in Q4, with open interest reaching $4 billion, making Bullish the second-largest exchange globally by Bitcoin options open interest.