Bullish Inc. announced a net profit of $18.5 million for Q3 2025, with adjusted revenue reaching $76.5 million. Despite these strong financial results and a $1 billion trading volume in crypto options, the company's stock price fell. Analysts suggest the decline was due to unmet market expectations rather than the company's performance. The company did not comment on the stock movement, and no new capital was raised during the quarter. Increased activity in derivatives and institutional engagement are anticipated to drive future growth for Bullish Inc.