As of March 31, 2025, the Bullish exchange supports over 70 Spot trading pairs and 45 perpetual futures pairs, serving qualified clients in more than 50 jurisdictions worldwide. In terms of volume, the platform has a cumulative trading amount exceeding $1.25 trillion since its launch, with the global Spot trading volume market shares for Bitcoin (BTC/USDx) and Ether (ETH/USDx) in 2024 being $284.8 billion and $144.5 billion, respectively, demonstrating its competitiveness in the institutional market. User growth is a key driver of Bullish's development. In 2024, the number of active institutional clients grew by 36% year-on-year, and CoinDesk attracted over 55 million unique visitors, with an average monthly user count of 10.7 million. The assets under management (AUM) of CoinDesk index products exceeded $41 billion, with related trading volume reaching $15 billion (as of June 30, 2025). Bullish is not only making a strong push in trading infrastructure but also building an ecological closed loop through media and data services.

The financial performance further corroborates its growth momentum. According to the SEC F-1 filing, the net income for the full year of 2024 is $80 million, with a non-IFRS adjusted EBITDA of $52 million. However, in the first quarter of 2025, a net loss of $349 million was recorded, primarily affected by the volatility in digital asset prices and operational costs. Nevertheless, the adjusted net income remains at $2 million, indicating stable profitability in its core business.

Preliminary estimates for the second quarter show total revenue between 60-62 million USD, with adjusted EBITDA between 10-14 million USD, and net income ranging from -2 million USD to 6 million USD. Revenue sources are diverse, including trading fees, spreads, licensing fees, and advertising, with adjusted trading revenue expected to be 56-58 million USD in the second quarter of 2025.