Bullish stocks fall after crypto exchange reports third-quarter earnings

Shares of listed cryptocurrency exchange Blish fell more than 5% after the company announced its third-quarter results on Wednesday morning.

The exchange reported record third-quarter adjusted revenue of $76.5 million and net income of $18.5 million. That compares to adjusted revenue of $44.6 million and net loss of $67.3 million in the same period last year.

“After posting record subscription, services and other revenue (SS&O) and record profit in the third quarter, we continue to see strong momentum in the fourth quarter,” Chief Financial Officer David Bonanno said in a bullish statement.

“Trading volume for our recently launched options products has already exceeded $1 billion, and quarter-to-date spot trading volume is up 77% from the third quarter. We continue to expand our liquidity services ecosystem and are confident that our diversified business model will deliver sustainable and profitable growth,” he added.

The Peter Tile-backed exchange fully launched its options products and U.S. exchange during the quarter, and CEO Tom Farley said on the third-quarter earnings call that it was already “on board with major customers.”

“Overall in 2025, we expect to see many more records,” Farley said. “Over the past six weeks, our momentum has only increased.”

In September, the company announced it had completed the historically difficult project. Process of receiving a New York BitLicensea regulatory license that allows it to operate as a digital asset trading and storage business in the state.

Going forward, Burish is focused on positioning itself at the intersection of regulatory clarity, institutional adoption, and important cryptocurrency trends. Tokenization of real world assets (RWA).

“We are more confident than ever that we are on the right path,” Farley said. “We are squarely at the center of each of these trends. We are proud of our regulatory footprint and pleased with the continued adoption we are helping to facilitate.”

But Farley put tokenization front and center, calling it “the most transformative crypto value proposition of the next decade.” He said the company has filed an application with the SEC for regulatory approval as a transfer agent to complement its U.S. securities tokenization strategy.

Tokenization of US stocks is a growing theme this year, with Nasdaq recently filing Work with SEC to allow trading of tokenized stocks companies such as robin hood and coinbase We are also working on tokenized equity products.

Furthermore, popular stocks such as Tesla and Apple, Generated over $2 billion in on-chain volume Via XStocks.

strong It completed its IPO in August at $37 per share.. It peaked at $118, but has since traded below its IPO price, most recently trading at $35.87.