Bullish (BLSH) shares tumbled 5.15% in pre-market trading on Thursday, following the release of its fourth-quarter 2025 financial results.
The digital asset platform reported a net loss of $563.6 million, or $3.73 per diluted share, for the quarter ended December 31, 2025. This represents a significant reversal from the net income of $158.5 million, or $1.37 per share, recorded in the same period a year ago.
Despite posting record adjusted revenue of $92.5 million and adjusted EBITDA of $44.5 million, the substantial GAAP net loss appears to have triggered investor concern, leading to the sharp pre-market decline.
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