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What were the key takeaways from Bullish's earnings call?

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- **Q3 Records**: $76.5M revenue, $28.6M EBITDA, $13.8M net income. 
- **Options Dominance**: 4% market share in 2 weeks, $240M daily trading. 
- **Tokenization Leap**: 100% QoQ growth in liquidity services partners. 
- **U.S. Onslaught**: 80+ new U.S. customers post-BitLicense, including top brokers. 
- **2026 Vision**: Options + U.S. exchange to drive >50% revenue growth.

**【CEO Summary Section】**
- **Record Q3 Performance**: Adjusted revenue of $76.5M, EBITDA of $28.6M, and net income of $13.8M, all records. 
- **Options Trading Success**: Launched in late October with $1B+ volume in 2 weeks, 4% market share, and $240M single-day trading. 
- **Liquidity Services Growth**: Active partners up 100% QoQ, added 4 new Layer 1 blockchains (Canton, Cardano, Midnight, VeChain). 
- **Tokenization Strategy**: Seeking SEC transfer agent license to expand into U.S. securities tokenization. 
- **U.S. Exchange Momentum**: Onboarded Webull, Moomoo, Cantor Fitzgerald, and others post-BitLicense approval. 

**【CFO Financial Commentary】**
- **Revenue Growth**: Total adjusted revenue +72% YoY, SS&amp;O (liquidity services + CoinDesk) revenue $49.8M (+300% YoY). 
- **Profitability**: EBITDA margin 37.4%, net income margin 18.0%. 
- **Q4 Guidance**: SS&amp;O revenue $47-53M, expenses $48-50M. 
- **Trading Metrics**: Q4 trading volume $126B+ (through Nov 17), spreads 1.7-1.8bps. 

**【Q&A Highlights】**
- **Liquidity Services Expansion**: 9+ stablecoin partners, pipeline shifting to non-stable assets. 
- **Regulatory Impact**: CLARITY Act could accelerate U.S. crypto adoption, Bullish expects to benefit from preemption. 
- **Options Margining**: Portfolio margining reduces capital requirements, driving new customer acquisition. 
- **Competitive Position**: AMM outperformed peers during Oct 10 flash crash with less volatility and liquidations. 
- **2026 Outlook**: Options to become material revenue driver, U.S. exchange growth offsetting crypto market seasonality.

Bullish (BLSH) Q3 2025 Earnings Call Transcript

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