Bully, net profit of 18.5 million USD in the third quarter... significant effects in entering the US spot market.

The digital asset exchange Bullish( bullish ) achieved the best performance after its initial public offering( IPO). The launch of the US spot trading market and the surge in options trading volume drove the performance improvement.

Bullish announced on the 19th that it achieved a net profit of $18.5 million (, approximately 24.8 billion won ), turning a loss of $67.3 million (, approximately 90.2 billion won ), from the same period last year into profit. Adjusted sales increased by 72% year-on-year, reaching $76.5 million (, approximately 102.6 billion won ); adjusted EBITDA was $28.6 million (, approximately 38.4 billion won ), significantly up from $7.7 million (, approximately 10.3 billion won ) in the same period last year.

The adjusted net profit also reached 13.8 million USD (, approximately 18.5 billion KRW ) in profit, breaking away from last year's loss situation. However, affected by the slowdown in volume, the adjusted trading income decreased from 32.9 million USD (, approximately 44.1 billion KRW ), to 26.7 million USD (, approximately 35.8 billion KRW ).

Bullish has recently attracted attention for opening a spot trading market aimed at U.S. institutional investors and recording over $10 billion in cryptocurrency options trading volume, equivalent to approximately 13.42 trillion won. However, the market response has been tepid. On the day of the earnings announcement, the stock price plummeted more than 6% in the morning session, with a cumulative decline of up to 40% in nearly a month.

Although this performance benefited from the increase in institutional investment demand and the expansion of derivatives trading, the market is paying close attention to Bullish's future operational strategy, given the uncertainties such as slowing volume and downward pressure on stock prices.