Slides
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1 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE February 5, 2026 Bullish 4Q 2025 Shareholder Update 1
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2 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Disclaimer Non-IFRS financial measures and key performance indicators This communication includes certain financial measures that are not recognized by the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures are “adjusted transaction revenue,” “subscription, services & other revenue, ” “adjusted revenue,” “adjusted operating expense,” “adjusted net income / (loss)” and “adjusted EBITDA,” “gross liquid assets” and “net liquid assets.” These non-IFRS financial measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. We believe these non-IFRS financial measures provide useful information to management and investors regarding certain financial and business trends. These non-IFRS financial measures are subject to inherent limitations as they reflect the exercise of judgments about which items of expense and income are excluded or included in determining these non-IFRS financial measures. Refer to the Appendix for further details and a reconciliation of the non-IFRS financial measures presented to their most directly comparable IFRS financial measures. This communication also provides our forward-looking “adjusted transaction revenue,” “subscription, services & other revenue, ” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” guidance for the upcoming fiscal quarter. Information reconciling upcoming fiscal quarter “adjusted transaction revenue,” “subscription, services & other revenue, ” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” to the most directly comparable IFRS financial measures is unavailable to us without unreasonable effort due to the high variability, complexity and lack of visibility in making accurate forecasts and projections to certain reconciling items. These items cannot be reasonably and accurately predicted without the investment of undue time, costs and other resources, and accordingly, no reconciliation of the forward-looking non-IFRS financial measures is included. These reconciling items could be material to our actual results for the period. In addition, management is providing forward-looking guidance on the following key performance indicator, Trading Volume, for the upcoming fiscal quarter. Refer to the Appendix in this communication for definitions of key performance indicators. Mark-to-Market — Digital asset prices are subject to extreme volatility, and our holdings of digital assets and other balance sheet items fluctuate constantly in the ordinary course of business. You should not assume that the amounts depicted in this presentation as “mark-to-market” as of December 2025 reflect the actual holdings or balances as of such date or any other date subsequent to December 31, 2025. Additional information This communication should be read together with the accompanying earnings press release, available on our Investor Relations website investors.bullish.com. Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Such statements include, without limitation, statements relating to our expected financial or operating performance, including for the upcoming fiscal quarter; our business strategy and potential market opportunities; current and prospective products, services or acquisitions; trends in, demand for, and growth and market size of, the digital assets industry; the breadth and timing of onchain adoption; expectations regarding relationships with clients and third-party business partners and overall business momentum; our plans and expectations related to tokenization; competition in our industry; the regulatory and legal environment, including regulatory proceedings or approvals; and general economic and business conditions. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by us, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited to intense competition in our industry, including from unregulated and less-regulated entities and platforms; our ability to execute our business strategy and grow our business and operations, including in new geographic locations; our ability to develop, launch and improve our products and services and their adoption; our ability to attract and retain customers; the evolving rules and regulations applicable to digital assets and our products and services; our ability to obtain and maintain regulatory approvals and stay in compliance with laws and regulations, and the costs of doing so; evolution and adoption of digital assets; interest rate fluctuations and digital asset price volatility; changes in, or unexpected, costs to operate our business; cybersecurity risks, including with respect to digital assets custody; disruptions to information and technology systems, blockchain networks and third-party services on which we rely; changes in general market, political or economic conditions; and other risks and uncertainties set forth in the section entitled “Risk Factors” in our final prospectus dated August 12, 2025 filed with the Securities and Exchange Commission (“SEC”), as well as potential risks and uncertainties disclosed in our other filings with the SEC. We may not actually achieve the performance, plans, or expectations disclosed in our forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake any duty to update forward-looking statements. Trademarks “Bullish”, “CoinDesk”, and related word marks and logos are our registered or common law trademarks, service marks or trade names. All third-party trademarks referenced in this communication are property of their respective owners, the use of which does not imply endorsement.
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3 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Tom Farley Speaking Today David Bonanno Chief Executive Officer Chief Financial Officer
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4 To provide mission-critical products and services that are designed to help institutions grow their businesses, build trust across global regulatory frameworks, and drive the adoption of blockchain technology and digital assets Our objective
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5 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE 4Q 2025 Earnings Adjusted Transaction Revenue $38M Subscription, Services, and Other Revenue $55M Adjusted Revenue $93M Adjusted Net Income $29M Adjusted OPEX $48M Adjusted EBITDA $44M Spot Trading Volume $205B Options Trading Volume $9B Total Trading Volume $222B Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, and adjusted OPEX are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures 2. BTC options trading volume as of December 31, 2025. Open interest data through January 31, 2026 (Sources: CoinDesk, CoinGlass) 3. Source: Similarweb.com Options Launch & Rapid Adoption Surpassed $9B in options trading volume and reached an open interest high of $4B, establishing Bullish as the #2 exchange for BTC options open interest2 U.S. Regulatory Secured transfer agent registration (Dec. 2025), furthering the completion of our tokenization stack Liquidity Services Growth Continued momentum from established and emerging asset issuers with new institutional partnerships, driving another quarter of record SS&O revenue CoinDesk Indices Established position as the #1 indexer by market share for all indexers of digital assets, winning 15 of 39 digital asset focused ETF listings globally in 4Q ’25 CoinDesk Insights #1 news outlet for digital asset content as measured by traffic3
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6 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Operating Leverage Expansion 2025 Financial Performance Bullish achieved record growth with significant operating leverage in 2025, driven by our successful options launch, U.S. mar ket entry, and securing key Tier 1 regulatory licenses globally Adjusted EBITDA & Net Income Margins %Adjusted Revenue Growth 3.8x SS&O Growth 41.0 42.0 24.1 26.7 37.9 14.2 20.4 32.9 49.8 54.6 $55.2 $62.4 $57.0 $76.5 $92.5 4Q24 1Q25 2Q25 3Q25 4Q25 181% Operating Leverage Growth Note: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, and adjusted OPEX are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures Adjusted Transaction Revenue Subscription, Services and Other Revenue Adjusted Operating Expenses Total Adjusted Revenue Adjusted Net Income Margin % Adjusted EBITDA Margin % 28.7% 21.1% 14.2% 37.4% 48.1% 7.3% 3.4% (10.5%) 18.1% 31.2% 4Q24 1Q25 2Q25 3Q25 4Q25 $55.2 $62.4 $57.0 $76.5 $92.5 $39.4 $49.2 $48.9 $47.9 $48.1 4Q24 1Q25 2Q25 3Q25 4Q25
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7 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Continue Exchange Growth with a Priority on Derivatives and the U.S. 2026 Priorities Lead the Market in Tokenization of Real-World Assets Expand Information Services & Other Offerings Options Momentum: • Establish Bullish as clear top 2 digital assets options exchange • Build towards becoming the #1 exchange for BTC options Successful U.S. Expansion: • Continue to onboard major broker-dealers and other institutions to scale U.S. operations • Advance our path to a comprehensive suite of U.S. derivatives licenses Grow Indices Market Lead: • Drive adoption of CoinDesk 5 and CoinDesk 20 as the top proprietary digital asset benchmarks • Extend lead as the preferred provider of single-token digital asset benchmarks Make CoinDesk an Essential Service: • Expand audience and enhance media coverage & data to capitalize on cross-sell opportunities across the enterprise $24B $16T RWA Tokenization TAM As of 1/31/26 2030 Forecast Sources: BCG Group, RWA.xyz Widen our tokenization solutions to meet our offering: • Obtain U.S. and international licenses to create, trade, and promote tokenized assets • Leverage existing strengths from stablecoin success to new asset classes
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8 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Exchange Momentum Driven By Options Adoption From Launch to #2 in One Quarter Notes: 1. BTC options trading volume as of December 31, 2025. Open interest data through January 31, 2026 (Sources: CoinDesk, CoinGlass) 2. Sources: CoinDesk, CoinGlass Surpassed $9B in BTC options trading volume in less than 90 days and reached an all-time open interest high of ~$4B1 Bullish climbed to #2 in BTC options open interest market share since options trading launched2 Leading Challengers in BTC Options Open Interest… 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Oct-29 Nov-05 Nov-12 Nov-19 Nov-26 Dec-03 Dec-10 Dec-17 Dec-24 Dec-31 Jan-07 Jan-14 Jan-21 Jan-28 Open Interest By Exchange Bullish OKX Binance CME Group Deribit 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Oct-29 Nov-05 Nov-12 Nov-19 Nov-26 Dec-03 Dec-10 Dec-17 Dec-24 Dec-31 Jan-07 Jan-14 Jan-21 Jan-28 Open Interest By Exchange (Excluding Deribit) Bullish OKX Binance CME Group 38% market share capture since launch 9% total market share capture since launch …with Significant Room For Growth
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9 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Powering our Partner’s Growth USD.ai and $CHIP 9 Bridging Decentralized Finance and Physical AI Infrastructure Investment: Deepening Liquidity for AI-Driven Markets: Bullish will be providing liquidity services for USD.ai-linked RWAs and the forthcoming $CHIP token. This partnership, along with anticipated future product development marks a new milestone for Bullish as we expand our liquidity services offering to the rapidly growing RWA market. Strategic Investment in Onchain Infrastructure: As part of the partnership, Bullish will expand its investment in USD.ai through the $CHIP token offering. This strategic investment provides Bullish with direct governance rights and revenue participation from USD.ai’s open-source protocols. Strategic Partnership: Bullish x USD.ai ● USD.ai is pioneering onchain Infrastructure Finance by creating the first decentralized credit protocol that connects stablecoin lenders directly to physical GPU buyers through collateralized loans originated on public blockchains ● Capitalizing on surging demand for AI-driven cash flows, USD.ai has secured $660m in AUM and built a $1.5B loan pipeline for 2026 on the back of direct integrations with global Tier 1 data center operators ● USD.ai bridges DeFi efficiency with institutional-grade safety. All credit positions are secured by productive GPU assets held in bankruptcy-remote structures, featuring standardized credit terms, third-party verification, and full onchain transparency Sources: USD.ai website, USD.ai and partner press releases, For further information please refer to the USD.ai credit risk dashboard Third-party data and projections provided by USD.ai have not been independently verified by Bullish. Bullish makes no representation as to the accuracy or completeness of such information. Past performance and future projections are not guarantees of results.
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10 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Financials & KPIs 4Q 2025 Update
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11 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE 4Q 2025 In-line or Above Guided Ranges 4Q'2025 Guidance vs Actual Total Trading Volume ($B) $222 Adjusted Transaction Revenue 37.9 Subscription, Services and Other 54.6 $47.0 to $53.0 Total Adjusted Revenue 92.5 Adjusted OPEX 48.1 $48.0 to $50.0 Adjusted EBITDA 44.5 Margin % 48.1% Adjusted Net Income $28.9 Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, and adjusted OPEX are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures 2. Figures may not sum due to rounding Figures in $ millions, unless otherwise noted
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12 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Income Statement and KPIs 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Financial Metrics ($M)1 Adjusted Transaction Revenue $44.5 $34.9 $32.8 $41.0 $153.2 $42.0 $24.1 $26.7 $37.9 $130.7 Subscription & Services Revenue 8.8 25.8 11.5 13.7 59.8 19.7 31.9 49.3 54.6 155.5 Revaluation of digital assets held as investments & Other2 0.2 0.0 0.2 0.5 0.9 0.6 1.0 0.5 0.0 2.2 Total Adjusted Revenue 53.5 60.7 44.5 55.2 213.9 62.4 57.0 76.5 92.5 288.5 Adjusted Operating Expenses 39.5 46.0 36.9 39.4 161.8 49.2 48.9 47.9 48.1 194.2 Adjusted EBITDA $14.0 $14.7 $7.7 $15.8 $52.1 $13.2 $8.1 $28.6 $44.5 $94.3 % Margin 26.2% 24.2% 17.2% 28.7% 24.4% 21.1% 14.2% 37.4% 48.1% 32.7% Finance Expenses $8.9 $9.1 $9.9 $10.7 $38.5 $10.2 $13.3 $13.9 $14.9 $52.4 Tax effect of adjusted net income before taxes 0.0 (0.0) 0.0 0.1 0.1 0.0 (0.0) (0.1) 0.1 (0.0) Depreciation and amortization, other 1.2 0.8 0.9 1.0 3.9 0.8 0.8 0.9 0.6 3.1 Adjusted Net Income $3.9 $4.8 ($3.1) $4.0 $9.6 $2.1 ($6.0) $13.8 $28.9 $38.8 % Margin 7.3% 7.9% (7.0%) 7.3% 4.5% 3.4% (10.5%) 18.1% 31.2% 13.4% Key Performance Indicators BTC Price (daily average, '000s) $53.4 $65.7 $61.0 $83.3 $65.9 $93.5 $98.5 $114.4 $100.0 $101.6 Exchange KPIs Annualized BTC Volatility (SPOT) 45.9% 41.2% 45.1% 42.0% 43.5% 47.4% 35.3% 26.0% 40.5% 37.3% Avg. Daily Trading Vol (SPOT, $M) $1,415.8 $1,100.3 $1,410.8 $2,042.9 $1,492.5 $2,550.5 $1,791.1 $1,417.6 $2,228.8 $1,997.0 Avg. Daily Trading Vol (PERP, $M) $392.8 $361.4 $332.6 $268.3 $338.8 $248.8 $182.6 $128.0 $90.0 $162.3 Bullish OPEX Metrics Headcount 371 367 342 388 388 406 406 409 414 414 CoinDesk Insights CoinDesk.com total pageviews (million) 41.9 33.4 26.5 26.5 128.2 27.8 26.4 28.7 28.5 111.4 CoinDesk.com monthly unique visitors (million) 7.0 5.1 3.8 3.9 5.0 3.1 2.9 2.7 3.0 2.9 Notes: 1. Adjusted transaction revenue, subscription, services and other revenue and adjusted operating expenses and adjusted net income / (loss) are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures. Adjusted operating expenses exclude share-based compensation and non-recurring expenses. CoinDesk was acquired in November 2023. *FY’24 & FY’25 CoinDesk monthly unique visitors is a monthly average across the full year 2. Revaluation of digital assets held as investments & Other includes Change in Fair value on Investments in Financial Assets of$0.2M in 1Q24 3. Figures presented may not sum precisely due to rounding Figures in $ millions, unless otherwise noted
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13 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Notes: 1. Adjusted operating expense is a non-IFRS measure. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures. Adjusted operating expense excludes share-based compensation and non-recurring expenses. 2. Headcount growth in 4Q24 was primarily driven by the CCData acquisition 3. 3Q24 Advertising & Promotion includes a $2.9M tax credit from Austin city grants 4. Right-of-Use assets are included in Rent, Custody, and Other Expenses 5. Figures presented may not sum precisely due to rounding Bullish Adjusted Operating Expense Summary 4 Bullish Adjusted Operating Expense End of period total Headcount 2 371 367 342 388 406 406 409 414 27.6 26.6 27.2 23.8 29.4 25.7 28.8 30.4 4.7 4.1 5.0 5.4 4.5 5.4 6.0 4.5 0.5 6.3 (2.9) 1.8 4.9 7.4 1.1 0.4 3.1 4.5 3.7 3.9 5.5 6.6 6.4 4.5 3.6 4.5 3.9 4.5 4.8 3.8 5.7 8.3 $39.5 $46.0 $36.9 $39.4 $49.2 $48.9 $47.9 $48.1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Compensation and Benefits Information Technology and software Advertising, Promotion and Production Legal and Professional Fees Rent, Custody and Other3 Figures in $ millions, unless otherwise noted
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14 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE BTC ETH USDx Other Total2 Ending Price as of 12/31/2025 $88,662 $2,984 Units (in 000s) Digital assets held - intangible assets 16.3 4.8 Digital assets held - inventories 1.7 7.7 Loan and other receivable - digital assets 3.2 1.7 Digital assets held - financial assets - - Investments in financial assets 2.2 - Total 23.3 14.2 USD Balance ($ Millions) Digital assets held - intangible assets $1,441 $14 $78 $4 $1,537 Digital assets held - inventories 157 23 16 11 206 Loan and other receivable - digital assets 283 5 156 2 446 Digital assets held - financial assets - - 963 75 1,038 Investments in financial assets 195 - - 209 404 Total $2,076 $42 $1,213 $301 $3,632 Digital Asset Balances Digital Asset Balances – 4Q25 Notes: 1. Ending price is the implied price, which represents the total price across the primary asset and any wrapped assets for a given token. 2. The balance total includes wrapped tokens, such as Wrapped Bitcoin and Wrapped Ethereum, which are combined with their nativeasset, as well as certain assets supplied to decentralized finance protocols 3. Includes ~1,100 bitcoin invested in ETFs and other financial assets during 4Q 2025 2 2 1 3 3
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15 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Post-Quarter Performance
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16 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE January 2026 Exchange Update Notes: 1. Figures presented may not sum precisely due to rounding Monthly Metrics Report for January 2026 (Unaudited) 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan (B - in billions) Trading Volume ($B) Spot - BTC 34.6 30.9 43.2 39.2 32.8 19.9 20.8 18.2 16.4 38.2 38.4 25.9 22.5 Spot - ETH 18.3 19.2 14.9 10.9 12.0 9.5 11.1 12.8 8.8 15.1 14.1 9.6 8.4 Spot - Stablecoin 19.4 20.9 17.0 13.3 10.3 8.1 12.9 8.6 8.1 19.6 18.4 13.8 11.2 Spot - Other 4.8 3.8 2.7 2.2 2.6 2.4 4.0 4.6 4.1 4.6 4.4 2.9 3.4 Total Spot 77.1 74.8 77.7 65.5 57.6 39.9 48.8 44.3 37.3 77.5 75.3 52.2 45.4 Options 0.0 0.0 0.0 2.8 6.2 4.8 Perpetual 6.6 7.8 8.0 6.8 5.8 4.1 5.0 4.6 2.2 3.0 2.7 2.6 2.0 Total Trading Volume 83.7 82.5 85.7 72.3 63.4 44.0 53.8 48.8 39.6 80.5 80.8 61.1 52.2 Average Trading Spread (bps) Spot 2.14 1.97 1.87 1.65 1.55 1.58 1.76 2.55 1.96 1.75 1.94 1.82 1.74 Options 1.00 0.93 1.29 1.34 1.66 1.95 Perpetual (1.06) (1.41) (2.38) (1.47) (0.86) (1.22) (0.80) (0.65) 0.21 (2.67) (0.13) (0.30) (0.61) Average Trading Spread 1.90 1.65 1.47 1.36 1.32 1.32 1.52 2.25 1.86 1.59 1.85 1.71 1.67 Monthly Average Volatility BTC 48% 44% 50% 44% 33% 28% 27% 28% 23% 38% 45% 39% 33% ETH 60% 78% 69% 70% 67% 54% 54% 60% 42% 58% 68% 53% 46% 2025
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17 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE $194.2 $220.0 2025 2026 Forecast 2026 Full Year Guidance SS&O Revenue, Adj. Operating Expenses, and Finance Expenses 2025 Results ‘25 Actual vs. ‘26 Forecast3 Notes: 1. Adjusted subscription, services and other revenue and adjusted operating expenses are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures 2. Figures presented may not sum precisely due to rounding 3. 2026 Forecast is the midpoint of the guided ranges. Bullish is not providing guidance to a specific number Adjusted Revenue ($M) Adjusted Transaction Revenue 130.7 Subscription, Services and Other 157.7 250.0 220.0 Total Adjusted Revenue 288.5 Adjusted EBITDA ($M) Adjusted Operating Expenses 194.2 230.0 210.0 Total Adjusted EBITDA 94.3 Adjusted Net Income ($M) Tax effect of adjusted net income before taxes (0.0) Depreciation and amortization, other 3.1 Finance Expenses 52.4 60.0 52.0 Adjusted Net Income ($M) 38.8 $20.4 $32.9 $49.8 $54.6 1Q '25 2Q '25 3Q '25 4Q '25 Subscription, Services and Other $49.2 $48.9 $47.9 $48.1 1Q '25 2Q '25 3Q '25 4Q '25 Adjusted Operating Expenses $157.7 $235.0 2025 2026 Forecast High 2025 Actuals v. 2026 Guidance FY 2025 Low Figures in $ millions, unless otherwise noted $10.2 $13.3 $13.9 $14.9 1Q '25 2Q '25 3Q '25 4Q '25 Finance Expenses $52.4 $56.0 2025 2026 Forecast
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18 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Cash $88 - - - - - $88 ($8) - $80 Debt - - - - - - - - (561) (561) Stablecoins - 78 963 16 4 156 1,217 (101) - 1,117 BTC - 1,441 - 157 195 283 2,076 (157) - 1,919 ETH - 14 - 23 - 5 42 (23) - 19 Others - 4 75 11 206 2 296 (11) - 286 Net Liquid Assets & Cash Flow Notes: 1. Assumes BTC and ETH price of $88,662 and $2,984 as of 12/31/25, respectively 2. Figures may not sum precisely due to rounding $88 $1,537 $1,038 $206 $404 $446 $3,720 ($299) ($561) $2,860 Cash and Cash Equivalents Digital Assets Held - Intangible Assets Digital Assets Held - Financial Assets Digital Assets Held - Inventories Investments in Financial Assets Loan & Other Receivable Digital Assets Gross Liquid Assets On Exchange Capital Borrowings and Borrowings from related parties Net Liquid Assets as of 12/31 1 1 Figures in $ millions, unless otherwise noted
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19 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Appendix
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20 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Bullish Revenue Model Note: Formulas displayed represent a simplified view of Bullish revenue model Adjusted transaction revenue Media revenue Liquidity services revenue # of Ads Balances Subscription fee Data revenueSubscribers Subscription price SUBSCRIPTION SERVICES & OTHER REVENUE Indices revenueAUM Asset-linked fee % Indices related data revenue Events revenue# of conference attendees Ticket price Sponsorship & other revenue Media Events Cost per ad INFORMATION SERVICES MARKET INFRASTRUCTURE Performance based upside Exchange Liquidity Services Yield FeesVolumes Spread INSIGHTS
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21 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited) Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures
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22 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Condensed Consolidated Balance Sheets (Unaudited) Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures
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23 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Non-IFRS Measures Summarized Notes: 1. Adjusted revenue, adjusted transaction revenue, subscription, services and other revenue, adjusted net income, adjusted EBITDA, gross liquid assets and net liquid assets are non-IFRS financial measures. See subsequent sections including Appendix for further explanation and reconciliation to relevant IFRS financial measures 2. Figures presented may not sum precisely due to rounding 3. See Definition of Certain Metrics for additional details
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24 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Reconciliation of non-IFRS measures Notes: 1. Figures presented may not sum precisely due to rounding 2. See Definition of Certain Metrics for additional details
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25 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Gross and Net Liquid Assets Notes: 1. Figures presented may not sum precisely due to rounding 2. See Definition of Certain Metrics for additional details Figures in $ thousands
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26 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Reconciliation of Adjusted Operating Expense Figures in $ thousands Notes: 1. Figures presented may not sum precisely due to rounding 2. See Definition of Certain Metrics for additional details
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27 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Reconciliation of Adjusted Fully Diluted Shares Outstanding Shares in thousands Notes: 1. Assumes 12/31/25 BLSH closing price of $37.87 for treasury stock method in the calculation of adjusted fully diluted shares outstanding 1 1 Non-IFRS Adjusted Fully Diluted Shares Outstanding (Unaudited) As of December 31 Ordinary shares outstanding 150,834 Vested BMC1 Class A and Class B Shares 4,796 Vested Options 2,342 Vested RSUs 165 Shares repurchased under Treasury stock method (vested) (1,119) Sub-total Diluted Shares Outstanding (vested) 157,018 Unvested BMC1 Class A and Class B Shares 2,280 Unvested Options 3,503 Shares repurchased under Treasury stock method (unvested) (1,674) Adjusted Fully Diluted Shares Outstanding 161,126
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28 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Definition of Certain Metrics Adjusted transaction revenue is a non-IFRS financial measure intended to capture the fees and trading spreads earned from customers trading on our Exchange. We define adjusted transactional revenue as (i) the portion of “Digital asset sales”, as reported in accordance with IFRS, attributable to digital asset sales on our Exchange, less (ii) th e “Cost of digital assets derecognized” excluding such costs from sales on venues other than the Exchange, plus (iii) the change in fair value of digital asset inventories, arising from purchase of digital assets on our Exchange (in cluded within reported “Change in fair value of , net”), plus (iv) transaction income (included within reported “Other revenues”), plus (v) net spread related income and change in fair value of perpetual futures on the Exchange. We exclude digital asset sales, and the related cost of digital assets derecognized, from trading activity on venues other than our Exchange. We also exclude subscription and services revenue (included within reported other revenues). In each case, this approach is intended to ensure that our adjusted transaction revenue metric reflects the core p erformance of our trading operations and provides a clearer understanding of our business activities on our Exchange. While we include change in fair value of digital asset inventories, specifically the bid -offer spread earned from the purchase of digital assets on our Exchange, as part of our adjusted transaction revenue, we do not include other reported changes in fair value, such as subsequent remeasurements and mark -to-market adjustments. This is because these remeasurements, including impairment losses of under intangible assets, are not considered part of our ongoing business operations and do not align with our intention to avoid taking directional trading positions. Adjusted revenue is a non-IFRS financial measure intended to reflect the revenues generated by our trading and information services and also from our investing activities. We define adjusted revenue as adjusted transaction revenue, plus (i) subscription and services revenue, which is included in reported other revenues and includes interest and revenues from CoinDesk and CCData, plus (ii) for periods prior to 2024 only, change in fair value of investment in financial assets, plus (iii) the net income from DeFi protocols excluding the fair value change of underlying digital assets, that is reported under OCI. Specifically, adjusted revenue includes the fees and trading spreads earned from customers trading on our Exchange, excludes gains or losses from the remeasurement of our digital assets and includes other fees such as interest and revenue from CoinDesk and CCData businesses that we acquired in November 2023 and October 2024, respectively. Adjusted EBITDA is calculated as income/(loss) after tax adjusted to exclude: • digital asset sales and the cost of digital assets derecognized on other venues, as these transactions do not directly reflect the core activities of liquidity provision and client facilitation on our Exchange. Excluding these is intended to ensure that our Adjusted EBITDA remains focused on the fundamental operations that drive our business; • gains or losses from the remeasurement of our digital assets, as these assets are held to facilitate client trading rather than for proprietary trading purposes. Such remeasurement reflects mark-to-market (MTM) adjustments including the impairment losses of under intangible assets that are not part of our ongoing business operations and do not align with our intention to avoid taking directional trading positions. The primary focus of our business model is to provide liquidity and facilitate client transactions on our Exchange, with the key performance metric being the bid-offer spread earned from digital asset spot transactions. Including MTM adjustments would introduce volatility that is not reflective of our core operational performance and could mislead stakeholders about the true drivers of our business; • certain non-cash charges such as share-based compensation expenses and depreciation and amortization because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations; • provision for or benefit from income tax and finance expenses; • change in fair value of derivatives and financial liability at FVTPL; • the change in fair value of investments in financial assets related to digital asset funds. These investments are not central to our core operations, as they do not directly contribute to our primary business activities of liquidity provision and client facilitation. The fair value changes are primarily driven by the mark-to-market (MTM) adjustments of the underlying digital assets within the funds. Including these fair value changes would introduce volatility of digital assets that does not accurately represent the operational metrics that are indicative of our business performance. Our core operating performance focuses on providing liquidity and facilitating client transactions, and we aim to avoid taking directional trading positions; • certain acquisition-related and integration costs associated with business combinations, various restructuring and other costs, and goodwill impairment charges, all of which are not normal operating expenses. These adjustments aid in the comparability of our results across periods. Acquisition related costs include amounts paid to redeem acquirees’ unvested share-based compensation awards, legal, accounting, valuation, and due diligence costs. Integration costs include advisory and other professional services or consulting fees necessary to integrate acquired businesses. Restructuring and other costs that are not reflective of our core business operating expenses may include severance costs, contingent losses, impairment charges, and certain litigation and regulatory charges; and • the net income from DeFi protocols, excluding the fair value change of underlying digital assets, which is a component of the “Revaluation of as investments” under OCI. Deploying our digital assets in these protocols are a strategic component of our business model, providing additional yield and enhancing our liquidity management capabilities. Including this net income in Adjusted EBITDA reflects the performance of our investment activities and supports our focus on core operations.
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29 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE Adjusted net income/(loss) is calculated as income/(loss) after tax adjusted by the same adjustment items taken into account for determining adjusted EBITDA, with further adjustment to add back finance expense and depreciation and amortization, and reduced by tax effect of the adjustments. Adjusted operating expense is calculated by taking total operating expenses (which includes Administrative expenses and Other expenses) and excluding items we do not consider representative of our core, ongoing operating performance. These excluded items Stock-based compensation expense, Depreciation and amortization expense, and certain non-recurring expenses. We believe Adjusted Operating Expense is a useful supplemental measure for investors, as it provides a clearer view of our operational efficiency by removing non-cash expenses (depreciation, amortization, and stock-based compensation) and other items not indicative of ongoing business trends. Management uses this measure to assess business performance and to plan for future periods. Subscription, services & other revenue is a non-IFRS financial measure intended to provide a comprehensive view of our diverse revenue streams beyond core transaction fees and spreads. This measure includes revenue from lending and liquidity services, such as interest earned from third-party lending arrangements like credit line facilities and margin loans, interest on our own cash and stablecoins, fees from liquidity services and promotional income, and revenues from CoinDesk services such as sponsorships, event admissions, and index data licensing fees. It also incorporates the net income from DeFi protocols (excluding any fair value changes of the underlying digital assets). This non-IFRS measure is calculated by taking "Subscription and services revenue" (as reported within the "Other revenues") and adding "Net income from DeFi protocols, excluding the fair value change of underlying digital assets" (as reported within “Revaluation of as investments”). By consolidating these various income sources, we believe this measure offers a more distinct view of the growth and performance of our service- oriented business lines, separate from our core transaction-based revenues. Trading volume represents the notional value of trades, i.e., the product of the quantity of assets transacted and the trade price at the time the spot transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement. Average daily volume represents the total Trading Volume for the applicable period divided by the number of trading days in such period. Average trading spread represents total commissions earned from transactions on the Bullish Exchange for the period, expressed in basis points (bps) of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform Gross Liquid Assets is defined as the sum of (i) Digital assets held — inventories, (ii) Digital assets held — intangible assets, (iii) Digital assets held — financial assets, (iv) Loans and other receivables — digital assets (v) Investments in financial assets, and (vi) Cash and cash equivalents. Net Liquid Assets is defined as Gross liquid assets, reduced by (i) Digital assets held — inventories, (ii) the portion of Digital assets held — financial assets on our Exchange, (iii) the portion of Cash and cash equivalents on our Exchange, (iv) Borrowings, (v) Borrowings from related parties, and (vi) Digital assets loan payable. Adjusted Fully Diluted Shares Outstanding is defined as Ordinary shares outstanding plus (i) the vested and unvested portion of BMC1 Class A and Class B shares as converted into Ordinary shares (ii) the vested and unvested portion of outstanding options assuming all options are exercised for Ordinary shares (iii) the vested and unvested portion of RSU's outstanding that have not yet been delivered less (iv) the number of Ordinary shares Bullish would be able to repurchase at market price with the proceeds from the exercise of vested and unvested options. Definition of Certain Metrics (Cont’d)
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30 COLOR PALETTE Text 0 0 0 Title bar/Bullets 199 165 43 ACCENTS 1 199 165 43 236 221 167 2 38 38 38 168 168 168 3 86 98 125 184 191 206 4 0 32 96 89 145 255 5 134 197 250 207 232 253 6 71 76 80 179 184 187 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 0 0 0 Highlights 199 165 43 TABLE