Bullish (BLSH) posted a Q4 net loss of $563.6M vs. a $158.5M profit a year earlier, with loss per share $3.73 (prior-year EPS $1.37), citing non-cash digital-asset remeasurement losses. The company began U.S. spot crypto trading in September, recording $64.3B in spot volume for the quarter, and launched an options business that produced $9B in options volume. Shares dropped about 5% in pre-market trading after the earnings release; Bullish listed on the NYSE via direct listing in August.

Q4 net loss of $563.6M versus a prior-year $158.5M profit and EPS swing to a $3.73 loss are concrete negative financial results; the company cites non-cash digital-asset remeasurement losses; the firm reported $64.3B spot and $9B options volumes after launching U.S. spot trading in September; shares fell ~5% pre-market following the release.