Bullish, a crypto exchange, reported a strong quarter with $18.5 million in net income and $76.5 million in adjusted revenue. Adjusted EBITDA climbed to $28.6 million. However, the stock price dropped by 6% in early trading hours and is down 40% over the past month.

Public crypto companies, like Circle and Figure, have entered the market in 2025. Circle rose 167% on its first day of trading, while Figure jumped nearly 25% and now trades around $38.15. Gemini Space Station started trading at $28 per share but currently trades near $11.60.

Kraken, a crypto exchange, filed a draft S-1 with the SEC for a potential IPO. This move marks the first formal step in the process.

Read more at Cointelegraph: Bullish Posts Record Q3 After US Spot and Options Launch