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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December 2025
Commission File No. 001-42797
BULLISH
Office 101, 103, 105 Suite 70202, Unit 7A-2B, 2nd Floor
Building A, Block 7, 60 Nexus Way, Camana Bay,
George Town, Grand Cayman, Cayman Islands, KY1-9005
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On December 4, 2025, Bullish issued a press release titled “Bullish releases November 2025 monthly metrics.” A copy of the press release and the monthly metrics for November 2025 are furnished as Exhibits 99.1 and 99.2, respectively, to this report on Form 6-K.
INDEX TO EXHIBITS
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Exhibit No. |
Description |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BULLISH |
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Date: December 4, 2025 |
By: |
/s/ Jose A. Torres |
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Jose A. Torres |
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Chief Accounting Officer |
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Exhibit 99.1
Bullish releases November 2025 monthly metrics
12/4/2025
Cayman Islands, December 4, 2025 – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for November 2025 on Thursday, December 4, 2025.
These metrics include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on investors.bullish.com.
About Bullish
Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. These include: Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries. CoinDesk Data – a broad suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics. CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. For more information, please visit bullish.com and follow LinkedIn and X.
Use of Websites to Distribute Material Company Information
We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.
Contacts
Media: media@bullish.com
Investor Relations: investors@bullish.com
Source: Bullish
Exhibit 99.2
Bullish
Monthly Metrics Report for November 2025
(Unaudited)
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2025 |
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Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
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(B - in billions) |
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Trading Volume ($B) |
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Spot - BTC |
34.6 | 30.9 | 43.2 | 39.2 | 32.8 | 19.9 | 20.8 | 18.2 | 16.4 | 38.2 | 38.4 | |||||||||||||||||||||||||||||||||
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Spot - ETH |
18.3 | 19.2 | 14.9 | 10.9 | 12.0 | 9.5 | 11.1 | 12.8 | 8.8 | 15.1 | 14.1 | |||||||||||||||||||||||||||||||||
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Spot - Stablecoin |
19.4 |
20.9 |
17.0 | 13.3 | 10.3 | 8.1 | 12.9 | 8.6 | 8.1 | 19.6 | 18.4 | |||||||||||||||||||||||||||||||||
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Spot - Other |
4.8 | 3.8 | 2.7 | 2.2 | 2.6 | 2.4 | 4.0 | 4.6 | 4.1 | 4.6 | 4.4 | |||||||||||||||||||||||||||||||||
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Total Spot |
77.1 | 74.8 | 77.7 | 65.5 | 57.6 | 39.9 | 48.8 | 44.3 | 37.3 | 77.5 | 75.3 | |||||||||||||||||||||||||||||||||
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Options |
0.0 | 0.0 | 0.0 | 2.8 | ||||||||||||||||||||||||||||||||||||||||
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Perpetual |
6.6 | 7.8 | 8.0 | 6.8 | 5.8 | 4.1 | 5.0 | 4.6 | 2.2 | 3.0 | 2.7 | |||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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Average Trading Spread (bps) |
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Spot |
2.14 | 1.97 | 1.87 | 1.65 | 1.55 | 1.58 | 1.76 | 2.55 | 1.96 | 1.75 | 1.94 | |||||||||||||||||||||||||||||||||
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Options |
1.00 | 0.93 | 1.29 | 1.34 | ||||||||||||||||||||||||||||||||||||||||
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Perpetual |
(1.06 | ) | (1.41 | ) | (2.38 | ) | (1.47 | ) | (0.86 | ) | (1.22 | ) | (0.80 | ) | (0.65 | ) | 0.21 | (2.67 | ) | (0.13 | ) | |||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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Monthly Average Volatility |
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BTC |
48 | % | 44 | % | 50 | % | 44 | % | 33 | % | 28 | % | 27 | % | 28 | % | 23 | % | 38 | % | 45 | % | ||||||||||||||||||||||
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ETH |
60 | % | 78 | % | 69 | % | 70 | % | 67 | % | 54 | % | 54 | % | 60 | % | 42 | % | 58 | % | 68 | % | ||||||||||||||||||||||
**Figures may not sum due to rounding
Additional Information & Disclosures
This monthly metrics package provides certain limited purpose monthly performance results of Bullish. This information is presented without commentary and should be read together with our most recent quarterly and annual results and our filings with the U.S. Securities and Exchange Commission (SEC), which are available on our Investor Relations website at investors.bullish.com.
The information provided is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the quarter, as reported in our SEC filings, might vary from the information provided in this monthly metrics package.
Bullish expects to release monthly metrics packages for the prior month’s performance after the end of each month.
We use our Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the SEC and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.
Definitions
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 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 Trading Spread represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage 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.
Volatility is calculated using 1-minute price intervals from Coindesk Data's Adaptive Diversified Liquidity Index for BTC and ETH. We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes, which provides a more granular view of price fluctuations. This daily figure is then converted to an annualized volatility by multiplying it by the square root of 365, a standard practice for making risk metrics comparable over a one-year period.