Monitor the upcoming Q3 2026 earnings release for revenue and EBITDA conversion from the improving volume trends. The Spot - Other segment's rapid growth (to $8.4B from $2.2B a year ago) may signal new institutional product adoption worth tracking.
Price Chart
Executive Summary
Bullish released its monthly metrics for September 2026, showing total trading volume of $48.6B, up from $42.5B in August 2026 and $39.6B in September 2025. The sequential and year-over-year volume increases are driven by growth in Spot - Other and Spot - BTC, though Spot - ETH and Spot - Stablecoin volumes remain well below prior-year levels. This is a routine operational update with no financial results or guidance, making it a neutral event.
Key Facts
- Total trading volume in September 2026 was $48.6B, up from $42.5B in August 2026 and $39.6B in September 2025.
- Spot - BTC volume was $19.9B in September 2026 vs $17.6B in August 2026 and $16.4B in September 2025.
- Spot - Other volume surged to $8.4B in September 2026 from $6.6B in August 2026 and $4.1B in September 2025.
- Spot - ETH volume was $4.5B in September 2026, down from $3.7B in August 2026 but up from $8.8B in September 2025.
- Spot - Stablecoin volume was $9.5B in September 2026 vs $7.9B in August 2026 and $8.1B in September 2025.
- Options volume was $4.1B in September 2026 vs $4.7B in August 2026 and $0.0B in September 2025.
- Perpetual volume was $2.3B in September 2026 vs $2.0B in August 2026 and $2.2B in September 2025.
- Average trading spread was 2.14 bps in September 2026 vs 2.13 bps in August 2026 and 1.86 bps in September 2025.
- BTC annualized volatility was 32% in September 2026 vs 30% in August 2026 and 23% in September 2025.
- ETH annualized volatility was 42% in September 2026 vs 39% in August 2026 and 42% in September 2025.
Financial Impact
Total trading volume of $48.6B in September 2026 represents a 14% sequential increase from August 2026 and a 23% year-over-year increase from September 2025.
Risk Factors
- Volume recovery is uneven — Spot - ETH and Spot - Stablecoin remain well below year-ago levels, indicating potential market share loss in core pairs.
- Average trading spread has widened to 2.14 bps from 1.86 bps a year ago, which could pressure net revenue per unit of volume.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001437749-26-032097 |
| Exhibit: ex_1013592.htm | 0001437749-26-032097 |
| Document: blsh20260908_6k.htm | 0001437749-26-032097 |
| Document: 0001437749-26-032097-index-headers.html | 0001437749-26-032097 |
| Document: 0001437749-26-032097-index.html | 0001437749-26-032097 |
| Document: 0001437749-26-032097.txt | 0001437749-26-032097 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Press Release | $27.60 | awaiting T+20 | — | $28.24 (+2.32%) |
Oct 6, 2026 21d ago | 6-K | $33.38 | awaiting T+20 | — | $28.24 (−15.40%) |
Sep 24, 2026 4w ago | Press Release | $37.58 $28.21 | ▼ −24.93% | ▼ −23.46% | $28.24 (−24.85%) |
Sep 8, 2026 7w ago | 6-K | $35.53 $33.38 | ▼ −6.05% | ▼ −8.02% | $28.24 (−20.52%) |
Jul 31, 2026 12w ago | 6-K | $21.79 $32.89 | ▲ +50.94% | ▲ +47.95% | $28.24 (+29.60%) |
Jul 24, 2026 13w ago | 6-K | $23.96 $30.41 | ▲ +26.92% | ▲ +23.29% | $28.24 (+17.86%) |
Jul 7, 2026 16w ago | 6-K | $25.77 $22.93 | ▼ −11.02% | ▼ −12.35% | $28.24 (+9.58%) |
Jun 29, 2026 17w ago | 6-K | $23.69 $23.96 | ▲ +1.14% | ▲ +1.42% | $28.24 (+19.21%) |
Jun 8, 2026 20w ago | 6-K | $27.21 $26.57 | ▲ +2.35% | ▲ +3.98% | $28.24 (−3.79%) |
May 14, 2026 23w ago | 6-K | $39.46 $27.21 | ▼ −31.04% | ▼ −30.19% | $28.24 (−28.43%) |
US Market Status
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