Key Highlights
- Bullish reported Q2 adjusted revenue of $92.6 million, marking a 62% increase year-over-year and exceeding analyst projections of $87.4 million.
- The company’s net loss expanded significantly to $280 million, primarily due to a $244.6 million write-down on Bitcoin assets.
- Subscription and services revenue reached an all-time high of $62.7 million, compared to $32.9 million in the prior-year quarter.
- Digital asset transaction volume declined to $32.6 billion from $58.6 billion year-over-year.
- The company provided full-year guidance for subscription and services revenue between $225 million and $245 million; the Equiniti acquisition is progressing as planned for early 2027 completion.
Bullish (BLSH) surpassed revenue projections for the second quarter, despite reporting a net loss that more than doubled compared to the same period last year. Shares traded approximately 1.5% higher in pre-market activity, reaching $24.99.
The company delivered adjusted revenue of $92.6 million in Q2, representing a 62% increase from the $57 million recorded in the comparable quarter of the previous year. This performance exceeded the consensus Wall Street estimate of $87.4 million.
Adjusted earnings per share of $0.09 matched analyst expectations. Adjusted EBITDA climbed to $29.5 million, up substantially from $8.1 million in the year-ago period.
The company posted adjusted net income of $14.3 million, a turnaround from the $6 million loss reported in Q2 2025.
However, the reported net loss ballooned to $280 million, or $1.78 per share, versus a $108.3 million loss, or 93 cents per share, in the prior-year period. The bulk of this loss stemmed from a $244.6 million impairment charge related to the company’s Bitcoin portfolio as cryptocurrency valuations declined throughout the quarter.
Bitcoin was trading near $63,706 on Thursday, significantly below its all-time peak of over $126,000 achieved in October 2025.
Subscription Business Drives Performance
Revenue from subscriptions and services, encompassing CoinDesk event income and margin lending activities, climbed to a record $62.7 million, up from $32.9 million in Q2 2025. This robust growth helped compensate for challenges in the trading segment.
Adjusted transaction revenue increased to $29.9 million from $24.1 million, despite digital asset trading volume falling to $32.6 billion compared to $58.6 billion in the same quarter last year.
Trading activity has declined across major cryptocurrency exchanges as digital asset prices face headwinds from challenging macroeconomic conditions.
Equiniti Acquisition Progressing
Bullish announced a $4.2 billion agreement in May to purchase transfer agent Equiniti, a strategic initiative designed to connect blockchain technology with conventional capital markets infrastructure.
The acquisition is proceeding according to schedule, with an anticipated closing date in early 2027.
CEO Tom Farley stated that upon completion of the transaction, Bullish will possess “the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens.”
Looking ahead, Bullish provided full-year guidance for subscription, services and other revenue in the range of $225 million to $245 million.
Bullish completed its public listing exactly one year ago. The stock reached a high of $118 before declining as much as 83%, with recent trading activity hovering around $24.
BLSH shares were trading 1.5% higher in pre-market at $24.99 at the time of this report.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
