Finance13 August, 20262 min read
Bullish Shares Jump Up To 10% After Q2 Revenue Rises 62% To $92.6 Million
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Q2 revenue climbed 62% year over year to $92.6 million. Adjusted EBITDA more than tripled to $29.5 million.
Bullish Q2 jump
Bullish shares rose as much as 10% in early trading Thursday after the institutional-focused crypto exchange and CoinDesk owner reported a 62% year-over-year increase in second-quarter adjusted revenue to $92.6 million and more than tripled adjusted EBITDA to $29.5 million. TradingView said Bullish reported $92.6 million in adjusted revenue for the quarter, up from $57 million a year earlier, while adjusted EBITDA rose to $29.5 million from $8.1 million.
CoinDesk reported Bullish’s second-quarter loss of $280 million, with the period’s net loss “mostly attributable to a $244.6 million markdown on the company’s bitcoin holdings.” CoinDesk also said subscription, services and other revenue reached a record $62.7 million, offsetting softer trading conditions as digital asset sales fell to $32.6 billion from $58.6 billion.
Revenue vs trading
Despite the adjusted profitability, Bullish recorded a net loss for the quarter, and CoinDesk tied that loss primarily to the $244.6 million markdown on its bitcoin holdings. Bitcoin World said Bullish posted adjusted EBITDA of $29.5 million and swung to an adjusted net income of $14.3 million from a net loss of $6 million, while also recording a net loss of $280 million for the quarter.
Bitcoin World reported that digital asset revenue fell sharply to $23.6 billion from $58.6 billion a year earlier, reflecting broader market conditions and reduced volatility in the crypto market. CoinDesk described the same quarter’s trading slowdown through digital asset sales falling 44% to $32.6 billion from $58.6 billion, while adjusted transaction revenue rose to $29.9 million from $24.1 million.
Tokenized securities push
Looking ahead, Bullish lifted full-year guidance and forecast $225 million to $245 million in subscription, services and other revenue, citing first-half performance and improved visibility. TradingView said the company also received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities, expanding its push into regulated onchain markets.
CoinDesk said Bullish announced a $4.2 billion acquisition of share registration and transfer agency Equiniti, which it said would help it expand into tokenized securities, with the acquisition on course to be completed in early 2027. CoinDesk framed the quarter’s results as a mix of operational gains and balance-sheet pressure, noting the shares climbed as high as $28.20 on Thursday and that the markdown led to the $280 million net loss for the quarter.