Bullish shares jumped on Thursday after the crypto exchange reported second-quarter results that beat revenue expectations, even as weaker cryptocurrency trading activity weighed on parts of the business. The stock rose about 11% in the trading session.
The company’s results showed momentum in subscription and services income, which offset pressure from digital asset trading volumes and the impact of swings in the value of its digital asset holdings on profitability.
Key takeaways
- Price move: Bullish stock rose about 11% on Thursday following the earnings release.
- Catalyst: Adjusted revenue of $92.6 million topped analyst expectations of $87.4 million.
- Core driver: Subscription, services and other revenue reached a record $62.7 million, supporting growth despite softer trading.
- Bottom line: The company posted a net loss of $280 million, while adjusted EBITDA improved to $29.5 million.
- Implication: Investors appeared to reward Bullish’s diversification beyond transaction fees, while keeping an eye on the durability of trading volumes.
What drove the move
According to the company’s second-quarter report, adjusted revenue totaled $92.6 million, up 62% year over year and ahead of analysts’ estimates of $87.4 million.
A key contributor was record subscription and services income. Bullish reported subscription, services and other revenue of $62.7 million, compared with $32.9 million in the prior year period. The company said the line item covers revenue streams outside core transaction fees, including CoinDesk events, margin loans, data, and other services—areas that can be less directly tied to day-to-day spot trading activity.
Management attributed the strength in subscription revenue to the expansion of its ecosystem. Chief Financial Officer Dave Bonanno said that CoinDesk and Consensus help drive cross-selling into products such as data, indices, liquidity, and the exchange.
Trading activity remained under pressure
While revenue exceeded expectations, the company’s trading metrics showed weakness. Digital asset sales—revenue generated from executing crypto spot transactions—declined 44% year over year to $32.6 billion from $58.6 billion.
Bullish also reported results impacted by volatility in its digital asset holdings. The company posted a net loss of $280 million, or $1.78 per share. Although that loss was more than double the $108.3 million reported in the same quarter last year, it represented an improvement versus the $604.9 million loss recorded in the first quarter of 2026.
On a profitability basis adjusted EBITDA rose to $29.5 million from $8.1 million a year earlier, reinforcing the market’s focus on operating leverage and revenue diversification even as trading volumes softened.
Outlook and the growth strategy behind the numbers
Alongside the quarterly results, Bullish updated its full-year outlook. The company forecast subscription, services and other revenue of between $225 million and $245 million. It also projected adjusted operating expenses of $225 million to $230 million and finance expenses of $52 million to $60 million.
The earnings also reinforced the role of Bullish’s broader growth plan beyond crypto trading. The company reiterated its pursuit of the proposed acquisition of transfer agent Equiniti, announced in May. The deal remains on track to close in early 2027, and includes approximately $1.85 billion of assumed Equiniti debt and around $2.35 billion in Bullish stock.
Chief Executive Officer Tom Farley framed the acquisition as a bridge between blockchain technology and traditional capital markets. He said the global securities market is moving onto public blockchains and that Bullish aims to work with issuers in ways that “accrue to their benefit.” Farley also said that after closing, Bullish would assemble the complete offering for issuing, listing, trading, and tracking issuer-sponsored tokens.
Market reaction and what to watch next
Investors appeared to focus on the earnings mix rather than the trading slowdown. With subscription and services revenue growing sharply and adjusted EBITDA improving, the results suggested Bullish is building a more diversified income base. However, the decline in digital asset sales underscores that spot trading remains sensitive to broader conditions in the crypto market.
Next, investors are likely to watch whether services revenue can keep scaling while trading volumes stabilize, as well as how the Equiniti acquisition progresses toward its expected early-2027 close. Upcoming signals on quarterly revenue composition, adjusted margins, and guidance adherence will be central to assessing whether Thursday’s jump can extend beyond the initial earnings reaction.
