Shares of Bullish (BLSH) climbed roughly 11% in Thursday's session after the crypto exchange reported second-quarter revenue that exceeded Wall Street expectations. The company's subscription and services business hit an all-time high, helping to cushion the impact of softer digital asset trading activity.
Revenue beats on subscription strength
Bullish posted adjusted revenue of $92.6 million for the quarter, up 62% from the same period last year and ahead of the $87.4 million analysts had projected. The standout was subscription, services, and other revenue, which reached a record $62.7 million, nearly doubling from $32.9 million a year earlier.
That segment includes income from products beyond core transaction fees, such as CoinDesk events, margin loans, data services, and other offerings. Chief Financial Officer Dave Bonanno credited the company's expanding ecosystem for the strong performance. "That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange," he said.
Trading volumes remain under pressure
Despite the revenue beat, trading activity stayed weak amid a challenging crypto market. Digital asset sales, which measure revenue from executing spot transactions, fell 44% year over year to $32.6 billion from $58.6 billion.
The company reported a net loss of $280 million, or $1.78 per share—more than double the $108.3 million loss in the same quarter last year. However, that was a marked improvement from the $604.9 million loss recorded in the first quarter of 2026. Adjusted EBITDA swung to $29.5 million from $8.1 million a year earlier.
Outlook and strategic moves
Bullish updated its full-year guidance, forecasting subscription, services, and other revenue between $225 million and $245 million. The company also expects adjusted operating expenses of $225 million to $230 million and finance expenses of $52 million to $60 million.
The proposed $4.2 billion acquisition of transfer agent Equiniti remains a key part of Bullish's growth strategy. Announced in May, the deal includes approximately $1.85 billion of assumed Equiniti debt and around $2.35 billion in Bullish stock. The company said the transaction is on track to close in early 2027.
Chief Executive Officer Tom Farley emphasized the acquisition's role in bridging blockchain technology with traditional capital markets. "The nearly $300 trillion global securities market is moving onto public blockchains," Farley said. "Bullish is excited to work with issuers to make this happen in a way that accrues to their benefit."
Once the deal closes, Farley added, "Bullish will assemble the complete offering for the issuance, listing, trading, and tracking of issuer-sponsored tokens."
Bullish went public on the New York Stock Exchange last year, raising $1.1 billion through the sale of 30 million shares at $37 each. After initially climbing above $74, the stock later retreated and closed Wednesday at $24.63. The company also holds approximately 24,300 BTC, making it the sixth-largest corporate Bitcoin treasury, according to BitcoinTreasuries.
For investors tracking the broader crypto and fintech landscape, Bullish's results come amid mixed signals. While AI-driven infrastructure plays have seen sharp moves, crypto exchanges continue to face headwinds from low volatility and regulatory uncertainty. Meanwhile, some digital assets have shown resilience, but overall trading volumes remain subdued.
As Bullish diversifies beyond trading, its ability to grow subscription revenue will be closely watched. The Equiniti acquisition, if completed, could significantly expand its footprint in traditional finance, but integration risks and market conditions remain key factors.
This article is for informational purposes only and does not constitute financial advice.
