Bullish Tops Q2 Estimates and Raises Third-Quarter Outlook After NYSE Debut
Bullish (NYSE: BLSH), the crypto exchange and parent of CoinDesk, posted second-quarter results on Wednesday that beat analyst expectations and signaled strong momentum heading into the next quarter. This is the company’s first earnings report since going public in August.
The firm reported earnings per share of $0.93, well above the consensus estimate of $0.03, according to FactSet. Adjusted revenue came in at $57 million, slightly below the projected $60.7 million.
CEO Tom Farley cited growth in liquidity services and a successful Consensus conference as drivers of performance, adding that Bullish is seeing “strong business momentum” in Q3.
Trading volume surged to $179.6 billion, up from $133.0 billion in the same quarter last year. For the third quarter, the company projects volume between $133.0 billion and $142.0 billion. Adjusted EBITDA is expected to rise to $25–28 million, compared with $8.1 million in Q2.
Bullish shares, which debuted at $37 per share, have climbed 44% to $53.54. The stock rose further after the company received a BitLicense from the New York State Department of Financial Services, a key regulatory approval enabling U.S. expansion. Post-market trading saw the stock gain roughly 4.5%.
Crypto markets also performed strongly in Q2, with Bitcoin up 30% and the CoinDesk 20 Index rising 23%, making digital assets among the best-performing assets globally.
