Bullish Reports Q2 Earnings Boosted by Subscription Revenue Amid Digital Asset Decline

Bullish (BLSH) has reported adjusted earnings per share (EPS) of $0.09 for the second quarter, meeting analyst expectations. The company saw its adjusted revenue soar by 62% year-over-year to $92.6 million, exceeding the forecast of $88 million.

Digital asset sales drop significantly amid rising subscription revenue

While sales of digital assets plummeted to $32.6 billion from $58.6 billion a year earlier, other revenue streams, particularly from subscriptions and services, nearly doubled to reach $62.7 million.

• Transaction revenue also grew to $29.9 million, up from $24.1 million, despite the overall decline in digital asset sales.

However, the company reported a substantial net loss of $280 million for the quarter, compared to a loss of $108.3 million in the same period last year. This loss was primarily driven by a $244.6 million reduction in the company's bitcoin holdings, which coincided with a drop in BTC prices during the quarter.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $29.5 million, a significant increase from $8.1 million in the previous year. The adjusted net income stood at $14.3 million, contrasting with a loss of $6 million in Q2 2025.

For the full year, subscription and service revenues are anticipated to fall between $225 million and $245 million. Additionally, Bullish is set to finalize its acquisition of Equiniti by early 2027.

Currently, Bullish shares are trading around $24, marking one year since going public, although the stock has seen a steep decline of up to 83% from its peak of $118. In pre-market trading, shares increased by 1.5% to $24.99.