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

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

Sales of digital assets fell to $32.6 billion from $58.6 billion a year prior, while other revenue streams nearly doubled year-over-year, approaching $65 billion.

By James Van Straten | Edited by Jamie Crawley Updated 35 min ago Published 52 min ago 1 min read Make preferred on

Bullish (BLSH) announced adjusted earnings per share (EPS) of $0.09 for the second quarter, aligning with analyst expectations. The adjusted revenue surged 62% year-over-year to reach $92.6 million, surpassing the predicted $88 million.

• Despite a downturn in trading activity, subscription, services, and other revenue hit a record $62.7 million.
• Transaction revenue also increased to $29.9 million, up from $24.1 million, despite a drop in digital asset sales.

On Thursday, Bullish reported a second-quarter net loss of $280 million, compared to $108.3 million for the same quarter last year. This significant loss was largely attributed to a $244.6 million decrease in the company’s bitcoin holdings, coinciding with a decline in BTC prices throughout the quarter.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $29.5 million, a rise from $8.1 million a year earlier. Adjusted net income was $14.3 million, contrasting with a $6 million loss in Q2 2025.

Subscription and service revenues are forecasted to range between $225 million and $245 million for the full year. Additionally, Bullish's acquisition of Equiniti is expected to finalize in early 2027.

Currently, Bullish shares are trading around $24, having gone public exactly a year ago today, where they peaked at $118 before experiencing a decline of up to 83% in value.

BLSH has seen a pre-market increase of 1.5%, reaching $24.99.

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