Key Highlights
- Q2 adjusted revenue reached $92.6 million, representing a 62% increase compared to the prior year and exceeding analyst projections of $87.4 million.
- The company’s net loss expanded to $280 million, more than doubling from last year, primarily due to a $244.6 million write-down on Bitcoin assets.
- Subscription and services revenue achieved an all-time high of $62.7 million, climbing from $32.9 million in the year-ago quarter.
- Digital asset sales volume declined to $32.6 billion compared to $58.6 billion during the same timeframe in 2025.
- Management provided full-year guidance for subscription and services revenue between $225 million and $245 million; the Equiniti transaction is proceeding as planned for early 2027 completion.
Bullish (BLSH) delivered second-quarter results that surpassed revenue forecasts, despite recording a net loss that more than doubled on a year-over-year basis. Shares climbed approximately 1.5% in pre-market activity, reaching $24.99.
The company reported adjusted revenue of $92.6 million for the second quarter, marking a 62% increase from the $57 million recorded in the comparable quarter of 2025. This performance exceeded analyst consensus estimates of $87.4 million.
Adjusted earnings per share of $0.09 met Wall Street expectations. Adjusted EBITDA totaled $29.5 million, a significant improvement from $8.1 million in the prior-year period.
The company posted adjusted net income of $14.3 million, reversing a $6 million loss from Q2 2025.
However, the reported net loss widened to $280 million, or $1.78 per share, versus a loss of $108.3 million, or 93 cents per share, in the year-ago period. The bulk of this loss stemmed from a $244.6 million impairment charge related to the company’s Bitcoin portfolio as cryptocurrency valuations declined throughout the quarter.
Bitcoin was trading near $63,706 on Thursday, substantially below its all-time peak of over $126,000 achieved in October 2025.
Subscription Business Drives Performance
Revenue from subscriptions and services, encompassing CoinDesk event income and margin lending operations, reached an all-time high of $62.7 million, up from $32.9 million in Q2 2025. This robust growth partially compensated for weaker trading conditions.
Adjusted transaction revenue increased to $29.9 million from $24.1 million, despite digital asset sales volume contracting to $32.6 billion from $58.6 billion in the comparable prior-year quarter.
Trading activity has declined across major cryptocurrency exchanges as digital asset valuations remain suppressed amid challenging macroeconomic headwinds.
Equiniti Acquisition Progressing as Planned
Bullish announced a $4.2 billion agreement in May to purchase transfer agent Equiniti, a strategic acquisition designed to connect blockchain technology with conventional capital markets infrastructure.
The transaction continues to progress toward its anticipated early 2027 closing date.
Chief Executive Officer Tom Farley stated that upon completion of the acquisition, Bullish will possess “the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens.”
Looking ahead, the company provided full-year guidance for subscription, services and other revenue in the range of $225 million to $245 million.
Bullish completed its public listing exactly one year ago. The stock reached a high of $118 before declining as much as 83%, with recent trading activity hovering around the $24 level.
BLSH shares were trading up 1.5% in pre-market hours at $24.99 as of this report.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
