TLDR
- Bullish reported Q2 2025 EPS of $0.93, crushing analyst estimates of $0.03
- Net income reached $108.3 million, reversing $116.4 million loss from Q2 2024
- Trading volume grew to $179.6 billion in Q2, up from $133 billion year-over-year
- Company secured New York BitLicense for crypto trading and custody services
- Stock trades at $53.54, up 44% from August IPO price of $37
Crypto exchange Bullish delivered impressive second-quarter earnings in its debut report since going public on the New York Stock Exchange. The platform exceeded Wall Street forecasts and showed strong financial turnaround.
Bullish reported earnings per share of $0.93 for Q2 2025, massively beating analyst consensus estimates of just $0.03. The company posted net income of $108.3 million, a dramatic reversal from the $116.4 million net loss recorded in the same quarter last year.
The crypto platform generated adjusted revenue of $57 million during the quarter. While this came slightly below analyst projections of $60.7 million, other performance metrics showed robust growth across key business areas.
Trading volume jumped to $179.6 billion in the second quarter, up from $133 billion in Q2 2024. Digital asset sales also increased, climbing to $58.6 billion from $49.6 billion in the prior year period.
Tom Farley, Bullish CEO, praised the quarter’s performance. He highlighted growth in liquidity services and successful execution of the Consensus conference. The executive said the company is seeing “strong business momentum” entering Q3.
New York BitLicense Approval Drives Stock Gains
Bullish received key regulatory approval this week with a BitLicense from the New York State Department of Financial Services. This license enables the company to offer cryptocurrency spot trading and custody services within New York state.
The approval expands Bullish’s regulatory reach, building on its recent MiCA license in Europe and existing authorizations in Hong Kong. The BitLicense represents a crucial step for US market expansion.
Stock price reacted positively to the regulatory news, rising 5.8% during Wednesday trading hours. Shares gained another 2.1% in after-hours trading, reflecting investor confidence in the approval.
Q3 Outlook and Trading Performance
Bullish projects third-quarter trading volume between $133 billion and $142 billion. The company expects adjusted EBITDA of $25 million to $28 million, compared to $8.1 million in Q2.
These results come as cryptocurrency markets showed strength during April-June 2025. Bitcoin gained 30% in Q2, while the broader CoinDesk20 Index increased 23% over the same period.
The Peter Thiel-backed exchange went public in August 2025 with shares priced at $37 each. Current trading at $53.54 represents a 44% premium to the IPO price, though the stock has declined 21.8% from its post-listing peak.
Bullish owns media company CoinDesk and focuses on institutional cryptocurrency trading services. The company has processed over $1.25 trillion in trading volume since launching operations in 2021.
