Bullish shares jump 10% as Q2 adjusted EBITDA more than triples
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bullish, an institutional-focused crypto exchange and owner of CoinDesk, saw its shares jump about 13% in early trading after reporting strong second-quarter financial results. The company announced a 62% year-over-year increase in adjusted revenue to $92.6 million and more than tripled its adjusted EBITDA to $29.5 million. Adjusted net income rose to $14.3 million, reversing a previous $6 million loss.
Why it matters
Bullish’s strong financial performance and subsequent share price increase highlight growing investor confidence in the company’s business model, despite a decline in trading volumes. Additionally, approval from the Gibraltar Financial Services Commission to offer secondary trading in tokenized securities signals Bullish's expanding role in regulated onchain markets. The company’s upward revision of full-year revenue guidance further indicates positive business momentum.
Key context
Bullish’s second-quarter growth came in part thanks to a record $62.7 million in subscription, services, and other revenue, which helped offset weaker trading activity. Quarterly trading volume decreased to $179.6 billion from $197.4 billion a year ago. The company’s shares have rebounded about 20% over the past month but remain significantly below their post-listing highs from last year.
Key numbers and entities
Bullish’s adjusted revenue for Q2 was $92.6 million, up from $57 million a year earlier. Adjusted EBITDA rose to $29.5 million from $8.1 million. Adjusted net income was $14.3 million compared to a loss of $6 million previously. Quarterly trading volume reached $179.6 billion, down from $197.4 billion. The company’s shares, traded under the ticker BLSH on the NYSE, increased over 10% on the reported day.
What remains unclear
The source does not flag open questions or limitations regarding Bullish’s reported results or future outlook.