Bullish shares surge 14% as subscription revenue offsets digital asset slowdown
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bullish (BLSH), a cryptocurrency platform and CoinDesk’s parent company, reported adjusted second-quarter EPS of $0.09, meeting analysts’ expectations. The company’s subscription, services, and other revenue reached a record $62.7 million, offsetting a significant decline in digital asset sales, which fell from $58.6 billion to $32.6 billion. Despite this, Bullish recorded a net loss of $280 million primarily due to a $244.6 million writedown on its bitcoin holdings.
Why it matters
Bullish’s growth in subscription and service revenue demonstrates a diversification of income sources beyond trading volume, which has decreased amid digital asset market softness. This revenue shift helped surge the company’s shares by 14%, marking its largest single-day gain since February. The company’s acquisition announcement for Equiniti, aimed at expanding into tokenized securities, indicates a strategic move to broaden its market presence.
Key context
Bullish went public one year ago and has seen its share price fall by as much as 83% from a peak of $118 amid bitcoin’s subsequent price decline from nearly $125,000 to about half that value. The bitcoin markdown contributed heavily to the current net loss, reversing a $108.3 million profit reported in the prior year’s quarter. Adjusted EBITDA and net income have both improved significantly compared to the previous year.
Key numbers and entities
Bullish (BLSH), adjusted EPS $0.09, subscription revenue $62.7 million, adjusted EBITDA $29.5 million, adjusted net income $14.3 million, bitcoin writedown $244.6 million, net loss $280 million, digital asset sales $32.6 billion (down from $58.6 billion), shares climbed up to $28.20 (+14% in one day), acquisition of Equiniti valued at $4.2 billion planned for early 2027.
What remains unclear
The source does not flag open questions or uncertainties beyond the financial results and acquisition timeline provided.