Bullish posts $280 million Q2 loss despite strong revenue growth

Bullish posts $280 million Q2 loss despite strong revenue growth

Bullish is expanding its tokenization business with the proposed Equiniti acquisition.

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By Editorial Team
Edited by Vivian Nguyen

Bullish recorded a $280 million net loss in the second quarter as digital asset sales declined sharply to $32.6 billion, down from $58.6 billion a year earlier, according to a Thursday statement.

The NYSE-listed digital asset platform nevertheless saw its underlying business strengthen, with adjusted revenue climbing 62% to $92.6 million and adjusted EBITDA more than tripling to $29.5 million.

Growth was led by subscription, services and other revenue, which reached a record $62.7 million. Bullish said renewed strength in liquidity services helped offset macroeconomic pressures and weaker trading markets. Adjusted transaction revenue rose to $29.9 million, and adjusted net income improved to $14.3 million from a $6 million loss.

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The company is also advancing its push into tokenized securities. Its proposed Equiniti acquisition remains on track for early 2027, while Gibraltar’s financial regulator approved Bullish for tokenized securities and secondary trading in issuer-sponsored tokens.

Bullish CEO Tom Farley said the Equiniti deal would allow Bullish to provide issuers with infrastructure covering token issuance, listing, trading and tracking.

According to the company, CoinDesk’s institutional adoption also expanded in Q2, with Morgan Stanley launching BTC, ETH and SOL exchange-traded products using CoinDesk benchmarks and attracting more than $400 million in inflows during the quarter.

Bullish said its Consensus events in Miami and Hong Kong drew more than 26,000 attendees, alongside about 10,000 companies, 500 speakers and 250 institutional sponsors.

For 2026, Bullish now expects subscription, services and other revenue of $225 million to $245 million, adjusted operating expenses of $225 million to $230 million and finance expense of $52 million to $60 million.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
FINANCE
Bullish posts $280 million Q2 loss despite strong revenue growth
Bullish posts $280 million Q2 loss despite strong revenue growth

Bullish is expanding its tokenization business with the proposed Equiniti acquisition.

By Editorial Team
Edited by Vivian Nguyen

Share

Add us on Google

Bullish recorded a $280 million net loss in the second quarter as digital asset sales declined sharply to $32.6 billion, down from $58.6 billion a year earlier, according to a Thursday statement.

The NYSE-listed digital asset platform nevertheless saw its underlying business strengthen, with adjusted revenue climbing 62% to $92.6 million and adjusted EBITDA more than tripling to $29.5 million.

Growth was led by subscription, services and other revenue, which reached a record $62.7 million. Bullish said renewed strength in liquidity services helped offset macroeconomic pressures and weaker trading markets. Adjusted transaction revenue rose to $29.9 million, and adjusted net income improved to $14.3 million from a $6 million loss.

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The company is also advancing its push into tokenized securities. Its proposed Equiniti acquisition remains on track for early 2027, while Gibraltar’s financial regulator approved Bullish for tokenized securities and secondary trading in issuer-sponsored tokens.

Bullish CEO Tom Farley said the Equiniti deal would allow Bullish to provide issuers with infrastructure covering token issuance, listing, trading and tracking.

According to the company, CoinDesk’s institutional adoption also expanded in Q2, with Morgan Stanley launching BTC, ETH and SOL exchange-traded products using CoinDesk benchmarks and attracting more than $400 million in inflows during the quarter.

Bullish said its Consensus events in Miami and Hong Kong drew more than 26,000 attendees, alongside about 10,000 companies, 500 speakers and 250 institutional sponsors.

For 2026, Bullish now expects subscription, services and other revenue of $225 million to $245 million, adjusted operating expenses of $225 million to $230 million and finance expense of $52 million to $60 million.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.