CoinDesk
Bullish (BLSH) reported a $280M Q2 net loss, or $1.78 per diluted share, versus $108.3M in net income, or $0.93, a year earlier. Adjusted revenue rose 62% year over year to $92.6M, while adjusted EBITDA climbed to $29.5M from $8.1M. Record subscription, services and other revenue reached $62.7M, offsetting softer trading as digital asset sales fell to $32.6B from $58.6B. Bullish forecast $225M to $245M in full-year subscription, services and other revenue and said its proposed Equiniti acquisition remains on track to close in early 2027.
Why it matters
The quarter exposed a sharp split in Bullish's earnings profile. Subscription, services and other revenue hit a record as trading conditions softened, helping adjusted revenue and EBITDA grow. The reported loss shows that stronger adjusted metrics did not translate into positive reported earnings.
Adjusted net income was $14.3M, versus a $6M loss in Q2 2025. The gap with the $280M net loss makes the distinction between adjusted performance and reported results central to the quarter's read.
Market impact
Digital asset sales fell from $58.6B to $32.6B as crypto markets struggled and Bitcoin traded largely in the low-to-mid-$60,000 range. Adjusted transaction revenue still rose to $29.9M from $24.1M, showing that weaker volume did not erase transaction growth.
Bullish shares were recently around $24 after reaching a $118 peak and losing as much as 83% of their value. The next measurable tests are the $225M to $245M full-year forecast and progress toward the Equiniti closing.
Frequently asked questions
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What drove Bullish's adjusted revenue growth in Q2?
Subscription, services and other revenue reached a record $62.7M, while adjusted transaction revenue rose to $29.9M from $24.1M.
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How far did Bullish's digital asset sales fall?
Digital asset sales fell from $58.6B to $32.6B as crypto markets struggled and Bitcoin traded largely in the low-to-mid-$60,000 range.
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How did adjusted profitability compare with the reported loss?
Adjusted EBITDA rose to $29.5M from $8.1M, and adjusted net income was $14.3M. Bullish still reported a $280M net loss.
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What full-year revenue range did Bullish forecast?
Bullish forecast $225M to $245M in full-year subscription, services and other revenue.
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How have Bullish shares performed, and when is Equiniti expected to close?
Shares were recently around $24 after reaching a $118 peak and losing as much as 83% of their value. The proposed Equiniti acquisition remains on track to close in early 2027.
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