Peter Thiel-backed digital asset exchange Bullish reported second-quarter adjusted revenue of $92.6 million, up 62% from $57 million a year earlier and above Wall Street estimates of $87.4 million. Adjusted EPS came in at $0.09, in line with forecasts, while adjusted EBITDA climbed to $29.5 million from $8.1 million in Q2 2025. On an adjusted basis, Bullish swung to net income of $14.3 million from a $6 million loss a year earlier.
Despite the revenue beat, the company posted a net loss of $280 million, or $1.78 per share, compared with a $108.3 million loss, or 93 cents per share, in the prior-year period. The loss was driven largely by a $244.6 million markdown on its Bitcoin holdings as BTC prices declined during the quarter. Bitcoin was trading around $63,706 on Thursday, well below its record high above $126,000 reached in October 2025.
Subscription and services revenue hit a record $62.7 million, up from $32.9 million a year earlier, supported by CoinDesk event revenue and margin loans. Adjusted transaction revenue rose to $29.9 million from $24.1 million, but digital asset sales fell to $32.6 billion from $58.6 billion in Q2 2025, reflecting softer trading volumes across major exchanges amid tighter macroeconomic conditions.
Bullish also reaffirmed plans to build an integrated platform supporting the full lifecycle of security tokens — from issuance and listing to trading and tracking. The initiative is tied to its $4.2 billion acquisition of Equiniti, announced in May and expected to close in early 2027. CEO Tom Farley said the deal would give Bullish "the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens."
For the full year, Bullish guided subscription, services and other revenue to $225 million to $245 million. The stock was up about 1.5% in pre-market trading to $24.99. Bullish went public one year ago, peaked at $118, and has since fallen as much as 83%.
