Bullish Delivers Strong Q2 Earnings, Lifts Outlook After NYSE Listing
Bullish (NYSE: BLSH), the crypto platform and owner of CoinDesk, released its first earnings report since going public in August, posting results that outpaced expectations and raising guidance for the next quarter.
For the second quarter, Bullish reported earnings per share of $0.93, far ahead of Wall Street’s average estimate of $0.03, according to FactSet. Adjusted revenue reached $57 million, just below the projected $60.7 million.
In a filing, CEO Tom Farley credited “exciting liquidity services growth,” the successful Consensus conference, and ongoing momentum in the business.
Trading volume climbed to $179.6 billion, compared with $133.0 billion in the same quarter last year. Looking ahead, Bullish forecasts Q3 trading volume in the $133.0–142.0 billion range. The company also expects adjusted EBITDA of $25–28 million, up sharply from $8.1 million in Q2.
Shares of Bullish, which debuted on the NYSE at $37 per share, have advanced 44% to $53.54. On Wednesday, the stock gained further after the firm secured a BitLicense from the New York State Department of Financial Services, a regulatory approval analysts view as pivotal for U.S. expansion. The stock rose about 4.5% in post-market trading.
The upbeat earnings came as crypto markets rebounded earlier this year. Between April and June, Bitcoin gained 30%, while the CoinDesk 20 Index rose 23%, ranking digital assets among the world’s top-performing investments for the quarter.
