TLDR
- Bullish posted Q2 adjusted revenue of $92.6 million, up 62% year over year, beating analyst estimates of $87.4 million.
- Net loss more than doubled to $280 million, driven largely by a $244.6 million markdown on its Bitcoin holdings.
- Subscription and services revenue hit a record $62.7 million, up from $32.9 million a year ago.
- Digital asset sales fell to $32.6 billion from $58.6 billion in the same period last year.
- Bullish guided full-year subscription and services revenue of $225 million to $245 million; its Equiniti acquisition remains on track for early 2027.
Bullish (BLSH) beat revenue expectations in the second quarter, even as its net loss more than doubled year over year. The stock was up around 1.5% in pre-market trading to $24.99.
Adjusted revenue came in at $92.6 million for Q2, a 62% jump from $57 million in the same quarter last year. That topped Wall Street’s estimate of $87.4 million.
Adjusted EPS of $0.09 came in line with Street forecasts. Adjusted EBITDA reached $29.5 million, up from $8.1 million a year ago.
⚡️JUST IN: Bullish reports $280 million Q2 net loss on crypto valuation losses.
The loss was largely driven by a $244.6 million decline in the fair value of its digital-asset holdings.
Still, adjusted revenue rose 62% to $92.6 million as subscription, services and other… pic.twitter.com/dTxdWIvl8o
— Coin Bureau (@coinbureau) August 13, 2026
Adjusted net income was $14.3 million, compared to a $6 million loss in Q2 2025.
The headline net loss of $280 million, or $1.78 per share, compares to a $108.3 million loss, or 93 cents per share, a year earlier. Most of that loss came from a $244.6 million markdown on the company’s Bitcoin holdings as BTC prices fell during the quarter.
Bitcoin traded around $63,706 on Thursday, well below its record high of above $126,000 reached in October 2025.
Subscriptions Carry the Quarter
Subscription and services revenue, which includes CoinDesk event revenue and margin loans, hit a record $62.7 million, up from $32.9 million in Q2 2025. That growth helped offset the softer trading environment.
Adjusted transaction revenue rose to $29.9 million from $24.1 million, even as digital asset sales dropped to $32.6 billion from $58.6 billion in the prior year period.
Trading volumes have pulled back across major exchanges as crypto prices have stayed under pressure from tighter macroeconomic conditions.
Equiniti Deal Still on Track
Bullish struck a $4.2 billion deal in May to acquire transfer agent Equiniti, a move aimed at bridging blockchain with traditional capital markets infrastructure.
The deal remains on track to close in early 2027.
CEO Tom Farley said once the transaction closes, Bullish will have “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 of $225 million to $245 million.
Bullish went public exactly one year ago. Its stock reached a peak of $118 before falling as much as 83%, recently trading around $24.
BLSH was up 1.5% pre-market to $24.99 at the time of reporting.
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