Bullish (BLSH) Stock Gains Despite $280M Loss on Bitcoin Write-Down in Q2 Earnings

Key Takeaways

• Bullish recorded Q2 adjusted revenue of $92.6 million, representing a 62% increase compared to the previous year and surpassing Wall Street projections of $87.4 million.
• The company’s net loss exceeded $280 million, more than double the prior year’s figure, primarily due to a $244.6 million write-down of Bitcoin assets.
• Revenue from subscriptions and services reached an all-time high of $62.7 million, compared to $32.9 million in the corresponding quarter of 2025.
• Digital asset trading volumes decreased to $32.6 billion from $58.6 billion recorded during the same timeframe last year.
• The company provided full-year guidance for subscription and services revenue between $225 million and $245 million, while confirming its Equiniti acquisition timeline for early 2027.

Bullish (BLSH) exceeded Wall Street revenue projections for the second quarter, despite posting a net loss that more than doubled from the year-ago period. Shares climbed approximately 1.5% to $24.99 during pre-market trading.

Bullish, BLSH

The company reported adjusted revenue of $92.6 million in Q2, marking a 62% increase from the $57 million recorded in the comparable quarter of the previous year. This performance exceeded analyst consensus estimates of $87.4 million.

Adjusted earnings per share of $0.09 matched Street expectations. Meanwhile, adjusted EBITDA climbed to $29.5 million, significantly higher than the $8.1 million posted one year earlier.

The company generated adjusted net income of $14.3 million, a sharp turnaround from the $6 million loss reported in Q2 2025.

However, the reported net loss totaled $280 million, or $1.78 per share, versus a $108.3 million loss, or 93 cents per share, in the year-ago quarter. The majority of this loss stemmed from a $244.6 million impairment charge on the company’s Bitcoin portfolio as cryptocurrency valuations declined throughout the quarter.

Bitcoin was trading near $63,706 on Thursday, significantly below its all-time high of over $126,000 achieved in October 2025.

Subscription Segment Drives Performance

Revenue from subscriptions and services, encompassing CoinDesk event income and margin lending activities, climbed to a record $62.7 million, up from $32.9 million in Q2 2025. This robust growth compensated for weaker trading activity during the period.

Adjusted transaction revenue increased to $29.9 million from $24.1 million, despite digital asset sales declining to $32.6 billion from $58.6 billion in the comparable period.

Cryptocurrency exchanges globally have experienced reduced trading activity as digital asset prices remain suppressed amid challenging macroeconomic headwinds.

Equiniti Acquisition Progressing as Planned

Bullish announced a $4.2 billion acquisition of transfer agent Equiniti in May, a strategic initiative designed to connect blockchain technology with conventional capital markets infrastructure.

The transaction continues to progress toward its anticipated early 2027 closing date.

CEO Tom Farley stated that following the deal’s completion, Bullish will possess “the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens.”

Looking ahead, Bullish projected full-year subscription, services and other revenue in the range of $225 million to $245 million.

The company completed its public listing exactly one year ago. BLSH shares peaked at $118 before declining as much as 83%, with recent trading activity hovering around $24.

BLSH shares were trading up 1.5% at $24.99 in pre-market activity at the time of publication.

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