Crypto Exchange Bullish Reports Strong Q2 Earnings in First Report Since NYSE Debut

18-Sep-2025

TLDR

  • Bullish beat Q2 earnings estimates with $0.93 EPS versus analyst expectations of $0.03
  • The crypto platform reported net income of $108.3 million, reversing a $116.4 million loss from last year
  • Trading volume jumped to $179.6 billion in Q2, up from $133 billion in the same quarter last year
  • Bullish secured a BitLicense from New York regulators, allowing crypto trading and custody services in the state
  • The stock trades at $53.54, up 44% from its $37 IPO price in August

Crypto exchange Bullish delivered better-than-expected second-quarter results in its first earnings report since going public in August. The platform beat Wall Street estimates and posted a major turnaround in profitability.

Bullish reported earnings per share of $0.93 for the second quarter, far exceeding analyst estimates of $0.03. The company also posted net income of $108.3 million, a sharp reversal from the $116.4 million net loss recorded in the same period last year.

The crypto platform’s adjusted revenue came in at $57 million for the quarter. While this fell short of analyst estimates of $60.7 million, the company showed strong growth in other key metrics.

Trading volume surged to $179.6 billion during the second quarter, up from $133 billion in the same period last year. Digital asset sales also increased, rising to $58.6 billion from $49.6 billion year-over-year.

Tom Farley, CEO of Bullish, highlighted the company’s growth in liquidity services and successful execution of the Consensus conference. He said the firm is experiencing “strong business momentum” heading into the third quarter.

Regulatory Approval Boosts Stock Performance

Bullish received important regulatory approval this week with the granting of a BitLicense from the New York State Department of Financial Services. The license allows the company to offer crypto spot trading and custody services in New York state.

This approval adds to Bullish’s regulatory footprint, which includes a recent MiCA license uplift in Europe and existing licenses in Hong Kong. The BitLicense represents a key milestone for expanding operations in the United States.

The stock responded positively to the news, rising 5.8% during regular trading hours on Wednesday. In after-hours trading, shares gained an additional 2.1%.

Bullish (BLSH)
Bullish (BLSH)

Third Quarter Outlook and Market Position

For the third quarter, Bullish projects trading volume between $133 billion and $142 billion. The company expects adjusted EBITDA of $25 million to $28 million, compared to $8.1 million in the second quarter.

The earnings report comes as crypto markets showed strength during the April-June period. Bitcoin gained 30% during the second quarter, while the CoinDesk20 Index rose 23%.

Bullish went public on the New York Stock Exchange in August with an IPO price of $37 per share. The stock currently trades at $53.54, representing a 44% gain from its debut price.

The company is backed by Peter Thiel and owns CoinDesk. Since going public, the stock has declined 21.8% from its peak but remains above its initial offering price.

The post Crypto Exchange Bullish Reports Strong Q2 Earnings in First Report Since NYSE Debut appeared first on CoinCentral.

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