Bullish Posts $280M Q2 Net Loss as Trading Volume Halves to $32.6B

Bullish (BLSH), the crypto exchange operator and parent company of CoinDesk, posted a Q2 net loss of $280 million, or $1.78 per diluted share, reversing the $108.3 million profit it booked a year earlier. The swing to red ink came even as adjusted revenue climbed 62% year over year to $92.6 million, driven by record subscription and services income that helped offset a sharp slowdown in trading activity.

Digital asset sales, the measure of platform trading volume, fell to $32.6 billion from $58.6 billion in the same quarter last year — a drop of nearly 45%. That decline reflects choppy market conditions during the period, with bitcoin largely stuck trading in the low-to-mid $60,000 range rather than pushing to new highs that typically spur trading activity.

Subscriptions carry the quarter

Subscription, services and other revenue reached a record $62.7 million, the single biggest driver of Bullish’s top-line growth. Adjusted transaction revenue, tied more directly to trading, still rose to $29.9 million from $24.1 million, showing that even with lower overall volumes, the fee side of the business improved.

Profitability metrics that strip out one-off items told a more encouraging story than the headline net loss. Adjusted EBITDA jumped to $29.5 million from $8.1 million a year earlier — more than tripling — while adjusted net income came in at $14.3 million, a reversal from a $6 million adjusted loss in the second quarter of 2025.

Shares still far below IPO peak

BLSH shares were recently changing hands around $24, edging roughly 1.5% higher in pre-market trading following the report. That level sits far below the stock’s post-IPO peak of $118, marking a decline of as much as 83% from that high. Bullish went public exactly one year before this earnings release.

Looking ahead, Bullish narrowed its full-year guidance for subscription, services and other revenue to a range of $225 million to $245 million. The company also said its proposed acquisition of Equiniti remains on track to close in early 2027, a deal that would expand its footprint beyond core exchange operations.

Why it matters

The results underscore a broader pattern among listed crypto exchanges this earnings season: sideways bitcoin price action is compressing trading fees, pushing platforms to lean harder on recurring subscription and services revenue to stay profitable on an adjusted basis. For BLSH shareholders, the gap between a widening GAAP net loss and improving adjusted earnings will likely remain the key tension to watch as the stock continues to trade well below its IPO-era highs.

Read more: BitGo Posts $19M Q2 Loss as $18.8M Unrealized Crypto Hit Offsets 80% Revenue Jump to $4.3B

Sources

• coindesk.com
• theblock.co