Bullish Earnings Beat Expectations, Stock Rises on Strong Momentum

Bullish (BLSH), the parent company of CoinDesk, posted a strong second-quarter earnings report, significantly outperforming analyst expectations. The crypto trading platform reported earnings per share (EPS) of $0.93, far above the average estimate of $0.03, according to FactSet. Adjusted revenue came in at $57 million, slightly below the $60.7 million forecast.

CEO Tom Farley highlighted “exciting liquidity services growth” and a “successful Consensus conference,” noting that Bullish is seeing strong momentum heading into the third quarter. The company’s trading volume surged to $179.6 billion, compared to $133 billion a year earlier. Looking ahead, Bullish expects third-quarter trading volume between $133 billion and $142 billion.

The firm also projected adjusted EBITDA of $25–28 million for the next quarter, a sharp increase from $8.1 million in Q2. This marks Bullish’s first earnings report since its August debut on the New York Stock Exchange. Shares were priced at $37 during the IPO and now trade at $53.54, up 44% from the offering price.

Investor confidence grew further after Bullish secured a coveted BitLicense from the New York State Department of Financial Services, a move analysts described as key to expanding U.S. operations. Shares rose during Wednesday trading and added another 4.5% in after-hours action.

The upbeat results align with broader crypto market gains. Between April and June, bitcoin surged 30%, while the CoinDesk20 Index, tracking the wider digital asset market, climbed 23%. With regulatory milestones achieved and earnings momentum building, Bullish appears well-positioned for continued growth in the evolving crypto landscape.