Bullish (BLSH) second quarter revenue climbs as CoinDesk parent reports $280 million loss

Bullish (BLSH) second quarter revenue climbs as CoinDesk parent reports $280 million loss

Finance

Bullish Q2 adjusted earnings in line as rise in subscription revenue offsets digital asset slowdown

Digital asset sales slumped to $32.6 billion from $58.6 billiion a year earlier, but other revenues roughly doubled year-over-year to just shy of $65 billion.

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James Van Straten

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Edited by

Jamie Crawley

Updated

35 min ago

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Tom Farley, CEO of Bullish. (CoinDesk)

Summary

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Bullish (BLSH) posted adjusted second-quarter EPS of $0.09, in line with Street forecasts.

Adjusted revenue rose 62% year over year to $92.6 million, topping estimates for $88 million.

Subscription, services and other revenue reached a record $62.7 million, offsetting softer trading conditions as digital asset sales fell to $32.6 billion from $58.6 billion.

Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported

second-quarter net loss of $280 million

, on Thursday, compared to $108.3 million for the equivalent period a year earlier.

Most of that headline loss was due to a $244.6 million markdown in the company’s bitcoin holdings as BTC’s price fell throughout the quarter.

Adjusted earnings before interest, taxes, depreciation and amortization came in at $29.5 million, versus $8.1 million a year earlier. Adjusted net income was $14.3 million, compared with a $6 million loss in the second quarter of 2025.

Adjusted revenue of $92.6 million, a 62% increase from $57 million a year earlier, as growth in subscriptions and services offset softer trading conditions.

Subscription, services and other revenue reached a record $62.7 million. Adjusted transaction revenue rose to $29.9 million from $24.1 million, even as digital asset sales fell to $32.6 billion from $58.6 billion.

Bullish forecast full-year subscription, services and other revenue of $225 million to $245 million. Its proposed acquisition of Equiniti remains on track to close in early 2027.

Bullish shares were recently trading around $24. The company went public exactly one year ago today, with shares reaching a peak of $118 before losing as much as 83% of their value.

BLSH is higher by 1.5% pre-market to $24.99.

Bullish

Earnings

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