Bullish Delivers Better-Than-Expected Q2 Results, Beating Market Projections

Bullish Surpasses Q2 Estimates, Raises Guidance in First NYSE Earnings Report

Bullish (NYSE: BLSH), the crypto platform and owner of CoinDesk, reported second-quarter earnings on Wednesday that exceeded analyst expectations and provided a strong outlook for the third quarter. This marks the company’s first report since its NYSE debut in August.

The company posted earnings per share of $0.93, well above the consensus estimate of $0.03, according to FactSet. Adjusted revenue was $57 million, slightly below the projected $60.7 million.

CEO Tom Farley highlighted growth in liquidity services, the successful Consensus conference, and ongoing business momentum. “We are seeing strong performance carry into the third quarter,” Farley said in the filing.

Trading volume reached $179.6 billion, up from $133.0 billion a year earlier. Bullish forecasts Q3 trading volume of $133.0–142.0 billion, with adjusted EBITDA expected between $25 million and $28 million, a substantial rise from $8.1 million in Q2.

Since its IPO price of $37 per share, Bullish stock has surged 44% to $53.54. Shares gained further on Wednesday after the company received a BitLicense from the New York State Department of Financial Services, a key regulatory approval enabling expansion in the U.S., climbing about 4.5% in post-market trading.

The strong results come amid a robust crypto market. Between April and June, Bitcoin rose 30%, while the CoinDesk 20 Index advanced 23%, ranking digital assets among the world’s top-performing investments.