Bullish Surges 14% on Record Subscription Revenue
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- Bullish (BLSH) shares surged as much as 14.5% to $28.20 — the biggest single-day gain since Feb. 9 — after the crypto exchange reported record subscription, services and other revenue of $62.7 million.
- Digital asset sales fell to $32.6 billion from $58.6 billion, a 44% decline, as softer trading conditions weighed on the company's transaction business.
- A $244.6 million markdown on bitcoin holdings drove Bullish's $280 million net loss for the quarter, compared with a $108.3 million profit a year earlier, with bitcoin itself dropping 14% in Q2.
- Adjusted revenue rose 62% to $92.6 million, with adjusted EBITDA more than tripling to $29.5 million and adjusted net income swinging to a $14.3 million gain from a $6 million loss a year earlier.
- Bullish announced a $4.2 billion acquisition of Equiniti, a share registration and transfer agency, expected to close in early 2027 to help the company expand into tokenized securities.
- Shares, which peaked at $118 a year ago at Bullish's IPO, have lost as much as 83% of their value — a slide that tracks bitcoin's roughly 50% decline from its October peak near $125,000.
Why it matters: For Bullish investors, the 14% jump shows the subscription business — not trading volume — is carrying the valuation story, even as a $244.6 million bitcoin writedown produced a $280 million quarterly net loss. The $4.2 billion Equiniti acquisition, aimed at expanding into tokenized securities, positions Bullish to diversify beyond crypto trading after digital asset sales fell 44%.
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