Crypto Platform Bullish Tops Analyst Expectations With Second-Quarter Earnings

Bullish Beats Q2 Expectations, Raises Guidance in First Report Since NYSE Debut

Bullish (NYSE: BLSH), the crypto exchange operator and parent company of CoinDesk, delivered second-quarter earnings on Wednesday that topped Wall Street forecasts and lifted its outlook for the third quarter. The release marked the company’s first financial report since going public on the New York Stock Exchange in August.

The firm posted earnings per share of $0.93, handily surpassing the average analyst estimate of $0.03, according to FactSet. Adjusted revenue came in at $57 million, slightly below projections of $60.7 million.

CEO Tom Farley credited growth in liquidity services and the successful execution of the Consensus conference for driving momentum. “We are seeing strong business performance carry into the third quarter,” he said in the filing.

Bullish’s trading activity remained robust, with $179.6 billion in volume, up from $133.0 billion a year earlier. For Q3, the company projects volume between $133.0 billion and $142.0 billion, alongside adjusted EBITDA of $25–28 million, a sharp increase from $8.1 million in Q2.

Since pricing its IPO at $37 a share, Bullish’s stock has climbed 44% to $53.54. Shares advanced further on Wednesday after the firm received a BitLicense from the New York State Department of Financial Services, a key regulatory milestone for expanding operations in the U.S. The stock gained about 4.5% in post-market trading.

The results come against a backdrop of strong crypto market performance earlier this year. Between April and June, Bitcoin surged 30%, while the CoinDesk 20 Index gained 23%, ranking crypto among the best-performing asset classes globally.