Quick Take
- Bullish reported adjusted revenue of $92.6 million for Q2, up 62% year over year.
- The exchange recorded a $280 million net loss, narrowing from a $604.9 million loss in Q1 2026.
Bullish's net loss narrowed to $280 million in the second quarter from $604.9 million in Q1 2026, the company said Thursday.
The Peter Thiel-backed crypto exchange said in a statement its adjusted revenue rose 62% year over year to $92.6 million, while digital asset sales fell 44% to $32.6 billion from $58.6 billion. Adjusted EBITDA increased to $29.5 million from $8.1 million.
Subscription, services, and other revenue reached a record $62.7 million, the company said, helping offset weaker trading activity during the quarter.
“That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange,” Bullish CFO Dave Bonanno said in the statement.
Bullish also revised its full-year 2026 guidance. The exchange forecasts $225 million to $245 million in subscription, services, and other revenue. It anticipates adjusted operating expenses of $225 million to $230 million and finance expenses of $52 million to $60 million.
Meanwhile, its proposed $4.2 billion acquisition of Equiniti remains on track to close in early 2027, Bullish said. The deal, announced in May, comprises $1.85 billion of assumed Equiniti debt and about $2.35 billion in Bullish stock.
“The nearly $300 trillion global securities market is moving onto public blockchains. Bullish is excited to work with issuers to make this happen in a way that accrues to their benefit. Upon close of the proposed Equiniti transaction, Bullish will assemble the complete offering for the issuance, listing, trading, and tracking of issuer-sponsored tokens,” CEO Tom Farley said.
Bullish went public on the New York Stock Exchange last year, selling 30 million shares at $37 each and raising $1.1 billion. The shares initially rose above $74 before trading near $25 in early 2026
Bullish shares closed Wednesday at $24.63, up 0.45% on the day, according to The Block's BLSH price page. The firm maintains the sixth-largest bitcoin treasury, with about 24,300 BTC, according to BitcoinTreasuries.
BLSH/USD price chart. Image: The Block/TradingView.