Cryptocurrency exchange operator Bullish (NYSE: BLSH) released its first financial results as a public company, posting a surprise profit and announcing approval from New York state regulators to offer services in the U.S.
Q2 results beat expectations
For the second quarter ending June 30, Bullish reported:
- Digital asset sales: $58.6 billion, up from $49.6 billion in Q2 2024.
- Net income: $108.3 million, or $0.93 per diluted share, compared with a $116.4 million net loss last year.
- Adjusted revenue (non-IFRS): $57.0 million, compared with $60.7 million a year earlier.
- Adjusted EBITDA: $8.1 million, down from $14.7 million in Q2 2024.
According to the company’s SEC filing, the return to profitability was driven by higher trading volumes and expansion in subscription services.
Tom Farley, CEO of Bullish, said on the company’s earnings call:
“The work we began in Q2 is already contributing to business momentum in the second half of the year, particularly in liquidity services and client growth.”
CFO David Bonanno added:
“Our first earnings report as a listed company demonstrates the resilience of our model and the role of revenue diversification.”
Regulatory milestone in New York
Bullish also confirmed it was granted a BitLicense by the New York Department of Financial Services (DFS), in addition to its New York money transmitter license. The approval makes Bullish one of a small number of institutions cleared to operate under both frameworks, alongside firms such as Coinbase and Gemini.
The firm said this license expands its existing approvals in Europe under MiCA and authorizations in Hong Kong, Gibraltar, and Germany.
Market reaction
Bullish shares closed Wednesday up 5.8% at $54.30 and added another 2.1% in after-hours trading, finishing at $55.50. The stock has retreated since its mid-August IPO debut, closing day-one at $68, but remains 47% above its $37 offering price.
Investors welcomed both the stronger-than-expected results and the New York regulatory clearance.
“Securing a BitLicense is a crucial step for Bullish to compete for institutional clients in the U.S.,” said Michael Graham, senior analyst at Canaccord Genuity.
Key business developments
- Trading metrics: Total trading volume reached $179.6 billion, a 35% increase year-over-year, with average trading spreads narrowing to 1.3 basis points from 2.6 basis points in Q2 2024.
- Client wins: Signed multi-year agreements with institutions including NFT firm Igloo Inc. (owner of Pudgy Penguins).
- Information products: CoinDesk Indices, a Bullish subsidiary, grew assets under management to $41 billion, up from $32 billion in Q1.
- Product pipeline: The company is piloting an options trading platform expected for full launch in Q4 2025.
Guidance for Q3 2025
Bullish provided the following Q3 outlook:
- Trading volume: $133–$142 billion.
- Adjusted transaction revenue: $25.5–$28.0 million.
- Subscriptions, services & other revenue: $43.5–$48.0 million.
- Adjusted EBITDA: $25–$28 million.
- Adjusted net income: $12–$17 million.
Risks and outlook
While results and regulatory progress boosted investor sentiment, risks remain.
- Competitive pressure: Rival exchanges such as Coinbase and Gemini continue to expand their institutional services.
- Market sensitivity: Trading revenues remain highly correlated to crypto asset price volatility.
- Regulatory oversight: Expansion across multiple regions exposes the company to differing compliance standards and policy changes.
“Bullish’s numbers were solid for a first report,” said Owen Lau, equity research analyst at Oppenheimer & Co. “But sustaining profitability will depend on stable trading activity and regulatory clarity, both of which carry significant uncertainty.”
Bottom line
Bullish’s debut quarter as a public company delivered a profitable surprise and came alongside a landmark regulatory license in New York. With strong trading growth and new product launches on the horizon, investors will be watching closely whether the firm can maintain momentum through the rest of 2025.
Tanya Petrusenko
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