Bullish Reports $280M Q2 Loss, Far Above Prior Year
Shares of Bullish rose as much as 14.5% on Thursday, marking their largest single-day gain since February 9, after the company reported its second-quarter results that beat market expectations.
Revenue from subscriptions, services, and other items reached a record $62.7 million, offsetting the impact of weaker trading conditions and a sharp depreciation in its bitcoin holdings.
Adjusted EBITDA climbed to $29.5 million, while adjusted net income swung from a loss of $6 million to a gain of $14.3 million compared to the same period a year earlier.
Total adjusted revenues grew 62% to $92.6 million. The net loss for the quarter was $280 million, largely explained by a $244.6 million write-down in Bullish’s bitcoin holdings, as BTC fell 14% during the period.
Additionally, Bullish confirmed that its acquisition of Equiniti, valued at $4.2 billion, is proceeding as planned and is expected to close in early 2027, with the goal of expanding its presence in the tokenized securities market.
Source: https://www.bullish.com/us/news-insights/bullish-reports-second-quarter-2026-results
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