Bullish reports $280M Q2 net loss amid crypto trading slowdown
In brief
- Bullish reported $280 million Q2 net loss, more than double the $108.3 million loss year-over-year
- Adjusted revenue surged 62% to $92.6 million, with record subscription and services revenue of $62.7 million
- Bitcoin trading weakness cut digital asset sales to $32.6 billion from $58.6 billion in the prior year
- Full-year subscription revenue forecast ranges from $225 million to $245 million
Adjusted metrics show strength amid trading slowdown
The headline loss masks a more nuanced picture. Adjusted net income reached $14.3 million, compared with a $6 million loss in Q2 2025. Adjusted earnings before interest, taxes, depreciation and amortization came in at $29.5 million, more than triple the $8.1 million a year earlier.
Adjusted transaction revenue rose to $29.9 million from $24.1 million. The real headwind came from trading volumes. Digital asset sales fell to $32.6 billion from $58.6 billion year-over-year—a 44% decline that reflects broader market conditions.
Crypto markets struggled during the quarter, with bitcoin stuck in a rut and trading largely in the low-to-mid $60,000 range.
Stock pressure and forward guidance
Bullish shares were recently trading around $24, a far cry from the company's debut. The company went public exactly one year ago, with shares reaching a peak of $118 before losing as much as 83% of their value.
Looking ahead, Bullish refined its outlook. The company forecast full-year subscription, services and other revenue of $225 million to $245 million, signaling confidence in its diversified revenue streams beyond trading. Its proposed acquisition of Equiniti remains on track to close in early 2027, a move aimed at bolstering its market infrastructure footprint.
