Bullish Reports Earnings Loss Of $280 Million, Shares Rise On Sentiment, Future Expectations

Bullish (NYSE: BLSH) has reported Q2 2026 earnings, which delivered revenue of $92.6 million and a net loss of $280 million

Adjusted EBITDA was $29.5 million, with digital asset sales reported at $32.6 billion (versus $58.6 million in the year-prior quarter).

For the six months ending in June, digital asset sales were$84.4 million compared to the same period in 2025 of $138.9 million.

In early trading, shares of Bullish are trading at $27.80, up by around 12%, topping analyst expectations. Bullish has traded in a range of $20.55 to $85 in the last year.

Bullish is an “institutionally focused global digital asset platform” that includes a digital asset exchange with spot and derivative trading. Based in the US, Bullish is also approved under the European MiCA regulation [Markets in Crypto Assets]. Bullish is also the parent company of CoinDesk.

Tom Farley, CEO of Bullish, declared that the nearly $300 trillion global securities market is moving onto blockchains, as tokenization or digital securities increase in usage.

“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.”

Bullish CFO Dave Bonanno pointed to the “record subscription, services, and other revenue of $62.7 million drove adjusted revenue up 62% year over year,” for the quarter.

Year-over-year numbers include Digital asset sales of $32.6 billion vs. $58.6 billion; and adjusted transaction revenue (non-IFRS) of $29.9 million vs. $24.1 million.

Bullish provided full-year forward guidance indicating that subscription, services, and other revenue (non-IFRS) would be $225.0 million to $245.0 million.