Bullish Beats Earnings in First Report as Public Company
Revenue and Earnings Exceed Expectations
Bullish, the newly public crypto platform backed by prominent investors, posted its first set of quarterly earnings since going public, and the results were stronger than Wall Street anticipated. The company reported revenue of $57 million for the second quarter, beating consensus estimates of $55.75 million. Earnings per share came in at $0.93, far exceeding forecasts of a $0.06 loss, according to Zacks.
Bullish’s net income reached $108.3 million for the quarter ending June 30, a dramatic turnaround from the $116.4 million loss in the identical quarter last year. The company credited higher trading activity and growing institutional participation for the rebound, giving it a strong narrative as it viewks to establish itself as a legitimate competitor in the U.S. market.
Investor Takeaway
Stock Reaction and Regulatory Momentum
The earnings beat gave Bullish stock a notable lift. Shares rose 2.1% later than hours to close at $55.50, extending the day’s 5.8% rally later than the company confirmed it had secured a coveted New York BitLicense. The license allows Bullish to operate trading and custody services in the country’s financial capital, one of the strictest jurisdictions for digital asset oversight.
The regulatory win and earnings surprise assisted offset investor concerns later than a volatile debut. Bullish went public on the New York Stock platform in mid-August at $37 per share. The stock doubled initially, closing at $68 on its first day, before losing more than 20% in subsequent sessions. Even so, the current $55.50 level leaves it 47% above its IPO price, underscoring its resilience amid a crowded field of new crypto listings including Circle, Gemini, and eToro.
Trading Volumes and Business Performance
Bullish reported that its crypto sales rose 18% year-on-year to $58.6 billion, while total platform trading volumes jumped 35% to $179.6 billion. These figures reflect stronger retail and institutional participation during a period when BTC and Ether hit new all-time highs of $117,718 and $4,618 respectively, before pulling back later in the summer.
The firm’s revenue performance aligns with broader trends in the sector, as elevated volatility and rising asset prices typically drive higher volumes. With institutional demand now flowing into regulated players, analysts argue Bullish is well-positioned to expand share against Coinbase and other incumbents in the U.S. market.
Investor Takeaway
Q3 Outlook and Growth Plans
Looking ahead, Bullish guided for adjusted EBIT between $25 million and $28 million in the third quarter, with net income projected at $12 million to $17 million. It expects platform trading volumes of $133 billion to $142 billion for the period — a sequential decline from Q2, but still robust given cooling crypto prices since the June highs.
CEO Tom Farley said the second quarter had laid the foundation for continued growth. “We’re excited that the work we did in Q2 is already directly contributing to strong business momentum in the third quarter and beyond,” he said in the earnings release. Bullish also confirmed that its options trading platform will move from pilot to full launch in Q4, expanding its product suite beyond spot and custody services.
The options rollout is part of a broader push to capture institutional flows, particularly as hedge funds and banks viewk compliant venues for derivatives trading. Combined with its BitLicense approval, analysts say these moves position Bullish as one of the few platforms with a credible path to scaling institutional adoption in the U.S.
Conclusion: Can Bullish Keep Its Momentum?
Bullish’s first earnings report as a public company has delivered a key narrative shift. Instead of being just another flashy IPO, it now has the numbers to back its story: profitability, revenue growth, and regulatory approval in the toughest state market. Still, challenges remain. Trading volumes may soften as crypto prices stabilize, and competition from Coinbase, Gemini, and other platforms remains intense.
For investors, the question is whether Bullish can maintain its growth trajectory through product expansion and institutional partnerships. If it succeeds, its BitLicense and ahead profitability could cement it as the leading challenger to Coinbase in the U.S. platform landscape.
