Bullish Q2 adjusted earnings in line as rise in subscription revenue offsets digital asset slowdown

Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported second-quarter net loss of $280 million, on Thursday, compared to $108.3 million for the equivalent period a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization came in at $29.5 million, more than treble the $8.1 million a year earlier. Adjusted net income was $14.3 million, compared with a $6 million loss in the second quarter of 2025.

Adjusted revenue of $92.6 million, a 62% increase from $57 million a year earlier, as growth in subscriptions and services offset softer trading conditions.

Subscription, services and other revenue reached a record $62.7 million. Adjusted transaction revenue rose to $29.9 million from $24.1 million, even as digital asset sales fell to $32.6 billion from $58.6 billion.

Crypto markets struggled during the quarter, with bitcoin stuck in a rut and trading largely in the low-to-mid $60,000 range.

Bullish shares were recently trading around $24. The company went public exactly one year ago today, with shares reaching a peak of $118 before losing as much as 83% of their value.

BLSH shares traded nearly 1.5% higher at just under £25 in pre-market trading on Thursday.

Bullish forecast full-year subscription, services and other revenue of $225 million to $245 million. Its proposed acquisition of Equiniti remains on track to close in early 2027.