Bullish Posts Strong First Earnings Report Since NYSE Listing, Beats Estimates and Lifts Outlook

Bullish (NYSE: BLSH), the crypto platform and parent company of CoinDesk, reported second-quarter results on Wednesday that topped Wall Street expectations and raised its outlook for the next quarter. The report marks its first earnings release since going public on the New York Stock Exchange in August.

The company posted earnings per share (EPS) of $0.93, sharply beating the consensus analyst estimate of $0.03, according to FactSet. Adjusted revenue came in at $57 million, slightly below forecasts of $60.7 million.

CEO Tom Farley highlighted strong growth across the platform’s liquidity services, a successful Consensus conference, and what he described as “strong business momentum” heading into the third quarter.

Bullish reported trading volume of $179.6 billion, up from $133.0 billion in the same quarter last year. For the third quarter, the firm expects trading volume to range between $133.0 billion and $142.0 billion. Adjusted EBITDA is projected to rise significantly to $25–28 million, compared with $8.1 million in the second quarter.

Shares of Bullish have gained 44% since its IPO debut at $37, currently trading at $53.54. The stock climbed further on Wednesday after the company secured a BitLicense from the New York State Department of Financial Services, a regulatory milestone that analysts say strengthens its ability to expand in the U.S. Shares rose about 4.5% in post-market trading following the announcement.

The upbeat results come against a backdrop of surging crypto markets earlier this year. Between April and June, Bitcoin rose 30%, making it the best-performing major asset globally, while the CoinDesk 20 Index advanced 23% over the same period.