Key facts
- Bullish reported a Q2 net loss of $280 million, compared to a profit of $108.3 million a year prior.
- Adjusted revenue rose 62% to $92.6 million, driven by record subscription and services revenue of $62.7 million.
- Digital asset sales decreased to $32.6 billion from $58.6 billion.
- Adjusted EBITDA more than tripled to $29.5 million.
- The company expects full-year subscription, services, and other revenue to be between $225 million and $245 million.
- The acquisition of Equiniti is expected to close in early 2027.
Bullish, the parent company of CoinDesk, reported a significant net loss of $280 million for the second quarter, a stark contrast to the $108.3 million net income recorded in the same period last year. The company's adjusted revenue saw a substantial increase of 62% year-over-year, reaching $92.6 million. This growth was primarily driven by record subscription, services, and other revenue, which amounted to $62.7 million. This surge in recurring revenue helped to offset a slowdown in digital asset trading, with sales falling to $32.6 billion from $58.6 billion in the prior year's quarter. The challenging crypto market conditions, characterized by Bitcoin trading in the low-to-mid $60,000 range, contributed to the decline in trading volumes. Despite the net loss, adjusted EBITDA more than tripled to $29.5 million from $8.1 million a year ago. Bullish has projected its full-year subscription, services, and other revenue to be between $225 million and $245 million. The company's proposed acquisition of Equiniti remains on schedule for completion in early 2027.