Key facts
- Bullish reported a Q2 net loss of $280 million, compared to a net income of $108.3 million a year prior.
- Adjusted revenue increased 62% year-over-year to $92.6 million.
- Subscription, services and other revenue reached a record $62.7 million.
- Adjusted EBITDA more than tripled to $29.5 million.
- Bullish expects full-year subscription, services, and other revenue between $225 million and $245 million.
- The company received approval to offer secondary trading in tokenized securities in Gibraltar.
Bullish, the parent company of CoinDesk, reported a second-quarter net loss of $280 million, a significant decline from the $108.3 million net income in the same period last year. However, the company's adjusted revenue increased by 62% year-over-year to $92.6 million, largely driven by record subscription and services revenue of $62.7 million. This growth in recurring revenue helped to offset a slowdown in digital asset trading, with quarterly trading volume falling to $179.6 billion from $197.4 billion a year ago. Adjusted EBITDA more than tripled to $29.5 million, up from $8.1 million in the prior year. Bullish shares rose approximately 13% in early trading following the results. The company also announced it received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities. Bullish lifted its full-year guidance, now forecasting subscription, services, and other revenue between $225 million and $245 million.