Bullish Q2 earnings beat expectations: the crypto exchange reported $57 million in revenue and $108.3 million net income for Q2, exceeding analyst forecasts and lifting after-hours stock prices amid stronger trading volume and an improved Q3 outlook.
Bullish Q2 revenue: $57 million, beating estimates
Bullish reported net income of $108.3 million and trading volume growth of 35% to $179.6 billion
Bullish received a BitLicense and expects adjusted EBIT of $25–$28 million in Q3
Bullish Q2 earnings: $57M revenue and $108.3M net income — read the breakdown and outlook for Q3.
Bullish posted $57 million in revenue in the second quarter, beating analyst estimates and giving its share price a lift after-hours to extend its gains on the day.
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What were Bullish Q2 earnings and revenue results?
Bullish Q2 earnings showed revenue of $57 million and a net income of $108.3 million for the quarter ended June 30. These results beat analyst estimates and marked a swing from a year-earlier loss, driven by higher trading volumes and stronger crypto sales.
How did the market react to Bullish’s earnings beat?
Bullish shares rose about 2% in after-hours trading to $55.50 following the earnings release. The stock added to daily gains after the exchange announced it had secured a BitLicense from New York financial regulators, supporting investor confidence.
Why did Bullish post stronger net income in Q2?
Bullish’s net income rose to $108.3 million, reversing a prior-year loss of $116.4 million. The improvement was driven by higher crypto sales, increased trading volume, and improved operating leverage as the firm scales its platform and product offerings.
What were the key operational metrics for Q2?
Bullish reported crypto sales of $58.6 billion (up 18% year-on-year) and trading volume of $179.6 billion (up 35% year-on-year). These metrics underpinned the revenue beat and strengthened the firm’s guidance for the third quarter.
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Bullish expects adjusted EBIT of $25–$28 million and net income of $12–$17 million for Q3 (ending Sept. 30). The company forecast platform trading volumes of $133–$142 billion and signaled a full options trading launch in Q4 following a limited rollout with select clients.
Bullish confirmed it received a BitLicense from New York regulators, enabling expanded operations in a major market. Management also reiterated the planned full launch of its options platform, which it said is already in limited mobilization with select clients.