Bullish reports Q2 2026 results, updates full-year guidance

On Thursday, Bullish (NYSE: BLSH ) discussed second-quarter financial results during its earnings call.

The full transcript is provided below.

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For comprehensive financial data and transcripts, visit Access the full call at Summary Bullish reported a 62% year-over-year increase in adjusted financial results, with subscription services and other revenue reaching a record $62.7 million in Q2 2026.

The company is proceeding with its acquisition of Equiniti Group, expected to close in January 2027, to enhance its business model resilience and expand into the tokenization of securities.

Bullish's tokenized securities began trading on its regulated venue, marking a significant step in its strategy to modernize market structure through issuer-sponsored tokenization.

The company's media arm, CoinDesk, saw strong growth with a 38% year-over-year increase in page views, and its indices are supporting new institutional products like Morgan Stanley's Bitcoin ETP.

Bullish adjusted its full-year 2026 guidance, expecting SS&O revenue between $225 to $245 million, with adjusted operating expenses between $225 to $230 million.

Full Transcript OPERATOR Welcome to Bullish second quarter 2026 earnings conference call.

Currently, all participants are in a listen-only mode.

After the speaker's presentation, there will be a question-and-answer session.

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I would now like to hand the call over to Michael Fideli, Vice President of Finance.

Please go ahead.

Michael Fideli, Vice President of Finance Good morning and welcome to our second quarter earnings call.

I'm Michael Fideli, and I'm joined on today's call by our Chief Executive Officer Tom Farley, Chief Financial Officer David Bonanno, and Director of Corporate Development Liam Foley.

This call will contain forward-looking statements, including those relating to our expected performance and business opportunities, our proposed acquisition of Equiniti Group, the anticipated benefits and strategic rationale of the transaction, expected timing and closing conditions, and business opportunities following the transaction.

These statements are not assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially.

Such risks include, among others, the possibility that the Equiniti transaction may not be completed, failure to obtain required regulatory approvals, the possibility that anticipated benefits may not be realized, and the risks related to the integration of Equiniti's business.

For more details on these and other risks, please refer to today's earnings press release and our SEC filings, including our 20-F dated March 9, 2026.

We undertake no obligation to update or revise any forward-looking statements.

This call will also include a discussion of non-IFRS financial measures.

A reconciliation to the most directly comparable IFRS metrics can be found in our earnings press release and presentation, which also contain additional information regarding non-IFRS financial measures and key performance indicators.

I'll now turn the call over to Tom.

Tom Farley, Chairman and CEO Thanks, Mike.

Good morning everyone.

Thanks for joining.

Hi, I'm Tom Farley, Chairman and CEO of Bullish.

A year ago today, Bullish went public on the New York Stock Exchange.

Thank you for following us and supporting us as a public company.

A year ago today, our old-school certificated shares began changing hands.

A year later, I'm pleased to share with you that beginning yesterday, Bullish's tokenized shares are trading on our own regulated venue for the first time.

This also marks Bullish's first trades of any tokenized security.

This is just the beginning.

We are building the infrastructure for tokenized securities and this quarter we turned that from a blueprint into something real.