Bullish shares jump after Q2 results; guidance refined
Bullish (BLSH) reports adjusted revenue of $92.6 million for Q2, adjusted EBITDA of $29.5 million, and adjusted net income of $14.3 million (9 cents/share), while refining 2026 guidance.
Bullish (NYSE: BLSH ) shares are surging Thursday morning after the company reported its second-quarter financial results.
Here’s what investors need to know.
Bullish shares are climbing with conviction.
What’s behind BLSH gains? Bullish Delivers Strong Q2 Revenue The institutional digital asset platform posted adjusted revenue of $92.6 million, exceeding analyst consensus estimates of $87.81 million and representing a 62% year-over-year increase.
Record subscription, services and other revenue of $62.7 million propelled top-line growth, helping offset lighter crypto trading activity.
Adjusted EBITDA reached $29.5 million, up from $8.1 million in the second quarter of 2025, while adjusted net income came in at $14.3 million or 9 cents per share, slightly under consensus expectations of 10 cents.
Management Focuses on Issuer-Sponsored Securities Tokenization Bullish leadership highlighted the company’s strategic turn toward real-world asset tokenization and the pending acquisition of transfer agent Equiniti Group.
CEO Tom Farley noted that the nearly $300 trillion global securities market is moving onto public blockchains and expressed excitement about assembling a complete offering for token issuance, listing, trading, and tracking upon closing the Equiniti transaction.
CFO Dave Bonanno emphasized cross-sell momentum across media, index, and exchange business units, noting that clients arriving through CoinDesk and Consensus expand across data, indices, liquidity, and the exchange.
Refined Full-Year Guidance Highlights Strategic Expansion Plans Management refined its full-year 2026 outlook, projecting subscription, services and other revenue between $225 million and $245 million, alongside adjusted operating expenses of $225 million to $230 million.
With the Equiniti transaction on track to close in early 2027 and secondary trading of its own tokenized shares now live on its regulated venue, Bullish remains well-positioned to capitalize on the evolving digital asset infrastructure landscape.
BLSH Shares Surge Thursday Morning BLSH Price Action: Bullish shares were up 11.41% at $27.44 at the time of publication on Thursday, according to Pro data.
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