Strong revenue, BitLicense approval, and upbeat outlook fuel investor confidence
Crypto exchange Bullish (BLSH) reported stronger-than-expected second-quarter results, lifting its stock price in both regular and after-hours trading. The company’s first earnings release since going public exceeded Wall Street estimates and highlighted growing momentum in trading activity.
Earnings surpass expectations
Bullish posted $57 million in Q2 revenue, ahead of analyst forecasts of $55.75 million. Earnings came in at $0.93 per share, well above expectations of a $0.06 loss, according to Zacks.
The exchange also swung to profitability, reporting net income of $108.3 million, compared to a loss of $116.4 million in the same period last year.
CEO Tom Farley said the results demonstrate the firm’s growth strategy is paying off: “We’re excited that the work we did in the second quarter is already directly contributing to strong business momentum in the third quarter and beyond.”
Share price gains on results and BitLicense approval
Bullish stock rose 5.8% during Wednesday’s trading session, driven by news that the exchange secured a BitLicense from New York regulators, allowing it to expand services in the United States. After-hours, shares climbed another 2.1% to $55.50, extending the day’s gains.
Despite being down more than 20% from its debut close of $68 in August, Bullish remains up 47% from its $37 IPO price, reflecting continued investor interest.
Trading activity and outlook
Bullish reported crypto sales of $58.6 billion, up 18% year-on-year, while trading volume surged 35% to $179.6 billion in Q2.
For the third quarter, the company expects adjusted EBIT between $25 million and $28 million, and net income of $12 million to $17 million. Trading volume is projected to come in between $133 billion and $142 billion, reflecting some slowdown after Bitcoin and Ether recently hit all-time highs.
Looking ahead, Bullish said it plans to launch its options trading platform in the fourth quarter, which is already being tested with select clients.
Bullish’s stronger-than-expected earnings, regulatory approval in New York, and expansion into derivatives trading signal that the exchange is positioning itself as a major competitor among publicly traded crypto firms. With trading volumes still elevated and a profitable quarter behind it, the company appears set to build on its early momentum.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.