Bullish Posts $280 Million Net Loss in Q2 as Crypto Trading Volumes Shrink

Crypto trading platform Bullish reported a second quarter net loss of $280 million , a sharp reversal from net income of $108.3 million in the same period last year, as slower trading activity weighed on results.

Adjusted Metrics Show Underlying Strength

Despite the headline loss, adjusted earnings before interest, taxes, depreciation and amortization jumped to $29.5 million , more than tripling the 8.1 million dollars reported a year earlier. Adjusted net income came in at 14.3 million dollars, compared to a 6 million dollar loss in the prior year. Adjusted revenue rose 62 percent to 92.6 million dollars, driven largely by growth in subscriptions and services rather than trading fees.

Subscription Revenue Hits Record High

Subscription, services and other revenue reached a record 62.7 million dollars during the quarter. Adjusted transaction revenue also increased to 29.9 million dollars, even as total digital asset sales volume fell sharply to 32.6 billion dollars from 58.6 billion dollars a year earlier, reflecting a broader slowdown in crypto markets as bitcoin traded mostly in the low-to-mid 60,000 dollar range.

Stock Performance Since IPO

Bullish shares recently traded around $24, well below their post-IPO peak of 118 dollars reached exactly one year ago. Shares ticked up nearly 1.5 percent in premarket trading following the earnings release. The company also reaffirmed full-year subscription revenue guidance between 225 million and 245 million dollars, while its planned acquisition of Equiniti remains on track for early 2027.