Bullish Shares Surge 10% After Strong Q2 Earnings Report

Shares of Bullish climbed more than 10% in early Thursday trading after the institutional crypto exchange posted strong second-quarter results. Adjusted revenue rose 62% year-over-year to $92.6 million, up from $57 million a year earlier. Adjusted EBITDA more than tripled to $29.5 million from $8.1 million, while adjusted net income hit $14.3 million, a sharp turnaround from last year’s $6 million loss.

Subscription Revenue Hits New High

Subscription, services and other revenue reached a record $62.7 million, helping cushion softer trading activity. Quarterly trading volume slipped to $179.6 billion from $197.4 billion, with average daily volume down to $2 billion.

Regulatory Approval and Updated Outlook

The company also secured approval from Gibraltar’s Financial Services Commission to offer secondary trading in tokenized securities. Bullish raised its full-year revenue guidance to between $225 million and $245 million. Shares are up about 20% over the past month but remain roughly 70% below last year’s post-listing highs.