Bullish Posts Surprise Profit in First Report Since IPO
Bullish has given Wall Street its first look at life as a public company, and the numbers landed stronger than expected.
The crypto exchange, which went public in mid-August, stunned analysts with a profitable second quarter, reversing last year’s deep losses.
Revenue reached $57 million, a slight beat against forecasts, but the bigger story was earnings per share at 93 cents — well above consensus estimates that had predicted a small loss. Net income came in at $108.3 million, compared to a $116.4 million deficit in the same period of 2024.
Shares respond to a one-two punch
The stock rallied twice in a single day. Gains of nearly 6% during regular trading were fueled by news that Bullish had secured New York’s coveted BitLicense, opening doors in the U.S. financial hub. Hours later, the earnings beat lifted the shares another 2%, closing at $55.50.
Even so, BLSH remains below its $68 opening-day close, though it’s still trading almost 50% higher than the $37 IPO price.
Trading activity fuels the turnaround
A spike in digital asset trading helped power the quarter. Sales climbed 18% year-on-year to $58.6 billion, while overall platform volumes surged 35% to $179.6 billion. That growth coincided with Bitcoin and Ether reaching record highs earlier in the summer before easing back in recent weeks.
Looking ahead
Management struck an upbeat tone about Q3, projecting adjusted EBIT of up to $28 million and net income between $12 million and $17 million. Volumes, however, are expected to cool, with guidance set between $133 billion and $142 billion.
CEO Tom Farley said momentum from the second quarter was already spilling into the months ahead and confirmed that Bullish’s long-planned options trading desk is being tested with select clients. A full rollout is expected before year-end.
The debut report marks an important milestone for one of the year’s most closely watched crypto IPOs. With profitability on the books and regulatory hurdles clearing, Bullish is now under pressure to prove it can sustain growth in a volatile market.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
