Key Highlights

  • BLSH shares traded up 2.75% at $29.50, with the 50-day Moving Average moving above the 200-day average.
  • Second-quarter adjusted Revenue was $92.6 million, up 62% year over year, and adjusted EBITDA was $29.5 million versus $8.1 million.
  • Subscriptions, services and other revenue hit a record $62.7 million; 2026 guidance is $225 million to $245 million.
  • IFRS net loss was $280.0 million versus Net Income of $108.3 million last year; adjusted net income was $14.3 million.
  • Net Liquid assets were $2.10 billion at June 30, and the Equiniti Acquisition is expected to close in early 2027.

Bullish (NYSE:BLSH) shares are trading up 2.75% at $29.50, and the stock's 50-day simple moving average has moved above its 200-day, a pattern technical analysts call a golden cross. The company has a market Capitalization of $4.43 billion.

Bullish operates a regulated digital asset exchange and owns CoinDesk, a provider of digital asset media, indices and events. It reports under IFRS and publishes adjusted, non-IFRS measures alongside its results.

Adjusted Earnings Climb While IFRS Results Swing to a Loss

For the quarter ended June 30, adjusted revenue was $92.6 million, up from $57.0 million a year earlier. Adjusted EBITDA was $29.5 million, compared with $8.1 million, a Margin of about 32% on adjusted revenue.

On an IFRS basis, Bullish reported a net loss of $280.0 million, or $1.78 per diluted share, compared with net income of $108.3 million a year earlier. Adjusted net income was $14.3 million, against an adjusted loss of $6.0 million. The adjusted figures are non-IFRS measures.

Subscription Revenue and Tokenized Securities Broaden the Model

Subscriptions, services and other revenue, the line that includes CoinDesk, reached a record $62.7 million in the quarter, and the six-month total was $117.5 million. Consensus events in Miami and Hong Kong together drew more than 26,000 attendees.

The Gibraltar Financial Services Commission approved tokenized securities, making Bullish one of the first fully regulated venues for secondary trading of issuer-sponsored tokenized securities. Management said that once the Equiniti acquisition closes, Bullish will offer a complete service for issuing, listing, trading and tracking issuer-sponsored tokens.

Guidance Points to Higher Subscription Revenue and Steady Costs

Bullish refined its 2026 guidance. It expects subscriptions, services and other revenue of $225.0 million to $245.0 million, adjusted operating expenses of $225.0 million to $230.0 million and finance expense of $52.0 million to $60.0 million.

The Equiniti acquisition is on track to close in early 2027, subject to customary conditions and regulatory approvals. Net liquid assets were $2.10 billion at June 30, down from $2.86 billion at December 31, while gross liquid assets were $2.81 billion, down from $3.72 billion. Cash and cash equivalents were $86.6 million.

Digital assets on the Balance Sheet included $1.13 billion of intangible assets and $952.6 million of financial assets, with a further $139.1 million held as inventories.

What the Next Report Must Show

The golden cross reflects past price action. The next report will show whether adjusted earnings continue to improve, how IFRS results compare with the adjusted measures, and whether the Equiniti closing remains on track for early 2027.