#Digital Assets #Cayman Islands #Bullish #BLSH

Bullish Reports Strong Q2 2025 Results

On September 17, 2025, Bullish (NYSE: BLSH), a key player in the digital asset space focusing on institutional clients, revealed its strong financial performance for the second quarter of 2025, which ended on June 30. This announcement underscores the company's strategic initiatives and advancements in the rapidly evolving sector of digital assets, showcasing a robust entry into the market with significant transactional volumes and net income.

Financial Highlights

In Q2 2025, Bullish reported remarkable figures: digital asset sales peaked at $58.6 billion, a notable increase from $49.6 billion in the previous year. The reported net income reached $108.3 million, translating to $0.93 per diluted share, a stark contrast to the previous year's loss of $116.4 million or $(1.03) per share. The adjusted revenue was reported at $57.0 million while the adjusted EBITDA stood at $8.1 million, reflecting a focus on sustainable financial strategies amid market volatility.

CEO Tom Farley expressed satisfaction with these quarterly results, emphasizing their significance in demonstrating growth, particularly in their liquidity services. The successful execution of their recent Consensus conference further highlighted their ambition in expanding their footprint in the digital assets market. Notably, Farley pointed out that the receipt of the prestigious New York DFS BitLicense, which allows access to the U.S. market, is a testament to Bullish's high standards and operational rigor.

CFO David Bonanno noted that the first earnings report since going public showcases the company's resilience and emphasizes the importance of diversifying revenue streams, an approach that is vital in today’s competitive landscape of digital finance.

Key Business Developments

Regulatory Footprint Expansion

A highlight for Bullish this quarter was securing the New York DFS BitLicense, making it one of only three entities to hold both the BitLicense and New York MTL since 2023. This accomplishment, along with the MiCA license uplift in the EU and SFC licenses in Hong Kong, solidifies Bullish’s authoritative global regulatory stance, enabling a unified approach to digital asset trading.

Strong Revenue Growth

During Q2, the company's subscription and services revenue surged to $32.9 million, marking a 61.4% increase from the previous quarter and a 27.4% year-over-year growth. This trend of diversified revenue is crucial for building resilience against market fluctuations.

Strategic Partnerships and Client Wins

In addition to various improvements within the company, Bullish has successfully forged multi-year agreements with prominent clients like Igloo Inc., who owns Pudgy Penguins. This partnership leverages Bullish’s liquidity services, CoinDesk Data, and Insights, showcasing their effective cross-selling strategy and responsiveness to institutional demands.

Information Services Expansion

The growth in Bullish’s information services segment was illustrated by CoinDesk Indices, which reported an increase in assets under management (AUM) to $41 billion, a growth of over $9 billion since Q1. This segment's trajectory was reaffirmed with the launch of CoinDesk Overnight Rates, enhancing service offerings to clients.

Future Outlook

For Q3 2025, Bullish has forecasted trading volumes between $133.0 billion and $142.0 billion. Additionally, adjusted transaction revenue is projected to be between $25.5 million and $28.0 million, alongside a forecast for subscriptions and services revenue to be between $43.5 million and $48.0 million.

Conference Call Information

To discuss these results in more detail, Bullish will hold a conference call at 5:30 PM ET today. The call will be accessible via a live webcast and will include a Q&A session following the presentation. Investors can find the recording and transcript on the Bullish investor relations website thereafter.

About Bullish

Bullish is dedicated to providing market infrastructure and information services for the digital asset sector. The platform offers Bullish Exchange, an advanced trading venue for digital assets, alongside comprehensive data analytics and information services through CoinDesk. Operating across multiple regulatory jurisdictions, Bullish is positioned for growth in the burgeoning digital asset economy. With a commitment to ethical and responsible trading practices, Bullish continues to pave the way for innovation in the financial technology landscape. For more information, visit bullish.com.