Bullish Q2 adjusted earnings in line as rise in subscription revenue offsets digital asset slowdown

FinanceBullish Q2 adjusted earnings in line as rise in subscription revenue offsets digital asset slowdownDigital asset sales slumped to $32.6 billion from $58.6 billiion a year earlier, but other revenues roughly doubled year-over-year to just shy of $65 billion.By James Van Straten|Edited by Jamie CrawleyUpdated 1 hr agoPublished 1 hr ago1 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowBullish (BLSH) posted adjusted second-quarter EPS of $0.09, in line with Street forecasts.Adjusted revenue rose 62% year over year to $92.6 million, topping estimates for $88 million.Subscription, services and other revenue reached a record $62.7 million, offsetting softer trading conditions as digital asset sales fell to $32.6 billion from $58.6 billion.Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported second-quarter net loss of $280 million, on Thursday, compared to $108.3 million for the equivalent period a year earlier.Most of that headline loss was due to a $244.6 million markdown in the company’s bitcoin holdings as BTC’s price fell throughout the quarter.Adjusted earnings before interest, taxes, depreciation and amortization came in at $29.5 million, versus $8.1 million a year earlier. Adjusted net income was $14.3 million, compared with a $6 million loss in the second quarter of 2025.Adjusted revenue of $92.6 million, a 62% increase from $57 million a year earlier, as growth in subscriptions and services offset softer trading conditions.Subscription, services and other revenue reached a record $62.7 million. Adjusted transaction revenue rose to $29.9 million from $24.1 million, even as digital asset sales fell to $32.6 billion from $58.6 billion.Bullish forecast full-year subscription, services and other revenue of $225 million to $245 million. Its proposed acquisition of Equiniti remains on track to close in early 2027.Bullish shares were recently trading around $24. …

Bullish Q2 adjusted earnings in line as rise in subscription revenue offsets digital asset slowdown

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