Bullish shares surge 14% as subscription revenue offsets digital asset slowdown

FinanceBullish shares surge 14% as subscription revenue offsets digital asset slowdownBullish's second-quarter loss of $280 million was mostly attributable to a $244.6 million markdown on the company’s bitcoin holdings.By James Van Straten, Jamie Crawley|Edited by Stephen Alpher, Sheldon RebackUpdated 19 min agoPublished 2 hrs ago2 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 analysts’ forecasts.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.The company posted a net loss for the period, primarily due to a writedown on the value of its bitcoin holdings.Bullish (BLSH), the cryptocurrency platform and parent company of CoinDesk, surged 14% after saying subscription, services and other revenue reached a record $62.7 million in the second quarter. Adjusted earnings before interest, taxes, depreciation and amortization (ebitda) more than tripled to $29.5 million, while adjusted net income rose to $14.3 million from a year-earlier loss of $6 million, the company said.The company went public exactly one year ago, with shares reaching a peak of $118 before losing as much as 83% of their value. At the time, bitcoin was on its way to a record high of nearly $125,000, which it reached in early October. The world’s largest cryptocurrency has lost around half of its value since then, and fell 14% in the second quarter. The resulting markdown in Bullish’s bitcoin holdings led to a $244.6 million charge and was the main contributor to a net loss of $280 million for the quarter. It reported a $108.3 million profit in the year-earlier period.The shares climbed as high as $28.20 on Thursday, nearly 14.5% higher on the day and the biggest single-day gain since Feb. 9, when they rose 17%. Adjusted revenue als…

Bullish shares surge 14% as subscription revenue offsets digital asset slowdown

Coins in this story

Discussion

Related stories

Strategy, Metaplanet unrealized bitcoin losses highlight risk of concentrating on just one token

MUFG to test real-time blockchain settlement for Japanese government bond trades

Crypto platform operator gets 15-year prison sentence in South Korea due to $50 million scam