Bullish Revenue Surges 62% as Crypto Exchange Beats Estimates

Bullish, the crypto exchange backed by Peter Thiel, reported stronger-than-expected second-quarter revenue on Thursday. The company posted adjusted revenue of $92.6 million, a 62% increase from last year and ahead of analysts' estimates of $87.4 million.

The surge in revenue was largely driven by record subscription and services income, which reached $62.7 million. This includes revenue from products outside core transaction fees, such as CoinDesk events, margin loans, data, and other services.

Bullish shares rose about 11% in the trading session, while trading volumes remained under pressure due to a weaker crypto market. Digital asset sales declined 44% year over year to $32.6 billion from $58.6 billion.

The company reported a net loss of $280 million, or $1.78 per share, more than double the $108.3 million loss recorded in the same quarter last year. However, this represented an improvement from the $604.9 million loss reported in the first quarter of 2026.

Bullish updated its full-year outlook, forecasting subscription, services, and other revenue between $225 million and $245 million. The company expects adjusted operating expenses of $225 million to $230 million and finance expenses of $52 million to $60 million.