Bullish Shares Surge as Q2 Revenue More Than Triples

Bullish shares surged on Thursday after the company reported strong second-quarter earnings. The institutional-focused crypto exchange and CoinDesk owner saw its adjusted revenue jump by 62% year-over-year to $92.6 million, while adjusted EBITDA more than tripled to $29.5 million.

The increase in revenue helped offset weaker exchange activity, which saw a drop in quarterly trading volume from $197.4 billion to $179.6 billion and a decrease in average daily volume from $2.2 billion to $2 billion.

Bullish also received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities, expanding its push into regulated onchain markets.

The company lifted its full-year guidance, forecasting $225 million to $245 million in subscription, services and other revenue, citing its first-half performance and improved visibility.