Bullish Shares Surge Despite $280M Loss on Bitcoin Writedown

Bullish, a crypto exchange backed by Peter Thiel, reported a significant improvement in its financials despite taking a substantial hit from a Bitcoin writedown. The company announced a net loss of $280 million in Q2 2026, mainly due to a $244.6 million write-down on its Bitcoin holdings.

However, the shares rose nearly 12% as Bullish beat expectations with adjusted revenue of $92.6 million and adjusted EBITDA of $29.5 million. The loss is a significant improvement from Q1's $605 million deficit, which may indicate that Bullish is on track to recover.

CEO Tom Farley highlighted growth prospects and a planned acquisition as reasons for optimism. He noted that upcoming accounting rule changes could also affect future financial reporting.