Bullish Shares Surge on Record Revenue Despite Crypto Market Weakness

Bullish's shares surged about 11% on Thursday after the company reported second-quarter revenue that exceeded analysts' expectations. The Peter Thiel-backed crypto exchange posted adjusted revenue of $92.6 million, up 62% from a year earlier and ahead of forecasts of $87.4 million.

The strong performance was driven by record subscription and services income, which reached $62.7 million, more than double the previous year's figure of $32.9 million. This growth segment includes revenue from products outside core transaction fees, such as CoinDesk events, margin loans, data, and other services.

However, trading volumes remained under pressure amid a weaker crypto market, with digital asset sales declining 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, although this was an improvement from the $604.9 million loss in the first quarter.

Bullish's Chief Financial Officer Dave Bonanno attributed the strong performance in subscription revenue to the company's expanding ecosystem, stating that 'That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange.'