Bullish ( (BLSH) ) has released its Q2 earnings. Here is a breakdown of the information Bullish presented to its investors.
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Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services, operating primarily in the digital assets sector with a unique global regulatory footprint.
In its second quarter of 2025 earnings report, Bullish announced a significant milestone with the acquisition of the New York DFS BitLicense, paving the way for its entry into the US market in the fourth quarter. The company reported digital asset sales of $58.6 billion and a net income of $108.3 million, marking a substantial turnaround from the previous year’s loss.
Key financial metrics for the quarter included an adjusted revenue of $57.0 million and an adjusted EBITDA of $8.1 million. The company also highlighted a 61.4% sequential growth in subscription, services, and other revenue, reaching $32.9 million. Bullish’s trading volume saw a notable increase to $179.6 billion, with an average daily volume of 1.974 billion. The company’s strategic achievements included securing high-profile partnerships and expanding its regulatory approvals globally.
Looking ahead, Bullish’s management has provided guidance for the third quarter of 2025, expecting adjusted revenue between $69.0 million and $76.0 million, and adjusted EBITDA ranging from $25.0 million to $28.0 million. The company is optimistic about its future growth trajectory, supported by its expanding product offerings and strategic market entries.