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Bullish Swings to $280M Q2 Net Loss as Digital Asset Sales Fall 44%

Crypto exchange and financial infrastructure company Bullish (NYSE: $BLSH) reported a $280 million net loss in the second quarter, compared with a $108.3 million profit a year earlier, as digital asset sales fell 44% to $32.6 billion.

In a Thursday press release, the company said that adjusted revenue reached $92.6 million in the three months ended June 30, up 62% from $57 million a year earlier. Adjusted EBITDA rose to $29.5 million from $8.1 million.

However, digital asset sales fell 44% year over year to $32.6 billion from $58.6 billion. The company said record revenue from its subscription, services and other businesses helped offset weaker trading activity. That segment generated $62.7 million during the quarter, with Bullish pointing to demand for data, indices and liquidity services.

“Our diversified model delivered again this quarter,” Chief Financial Officer Dave Bonanno said, adding that clients often enter through CoinDesk and Consensus before expanding into Bullish’s other products.

Bullish also updated its full-year 2026 outlook. It now expects subscription, services and other revenue of $225 million to $245 million. Adjusted operating expenses are expected to range between $225 million and $230 million, while finance expenses are forecast at $52 million to $60 million.

The company is also preparing for its planned $4.2 billion acquisition of Equiniti, which remains on track to close in early 2027, subject to regulatory approval and other closing conditions. Bullish said the deal would expand its ability to support the issuance, listing, trading and tracking of tokenized securities.

Bullish went public on the New York Stock Exchange last year, raising about $1.1 billion through its IPO. The company also holds about 24,300 Bitcoin (CRYPTO: $BTC), making it one of the largest corporate Bitcoin holders.

Bullish shares are up more than 11% during the day, currently trading at $27.42 apiece.