Bullish shares surge 14% as subscription revenue offsets digital asset slowdown

Bullish shares surge 14% as subscription revenue offsets digital asset slowdown

Bullish's second-quarter loss of $280 million was mostly attributable to a $244.6 million markdown on the company’s bitcoin holdings.

By James Van Straten , Jamie Crawley | Edited by Stephen Alpher , Sheldon Reback

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Bullish (BLSH) posted adjusted second-quarter EPS of $0.09, in line with analysts’ forecasts.

Subscription, services and other revenue reached a record $62.7 million, offsetting softer trading conditions as digital asset sales fell to $32.6 billion from $58.6 billion.

The company posted a net loss for the period, primarily due to a writedown on the value of its bitcoin holdings.

Bullish BLSH $ 27.49 , the cryptocurrency platform and parent company of CoinDesk, surged 14% after saying subscription, services and other revenue reached a record $62.7 million in the second quarter.

Adjusted earnings before interest, taxes, depreciation and amortization (ebitda) more than tripled to $29.5 million, while adjusted net income rose to $14.3 million from a year-earlier loss of $6 million, the company said .

The company went public exactly one year ago, with shares reaching a peak of $118 before losing as much as 83% of their value. At the time, bitcoin was on its way to a record high of nearly $125,000, which it reached in early October.

The world’s largest cryptocurrency has lost around half of its value since then, and fell 14% in the second quarter. The resulting markdown in Bullish’s bitcoin holdings led to a $244.6 million charge and was the main contributor to a net loss of $280 million for the quarter. It reported a $108.3 million profit in the year-earlier period.

The shares climbed as high as $28.20 on Thursday, nearly 14.5% higher on the day and the biggest single-day gain since Feb. 9, when they rose 17%.

Adjusted revenue also saw a 62% increase to $92.6 million as growth in subscriptions and services offset softer trading conditions. Adjusted transaction revenue rose to $29.9 million from $24.1 million, and digital asset sales slid 44% to $32.6 billion.

The second quarter also saw Bullish announce t he $4.2 billion acquisition of share registration and transfer agency Equiniti , which will help it expand into tokenized securities. The acquisition is on course to be completed in early 2027, according to Thursday’s earnings announcement.

UPDATE (Aug. 13, 14:40 UTC): Restructures throughout with additional context; updates share price performance.

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