Thiel-Backed Bullish Exchange Posts $108M Q2 Profit, Reversing Last Year’s Loss

Bullish just flipped the script—hard. Peter Thiel's crypto exchange just posted a staggering $108 million Q2 profit, completely reversing last year's losses. That's not just a comeback—it's a statement.

From Red to Black

The numbers don't lie. While traditional finance giants were busy navigating regulatory headwinds, Bullish quietly engineered one of the most dramatic turnarounds in crypto exchange history. No vague promises—just hard results.

The Thiel Effect

Backing from one of Silicon Valley's most controversial investors clearly isn't just for show. The exchange leveraged its institutional credibility to capture market share while competitors struggled with trust issues. Sometimes it pays to have friends in high places—even if they're polarizing.

Crypto's Quiet Winner

While everyone was watching Bitcoin's price swings, Bullish was building infrastructure. Their profit surge suggests they've cracked the code on sustainable exchange economics—something most platforms still struggle with. Maybe there's more to crypto than just hype cycles after all.

Let's see if Wall Street's 'experts' still dismiss crypto profits as luck when the numbers look this solid.

Bullish Secures Key New York Licenses to Offer Crypto Spot Trading and Custody

The exchange also secured key licenses in New York, including a BitLicense and Money Transmission License, granting it permission to offer crypto spot trading and custody services in the state.

These additions bolster its expanding regulatory presence, which already includes approvals in Europe under MiCA and licenses in Hong Kong.

CEO Tom Farley said the results reflect a quarter of operational strength and strategic positioning.

“We saw exciting liquidity services growth, executed a successful Consensus conference, and secured regulatory approvals that prepare us for long-term success,” Farley noted in Wednesday’s statement.

Total trading volume hit $179.6 billion in Q2, up from $133 billion a year ago. Despite this growth, the company expects volumes to ease slightly in Q3, projecting between $133 billion and $142 billion.

Following the report, Bullish’s stock closed at $54.35, up 5.8% on the day and an additional 2.1% in after-hours trading. However, shares are still down 21.8% since the exchange went public in August.

With solid earnings, growing compliance credentials, and rising transaction volumes, Bullish appears to be gaining traction in a tightening crypto exchange landscape, offering a rare bright spot in an otherwise cautious market.

Bullish Rides IPO Momentum and European Licenses to Enter US Market

Bullish’s BitLicense and Money Transmission License in New York comes amid the company’s growing international presence, which now spans the EU, Hong Kong, Gibraltar, and the US.

The exchange recently made headlines by becoming the first US-listed company to raise over $1 billion entirely in stablecoins during its NYSE IPO in August, with backing from Peter Thiel.

Regulated and Revolutionary@Bullish becomes the first digital asset exchange to list on the NYSE. $BLSH | @CoinDesk | @ThomasFarley pic.twitter.com/m9ZnLOT5EQ

The capital raise was settled across blockchain networks like Solana, reflecting Bullish’s commitment to digital-native finance.

In Europe, Bullish achieved a MiCAR license uplift through BaFin in Germany, giving it a regulatory foundation to serve institutional clients across the EU.

Its headquarters in Frankfurt places it under one of the most trusted financial regulators in the world.

Now, with the U.S. licenses in hand, Bullish is opening its doors to institutional clients and advanced traders in New York, offering spot trading and custody services.

Its high-performance trading engine combines order book matching and automated market making, ensuring DEEP liquidity.

Bullish’s entry into the US comes amid a wave of crypto firms returning to or expanding in the country as regulatory clarity improves.

Firms like Polymarket, TON Foundation, and Deribit are also eyeing US markets, while Wall Street prepares for a $15B crypto IPO pipeline before September.