Bullish Crypto Platform Exceeds Q2 Earnings Estimates, Projects Strong Q3 Growth

Bullish (BLSH), the parent company of CoinDesk, reported second-quarter earnings that surpassed Wall Street expectations. The crypto platform posted earnings per share of $0.93, significantly higher than the $0.03 analyst consensus. Adjusted revenue came in at $57 million, slightly below the projected $60.7 million.

Trading volume surged 35% year-over-year to $179.6 billion, demonstrating robust platform activity. CEO Tom Farley highlighted "exciting liquidity services growth" and a successful Consensus conference as key drivers. The company anticipates continued momentum, forecasting Q3 trading volume between $133 billion and $142 billion.

Notably, Bullish expects adjusted EBITDA to triple in the third quarter, projecting $25-$28 million compared to $8.1 million in Q2. The positive earnings mark the firm's first quarterly report since its NYSE debut in August, with shares currently trading 44% above their $37 IPO price.

Market sentiment received an additional boost as Bullish secured a BitLicense from New York regulators, a MOVE analysts view as crucial for institutional adoption. The license positions the platform for expanded services in one of the world's most stringent regulatory environments.