Bullish Exchange Reports $108M Q2 Profit Amid Regulatory Expansion

Bullish, the Thiel-backed cryptocurrency exchange, has posted a net profit of $108.3 million for Q2 2025, a stark reversal from its $116.4 million loss in the same period last year. The turnaround comes as the platform makes its first earnings disclosure since debuting on the New York Stock Exchange.

Trading volume surged to $179.6 billion for the quarter, though the exchange anticipates a modest decline in Q3 activity. Digital asset sales climbed to $58.6 billion, up from $49.6 billion year-over-year, reflecting growing market participation.

Regulatory milestones dominated the quarter, with Bullish securing New York's coveted BitLicense and Money Transmission License. These approvals enable spot trading and custody services in the state, complementing existing authorizations under Europe's MiCA framework and Hong Kong's regulatory regime.