Bullish Stock (BLSH) Rallies on Q2 Earnings Beat and New York BitLicense Win

Bullish (BLSH) surged 8% in pre-market trading after reporting stronger-than-expected Q2 2025 earnings, its first quarterly results since NYSE listing in August. The rally extended a 5.8% gain from Wednesday, fueled by Bullish U.S. Operations LLC securing New York's coveted BitLicense and Money Transmission License—clearing the path for crypto spot trading and custody services in the state.

Revenue dipped 6% year-over-year to $57 million but beat estimates of $55.8 million. EPS swung to $0.93 from a $1.03 loss in Q2 2024, far surpassing the projected $0.05 loss. Digital asset sales jumped 18% to $58.6 billion, with trading volume up 35%.

ARK Invest's accumulating position signals institutional confidence. "Licensing wins and earnings surprises create tailwinds," observed one trader, as regulatory milestones intersect with improving fundamentals.