Bullish Stock Surges 46% Post-Earnings Beat, Revenue Up 2%

Bullish, a digital asset trading platform, released its first quarterly report since its listing on the New York Stock Exchange in August. The report showed that the company's earnings and revenue for the second quarter exceeded market expectations, with a significant increase in earnings per share and revenue. The company's stock price rose sharply after the report was released.

Bullish reported earnings per share of $0.93 for the second quarter, a significant increase from the loss of $1.03 per share in the same period last year, and far exceeding the market expectation of a loss of $0.05 per share. Revenue for the quarter was $57 million, down from $60.7 million in the same period last year, but still above the market expectation of $55.8 million. The company's digital asset sales volume reached $586 billion, a significant increase from $496 billion in the second quarter of 2024. The company's trading volume for the quarter was $179.6 billion, a significant increase from $133 billion in the same period last year.

For the three months ending June 30, the company's adjusted operating expenses were $48.9 million, up from $46 million in the same period last year. Adjusted EBITDA for the quarter was $8.1 million, down from $14.7 million in the same period last year.

Bullish's subsidiary, CoinDesk Indices, reported assets under management of $41 billion at the end of the quarter, an increase of more than $9 billion from the first quarter. The price of cryptocurrencies, including Bitcoin, rose sharply during the second quarter, with Bitcoin's price increasing by 30% and becoming the best-performing major asset globally. The CoinDesk 20 Index, which tracks the overall market, also rose by 23% during the same period.

Looking ahead, the company expects adjusted revenue for the third quarter of 2025 to be between $69 million and $76 million, significantly higher than the average analyst estimate of $57.1 million. The company also expects adjusted EBITDA for the quarter to be between $25 million and $28 million, and trading volume to be between $133 billion and $142 billion.

The company's CEO commented that the company's liquidity services have seen significant growth, and that the third quarter is showing strong business development momentum. The company also successfully held the Consensus conference during the quarter.

Bullish also received a BitLicense from the New York State Department of Financial Services, a key regulatory approval that is expected to open up new opportunities for the company in the U.S. market. The company's stock price has risen by 46% since its IPO, and continued to rise by approximately 2% in after-hours trading following the release of the quarterly report.

Bullish is also a significant holding of ARK Invest, a prominent investment firm. ARK Invest purchased more than 160,000 shares of Bullish prior to the release of the quarterly report, valued at approximately $8.3 million. ARK Invest has been bullish on Bullish since its IPO, purchasing more than 2.5 million shares at the time of the IPO, valued at $172 million. ARK Invest currently holds more than $129 million worth of Bullish shares through its ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF.