Bullish posts $108.3M profit, first since going public
Bullish posted the $108.3 million profit compared with the prior year loss, while digital asset sales rose to $58.6 billion in the second quarter of this year from $49.6 billion in Q2 2024. The platform went public on the New York Stock Exchange in August under ticker BLSH.
The company reported adjusted revenue of $57.0 million and adjusted EBITDA of $8.1 million for the quarter ended June 30, 2025. Trading volume reached $179.6 billion with an average daily volume of approximately $1.974 billion.
Bullish secured regulatory approval in New York, obtaining the BitLicense and Money Transmission License from the New York State Department of Financial Services. The licenses enable the company to offer spot trading and custody services in New York state.
For the third quarter, Bullish provided guidance expecting adjusted revenue between $69 million and $76 million, with adjusted EBITDA between $25 million and $28 million.
CFO David Bonanno said the earnings report "demonstrates the resilience of our business model and the importance of revenue diversification."
Bullish secured regulatory approval in New York, obtaining the BitLicense and Money Transmission License from the New York State Department of Financial Services. The licenses enable the company to offer spot trading and custody services in New York state.
For the third quarter, Bullish provided guidance expecting adjusted revenue between $69 million and $76 million, with adjusted EBITDA between $25 million and $28 million.
CFO David Bonanno said the earnings report "demonstrates the resilience of our business model and the importance of revenue diversification."
The aforementioned company operates as a global digital assets platform that includes Bullish Exchange for spot and derivatives trading, plus information services like CoinDesk Indices and market data. The company's IPO on NYSE occurred in August 2025, with shares initially priced at $37 each.
The platform combines order-book matching and automated market making for cryptocurrency trading. Bullish Exchange competes with other major crypto trading platforms in both spot and derivatives markets.
The New York regulatory approvals expand Bullish's ability to serve customers in one of the largest U.S. markets for financial services. The BitLicense is required for cryptocurrency businesses operating in New York state.
Bullish's parent company is Block.one, which developed the EOS blockchain. The exchange has focused on building institutional-grade infrastructure for digital asset trading and custody services.
The Q2 profit represents the company's first reported profit as a public entity. Bullish had been unprofitable in prior quarters before the turnaround.
The platform combines order-book matching and automated market making for cryptocurrency trading. Bullish Exchange competes with other major crypto trading platforms in both spot and derivatives markets.
The New York regulatory approvals expand Bullish's ability to serve customers in one of the largest U.S. markets for financial services. The BitLicense is required for cryptocurrency businesses operating in New York state.
Bullish's parent company is Block.one, which developed the EOS blockchain. The exchange has focused on building institutional-grade infrastructure for digital asset trading and custody services.
The Q2 profit represents the company's first reported profit as a public entity. Bullish had been unprofitable in prior quarters before the turnaround.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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