Bullish Subscriptions Offset Q2 Digital-Asset Slowdown
Peter Thiel-backed Bullish operates an institutional-focused cryptocurrency exchange and owns digital-asset media and data provider CoinDesk. The company began trading in New York on Aug. 13, 2025, but its shares later retreated sharply from their post-listing peak before stabilizing. Investors are watching whether recurring subscription and services revenue can reduce Bullish’s exposure to volatile crypto prices and transaction activity.
Bullish on Aug. 13, 2026, reported results for the quarter ended June 30, with adjusted earnings matching market expectations. Digital-asset sales fell 44% from a year earlier and the company posted a $280 million net loss. Growth in subscription revenue helped offset that weakness, while adjusted EBITDA more than tripled from the prior-year period. The shares jumped as much as 10% following the report.
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The history behind this eventCrypto Exchange Bullish Shares Fall as Q1 Loss Widens, Revenue Misses Estimates
U.S. cryptocurrency exchange Bullish focuses on institutional trading and digital-asset services, leaving its performance highly exposed to cryptocurrency prices, trading volumes and market liquidity. Its first-quarter results provide an important gauge of its growth and profitability while illustrating how crypto-market volatility feeds through to exchange operations.
Bullish reported first-quarter revenue of $92.8 million on Thursday, below analysts’ expectations, while its net loss widened to $605 million. The company’s shares fell more than 5% during Thursday’s trading session after the report, signaling a swift negative market reaction to the revenue miss and deteriorating losses.
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