Bullish rose after reporting second-quarter 2025 results, with revenues and earnings exceeding expectations. The market moved more than 10% after the announcement and this, along with obtaining the NYDFS BitLicense, acted as short-term catalysts. The data affects investors, competitors, and product teams assessing exposure to centralized platforms.
Results and Market Reaction
Quarterly revenues were $57 million and EPS reached $0.93, compared to a forecasted loss of $0.05 per share, reflecting performance above expectations.
Bullish reported net income of $108.3 million in Q2 2025, a turnaround from a $116.4 million loss in the same period last year. The operating result exceeded analyst estimates, driving the market reaction and a share price increase of more than 10% after the announcement.
Trading volume grew 35%, reaching $179.6 billion, signaling higher user activity that supports fees and liquidity in the short term. However, the reading is mixed: adjusted revenue fell from $60.7 million to $57 million, and the company reported an adjusted loss of $6 million versus an adjusted profit of $4.8 million in the same quarter of 2024, highlighting a one-time accounting improvement combined with underlying operational revenue pressures.
Operations, Regulation, and Outlook
The New York Department of Financial Services BitLicense enables the company to offer spot trading and custody services in New York. The license is strategic for expansion in the U.S. market and could facilitate institutional and advanced client acquisition.
Following the results, several analysts raised their targets: Cantor Fitzgerald set a $59 target and Compass Point set $56. The combination of positive metrics and areas of risk drove a cautiously optimistic market reaction.
Implications span product, compliance, and financing:
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Regulated expansion reduces commercial barriers for institutional clients in New York.
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Higher trading volume supports fee revenues, but the year-over-year decline in adjusted revenue highlights operational vulnerabilities.
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The Q3 guidance — adjusted EBITDA of $25–28 million and net income of $12–17 million — will shape perceptions of sustainability.
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Concentration risk tied to crypto treasury assets and market volatility could reverse apparent gains.
Bullish closed the quarter with net profits and a key regulatory boost. The next milestone will be the quarter ending September 30: its adjusted EBITDA guidance of $25–28 million and net income of $12–17 million will serve to validate whether profitability is sustainable amid pressure on adjusted revenues.
