Bullish reports $280 million Q2 net loss as crypto trading slows Bullish reported $92.6 million in adjusted revenue and refined its full-year guidance as subscription, services and other revenue reached a record $62.7 million. – Bullish posted a net loss of $280 million, or…
78 per diluted share, compared with net income of $108.3 million, or $0.93 per share, a year earlier. – Adjusted revenue rose 62% year over year to $92.6 million, while adjusted EBITDA increased to $29.5 million from $8.1 million. – Subscription, services and other revenue reached a record $62.7 million, offsetting softer trading conditions as digital asset sales fell to $32.6 billion from $58.6 billion. Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported second-quarter net loss of $280 million, on Thursday, compared to $108.3 million for the equivalent period a year earlier
Adjusted earnings before interest, taxes, depreciation and amortization came in at $29.5 million, more than treble the $8.1 million a year earlier. Adjusted net income was $14.3 million, compared with a $6 million loss in the second quarter of 2025. Adjusted revenue of $92.6 million, a 62% increase from $57 million a year earlier, as growth in subscriptions and services offset softer trading conditions.
Subscription, services and other revenue reached a record $62.7 million. Adjusted transaction revenue rose to $29.9 million from $24.1 million, even as digital asset sales fell to $32.6 billion from $58.6 billion. Crypto markets struggled during the quarter, with bitcoin stuck in a rut and trading largely in the low-to-mid $60,000 range.