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Bullish Posts $280 Million Loss Despite Higher Revenue

The exchange and parent company of CoinDesk mainly saw growth in subscriptions and services, while weak trading volumes and a falling Bitcoin market weighed on the quarter.

By Mike Hesp
• 2 min read
Bullish Posts $280 Million Loss Despite Higher Revenue

Key Takeaways

  • Bullish posted a net loss of $280 million in the second quarter, despite a rise in adjusted revenue to $92.6 million.
  • Revenue from subscriptions, services, and other items hit a record $62.7 million, while total digital asset sales fell to $32.6 billion.
  • Bullish expects $225 million to $245 million in revenue from subscriptions, services, and other income for full-year 2026.

Bullish posted a net loss of $280 million (€243 million) in the second quarter, even as adjusted revenue climbed sharply. The crypto company, which is also the parent company of CoinDesk, benefited from higher income from subscriptions and services, but trading conditions in the crypto market were still under pressure.

Revenue Grows Faster Than Losses

Adjusted revenue came in at $92.6 million (€80.2 million), up 62 percent from a year earlier. Adjusted EBITDA rose to $29.5 million (€25.6 million), well above the $8.1 million (€7 million) from the same period last year. Adjusted net income also improved to $14.3 million (€12.4 million), compared with a loss of $6 million (€5.2 million) in the second quarter of 2025.

That said, reported net income swung to a steep loss. Bullish reported a loss of $280 million (€243 million), or $1.78 (€1.54) per diluted share, compared with net income of $108.3 million (€93.8 million), or $0.93 (€0.81) per share, a year earlier. Revenue from subscriptions, services, and other items reached a record $62.7 million (€54.3 million).

Trading Volume Remains Weak

The growth mainly came from non-trading revenue. Adjusted transaction revenue did rise to $29.9 million (€25.9 million), but total digital asset sales fell to $32.6 billion (€28.2 billion), down from $58.6 billion (€50.8 billion) a year earlier. Bullish said the crypto market remained weak during the quarter, with Bitcoin mostly stuck in the low to mid-$60,000 range (€52,000).

That mix shows why Bullish is leaning more and more on subscriptions and services alongside trading itself. The company expects $225 million (€195 million) to $245 million (€212 million) in revenue from subscriptions, services, and other income for full-year 2026.

Outlook for Expansion

For European crypto watchers, the key point is that Bullish is trying to broaden its revenue base beyond pure trading volumes. That could matter in a market where exchanges and platforms are increasingly looking for more stable sources of income, especially since trading activity can swing sharply from quarter to quarter. Other trading platforms are also looking for ways to become less dependent on spot volumes; Coinbase Expands With Derivatives and AI to Reduce Dependence on Trading Fees shows how widely that strategy is now being used.

Bullish also said the proposed acquisition of Equiniti is still on track to close in early 2027. The company wants to expand its capabilities around tokenization and issuer services, although the deal is still subject to final completion.

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