• Bullish shares are climbing with conviction. What’s behind BLSH gains?

Bullish Delivers Strong Q2 Revenue

The institutional digital asset platform posted adjusted revenue of $92.6 million, exceeding analyst consensus estimates of $87.81 million and representing a 62% year-over-year increase. Record subscription, services and other revenue of $62.7 million propelled top-line growth, helping offset lighter crypto trading activity.

Adjusted EBITDA reached $29.5 million, up from $8.1 million in the second quarter of 2025, while adjusted net income came in at $14.3 million or 9 cents per share, slightly under consensus expectations of 10 cents.

Management Focuses on Issuer-Sponsored Securities Tokenization

Bullish leadership highlighted the company’s strategic turn toward real-world asset tokenization and the pending acquisition of transfer agent Equiniti Group. CEO Tom Farley noted that the nearly $300 trillion global securities market is moving onto public blockchains and expressed excitement about assembling a complete offering for token issuance, listing, trading, and tracking upon closing the Equiniti transaction.

CFO Dave Bonanno emphasized cross-sell momentum across media, index, and exchange business units, noting that clients arriving through CoinDesk and Consensus expand across data, indices, liquidity, and the exchange.

Refined Full-Year Guidance Highlights Strategic Expansion Plans

Management refined its full-year 2026 outlook, projecting subscription, services and other revenue between $225 million and $245 million, alongside adjusted operating expenses of $225 million to $230 million.

With the Equiniti transaction on track to close in early 2027 and secondary trading of its own tokenized shares now live on its regulated venue, Bullish remains well-positioned to capitalize on the evolving digital asset infrastructure landscape.

BLSH Shares Surge Thursday Morning

BLSH Price Action: Bullish shares were up 11.41% at $27.44 at the time of publication on Thursday, according to Benzinga Pro data.

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