Bullish Outperforms Q2 EPS Expectations, Projects Robust EBITDA Growth

Bullish (BLSH), a cryptocurrency trading platform, has outperformed analyst expectations for earnings per share (EPS) in the second quarter, showcasing strong financial momentum. On July 17, CoinDesk reported that Bullish delivered an impressive Q2 EPS of $0.93, significantly eclipsing analyst projections of $0.03 as compiled by FactSet. The company also unveiled optimistic guidance for adjusted EBITDA in the upcoming quarter, signaling continued growth in profitability.

Despite the stellar EPS numbers, Bullish reported adjusted revenue of $57 million for Q2, slightly below the consensus estimate of $60.7 million. Tom Farley, the company’s CEO, emphasized Bullish’s achievements, stating, “We witnessed exciting growth in liquidity services and successfully concluded the Consensus Conference. We are sensing strong business momentum as we step into the third quarter.”

Q2 Trading Volume Growth and Q3 Performance Outlook

Bullish demonstrated substantial growth in trading volume for Q2, hitting $179.6 billion—a stark increase from $133 billion reported in the same quarter a year earlier. This growth underscores the platform’s rising popularity and operational efficiency within the cryptocurrency trading space.

Looking ahead, Bullish anticipates trading volumes to taper slightly in Q3, with projections of $133 billion to $142 billion. Despite this expected dip, the company is set to deliver robust adjusted EBITDA figures, estimating earnings between $25 million and $28 million for Q3—an impressive leap from the $8.1 million achieved in Q2.

These figures reflect Bullish’s ability to navigate volatile market conditions while steadily growing profitability. This quarter also marks a pivotal moment for the company, as it released its first-ever financial results following its IPO on the New York Stock Exchange (NYSE) in August. Bullish priced its IPO at $37 per share, and since then, its stock has risen to $53.54, representing a 44% increase.

Regulatory Milestone and Its Impact on Stock Performance

Bullish’s stock performance received an additional boost with the company earning the prestigious BitLicense from the New York State Department of Financial Services. This regulatory approval is widely regarded as a critical milestone in enabling Bullish to expand operations within the United States and solidify its market presence.

The BitLicense announcement had an immediate impact on investor sentiment, driving shares higher during regular trading hours on Wednesday. Following the news, Bullish’s stock surged approximately 4.5% in after-hours trading, reflecting growing confidence in the company’s ability to thrive in a competitive and regulated cryptocurrency environment.

The combination of regulatory wins, robust financial performance, and optimistic forward-looking guidance underscores Bullish’s position as a rising leader within the crypto sector. With liquidity services growth, expanding market presence, and strengthened investor confidence, Bullish is poised for continued momentum as it heads into the third quarter and beyond.