Bullish Shares Surge 13% Following Q2 Revenue and EBITDA Growth

Bullish shares jumped around 13% in early trading Thursday after the institutional-focused crypto exchange and CoinDesk owner reported a 62% year-over-year increase in second-quarter adjusted revenue and more than tripled its adjusted EBITDA.

Bullish reported $92.6 million in adjusted revenue for the quarter, up from $57 million a year earlier, while adjusted EBITDA rose to $29.5 million from $8.1 million. Adjusted net income reached $14.3 million, reversing a $6 million loss in the year-ago quarter.

Subscription, services and other revenue hit a record $62.7 million, helping offset weaker exchange activity. The company recorded $179.6 billion in quarterly trading volume, down from $197.4 billion a year earlier, while average daily volume fell to $2 billion from $2.2 billion.

The NYSE-traded BLSH shares were up more than 10% on Thursday morning.

The company also received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities, expanding its push into regulated onchain markets.

Bullish lifted its full-year guidance, forecasting $225 million to $245 million in subscription, services and other revenue, citing its first-half performance and improved visibility.

Thursday’s rally extends a recent rebound for Bullish shares, which have gained around 20% over the past month. The stock, however, remains about 70% below its post-listing highs last year, according to Yahoo Finance data.