Bullish Q2 Net Loss Hits $280 Million as Bitcoin Markdown Overshadows Record Subscription Revenue

Bullish (ticker: BLSH), the crypto exchange and parent company of CoinDesk, recorded a second-quarter net loss of $280 million, a figure that dwarfs the $108.3 million loss reported for the same period a year earlier. The widening gap is almost entirely explained by a $244.6 million markdown on the company’s bitcoin holdings, which fell in value as BTC’s price declined across the quarter rather than by any operational deterioration.

Stripping out non-cash items, the underlying business showed material progress. Adjusted earnings before interest, taxes, depreciation and amortisation reached $29.5 million against $8.1 million a year ago, and adjusted net income swung to $14.3 million from a $6 million loss in Q2 2025. Adjusted revenue of $92.6 million came in 62% above the prior-year figure of $57 million, exceeding Street estimates of $88 million. Subscription, services and other revenue hit a record $62.7 million, effectively absorbing the drag from a sharp fall in digital asset sales, which declined to $32.6 billion from $58.6 billion year-on-year. Adjusted transaction revenue still managed to grow to $29.9 million from $24.1 million despite lower trading volumes.

For full-year guidance, Bullish is projecting subscription, services and other revenue of $225 million to $245 million. Its proposed acquisition of Equiniti remains on track to close in early 2027. Shares were trading around $24.99 pre-market on the day of reporting, roughly 79% below the post-listing peak of $118 reached since the company went public one year ago.

The quarterly result illustrates the structural tension facing any exchange that also holds a concentrated bitcoin position: subscription revenue diversification provides an earnings buffer, but balance-sheet markdowns tied to a single asset can overwhelm operational gains in any reporting period where BTC weakens.