Crypto exchange Bullish delivered stronger-than-expected results in its first quarterly earnings report since going public, sending shares higher in after-hours trading and signaling momentum for the rest of the year.
The company reported $57 million in revenue for Q2 2025, exceeding Wall Street expectations of $55.75 million. Earnings per share came in at $0.93, handily beating estimates of a $0.06 loss, according to Zacks. Net income surged to $108.3 million, a dramatic turnaround from a $116.4 million loss in the same quarter of 2024.
The results underscore Bullish’s progress as one of the year’s most closely watched crypto IPOs, debuting alongside heavyweights like Circle Internet Group, Gemini, and eToro.
Bullish shares climb after earnings boost
Bullish stock (BLSH) gained 2.1% in after-hours trading, ending at $55.50, adding to the day’s earlier rally of nearly 6%. The move was fueled by both the earnings beat and news that Bullish had secured a coveted New York BitLicense, enabling it to expand services in one of the world’s most influential financial hubs.
Bullish Source: Google Finance
Shares remain below the company’s debut close of $68 in August, though they are still up 47% from its IPO price of $37, reflecting strong investor interest despite post-listing volatility.
Crypto sales and trading volumes surge
Bullish also reported significant growth in core operations. Crypto sales rose 18% year-over-year to $58.6 billion, while trading volumes jumped 35% to $179.6 billion.
“We are pleased with our results for the quarter,” said Bullish CEO Tom Farley. “The work we did in Q2 is already driving strong business momentum for the third quarter and beyond.”
Looking ahead, Bullish expects Q3 adjusted EBIT between $25 million and $28 million and net income ranging from $12 million to $17 million. Platform trading volumes are forecast at $133 billion to $142 billion, slightly below Q2 as Bitcoin and Ether have cooled from record highs set earlier this summer.
The company also revealed that its long-awaited options trading platform is in limited rollout with select clients and is on track for a full launch in Q4.