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Crypto Platform Bullish's Second-Quarter Earnings Beats Wall Street's Estimates
The crypto platform that went public on the New York Stock Exchange in August sees higher adjusted Ebitda for the third quarter.
Updated Sep 18, 2025, 7:05 a.m. Published Sep 17, 2025, 9:16 p.m.
What to know:
- Bullish reported second-quarter earnings on Wednesday, which beat Wall Street's estimates.
- The crypto platform went public on the New York Stock Exchange at $37 a share in August.
- The firm sees higher adjusted Ebitda for the third quarter.
Bullish (BLSH), the owner of CoinDesk, earnings per share beat average analyst estimates, while expecting higher adjusted Ebitda for the next quarter.
The crypto platform reported earnings per share (EPS) of $0.93 in the second quarter, beating the average analyst estimate of $0.03, according to FactSet data. Bullish also reported adjusted revenue of $57 million for the second quarter, versus estimate of $60.7 million.
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Tom Farley, CEO of Bullish, said in a filing that the crypto firm experienced “exciting liquidity services growth, executed on a successful Consensus conference,” and that it is seeing “strong business momentum” in the third quarter.
The firm's trading volume surged to $179.6 billion, up from $133.0 billion in the same quarter last year. For the next quarter, Bullish sees trading volume of $133.0 billion to $142.0 billion.
Bullish also expects $25 million to $28 million in adjusted Ebitda for the third quarter versus $8.1 million in the second quarter, according to the statement.
The report marks the company’s first quarterly report since going public on the New York Stock Exchange (NYSE) in August. BLSH's IPO price was set at $37 a share and currently trades at $53.54, up 44% from the IPO price.
The stock was up during normal trading hours on Wednesday after the firm secured a BitLicense from the New York State Department of Financial Services. Analysts called this a crucial regulatory approval that opens the door for the firm to expand in the U.S.
The stock is up about 4.5% in post-market trading.
Crypto prices soared in the months from April to June, with bitcoin gaining 30% that quarter, making it the best-performing major asset globally. The CoinDesk20 Index, which tracks the broader market, rose 23% in the same period.
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