Bullish (BLSH) Q2 2025 earnings summary

Executive summary

• First quarterly earnings call as a public company, highlighting global institutional focus, major regulatory milestones, and imminent U.S. market entry following New York BitLicense approval.

• Operates Bullish Exchange (market infrastructure) and CoinDesk (information services), both showing strong growth, product innovation, and expanded regulatory licenses.

• Significant expansion in liquidity services, cross-selling, and new partnerships, including Solana Foundation and high-profile stablecoin issuers.

• Progressed toward full launch of an options trading platform, currently in beta/limited mobilization, with early adoption by major traders.

• Adjusted net income was a loss of $6.0M in Q2 2025, compared to a profit in prior quarters, driven by higher operating expenses and finance costs.

Financial highlights

• Q2 2025 adjusted revenue was $57.0M, down 8.7% sequentially and 6.1% year-over-year, with adjusted EBITDA of $8.1M (14% margin), and adjusted net income of -$6.0M.

• Subscription, services & other revenue reached $32.9M in Q2, up 61.4% sequentially and 27.4% year-over-year.

• Adjusted transaction revenue was $24.1M, down from $42.0M in Q1 2025 and $34.9M year-over-year.

• Adjusted operating expenses were $48.9M; employee compensation at $25.7M, down 13% sequentially.

• Average daily spot trading volume in Q2 was $1.79B, down from $2.55B in Q1, but total trading volume YTD through August 2025 exceeded $530B.

Outlook and guidance

• Q3 2025 adjusted revenue guidance: $69–$76M; adjusted EBITDA: $25–$28M; adjusted net income: $12–$17M.

• Q3 2025 adjusted transaction revenue: $25.5–$28M; SS&O revenue: $43.5–$48M.

• Q3 2025 trading volume guidance: $133–$142B.

• Continued sequential growth expected in SS&O revenue, with further uplift anticipated in Q4.

• Guidance to be provided quarterly for operating expenses and SS&O revenue.