Bullish reports $280 million Q2 net loss as crypto trading slows

Bullish, the crypto platform and parent company of CoinDesk, announced a significant loss of $280 million in the second quarter, a sharp increase from the $108.3 million loss in the same period last year. Despite this, the company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $29.5 million, more than triple the $8.1 million in the previous year's quarter.

Adjusted net income also saw a substantial improvement, reaching $14.3 million compared to the $6 million loss in the same period last year.

The company's revenue saw a significant boost, with adjusted revenue hitting $92.6 million, a 62% increase from $57 million in the same quarter last year. This growth was primarily driven by an increase in subscriptions and services, which reached a record $62.7 million. Even though transaction revenue rose to $29.9 million from $24.1 million, the overall revenue from digital asset sales fell to $32.6 billion from $58.6 billion.

The crypto market faced challenges during this period, with Bitcoin remaining stagnant and trading mainly in the low-to-mid $60,000 range. As of the latest trading, Bullish shares were trading around $24, slightly higher at just under £25 in pre-market trading on Thursday.

The company, which went public exactly one year ago, initially saw its shares peak at $118 before losing nearly 83% of their value. Bullish has forecast revenue for the full year, ranging from $225 million to $245 million in subscription, services, and other areas. The company's proposed acquisition of Equiniti is still on track to close early in 2027. Additionally, Zcash's Tachyon upgrade aims to enhance shielded payments, improve quantum readiness, and test the platform's funding, security, and governance.