Bullish gains on swinging to quarterly profit, Oppenheimer cites tokenization push
BLSH•Stock performance
Including session's move, stock down 31.5% YTD.
Shares rise after quarterly profit
Shares of cryptocurrency exchange Bullish BLSH.N rise 7.3% to $26.4.
Reports Q2 adjusted net income of $14.3 million vs net loss of $6 million a year ago and adjusted revenue of $92.6 million vs $57 million.
Oppenheimer highlights tokenization strategy
Equiniti deal shifts BLSH from an exchange with blockchain add-ons to a full-stack tokenization infrastructure platform, adding durable recurring revenue and reducing reliance on trading volumes - Oppenheimer.
In May, the Peter Thiel-backed exchange bought transfer agent Equiniti in a deal valued at $4.2 billion.
“We believe BLSH is well positioned to benefit from accelerating tokenization tailwinds and improving regulatory clarity” - Brokerage.
