Bullish posted a Q2 2026 net loss of USD 280 million, swinging from profit, as digital asset sales fell to USD 32.6 billion.
Adjusted revenue (non-IFRS) rose 62% year over year to USD 92.6 million, while adjusted EBITDA (non-IFRS) climbed to USD 29.5 million.
Subscription, services and other revenue hit a record USD 62.7 million, helping offset a softer trading market.
Acquisition and product updates
Equiniti acquisition remained on track, with closing expected in early 2027, subject to customary conditions and regulatory approvals.
Received GFSC approval for tokenized securities trading; Morgan Stanley launched ETPs using CoinDesk benchmarks, drawing more than USD 400 million of Q2 inflows.
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