Bullish Q2 revenue rises on subscription and services growth
BLSH•Outlook
- Bullish sees 2026 subscription, services & other revenue of $225 mln to $245 mln
- Company expects 2026 adjusted operating expenses of $225 mln to $230 mln
- Bullish forecasts 2026 finance expense of $52 mln to $60 mln
Overview
- Cayman Islands digital asset platform's Q2 digital asset sales fell sharply from prior year
- Adjusted revenue for Q2 rose 62% yr/yr, driven by record subscription and services revenue
- Company swung to Q2 net loss from profit a year ago
Result drivers
- Subscription and services growth - Record subscription, services and other revenue drove adjusted revenue up 62% yr/yr
- Liquidity services - Steady subscription, services and other revenue was underpinned by renewed strength in liquidity services, per company statement
Key details and analyst coverage
| Metric | Actual | Consensus Estimate |
|---|---|---|
| Q2 Digital Asset Sales | $32.60 bln | |
| Q2 Adjusted Revenue | $92.60 mln | |
