Refile: Bullish Q2 revenue rises on subscription and services growth

Bullish

13/08/2026 11:56

Removes extraneous word in the headline

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

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

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

Company press release: ID:nGNX4hzC6l

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Digital Asset Sales
 
$32.60 bln
 
Q2 Adjusted Revenue
 
$92.60 mln
 
Q2 Net Loss
 
$280 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Bullish is $49.00, about 98.9% above its August 12 closing price of $24.63
The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 45 three months ago

Reuters Recommended Reads
Aug 10 - Bakkt Q2 revenue falls 70% on digital asset trading slowdown
Aug 12 - BitGo Q2 revenue jumps on higher asset sales
Aug 11 - eToro Q2 net income rises 77%, adjusted EPS up 21%

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)