Regulatory Green Light and Record Profitability Send Bullish Shares Soaring by 13%

Shares of the institutional-focused crypto exchange Bullish surged by as much as 13% in early trading Thursday, driven by a second-quarter report where adjusted EBITDA more than tripled and subscription revenues hit record highs. The operator, which also owns CoinDesk, demonstrated a robust pivot towards service-based revenue, successfully offsetting broader market weakness in trading activity.

Profitability Over Volume: A Strategic Shift in Revenue Streams

Despite a downturn in overall crypto trading volumes, Bullish delivered a stellar financial performance, highlighting the resilience of its subscription-driven business model amidst market volatility.

■Adjusted revenue jumped 62% year-over-year to reach $92.6 million, up from $57 million in the prior year.

■Adjusted EBITDA soared to $29.5 million, more than tripling from the $8.1 million recorded a year earlier.

■The company reversed a previous year loss, posting an adjusted net income of $14.3 million compared to a $6 million loss.

■Subscription, services, and other revenue hit a record high of $62.7 million, buffering the impact of lower exchange turnover.

■Quarterly trading volume stood at $179.6 billion, a decrease from $197.4 billion in the previous year.

■Average daily volume slipped to $2 billion from $2.2 billion.

Strategic Regulatory Expansion into Tokenized Securities

Beyond the earnings beat, Bullish made significant strides in regulatory compliance, securing a license that positions it as a key player in the emerging market for digital assets.

■The Gibraltar Financial Services Commission approved the company to offer secondary trading in issuer-sponsored tokenized securities.

■This approval marks a significant expansion in Bullish's push into regulated onchain markets.

■Citing improved visibility and strong first-half performance, the company lifted its full-year guidance, projecting $225 million to $245 million in subscription and services revenue.

These results underscore a pivotal shift in crypto exchange economics, moving away from volatile trading volumes toward stable, high-margin subscription services. The regulatory approval from Gibraltar is a strategic masterstroke, positioning Bullish advantageously as global frameworks like MiCA tighten compliance standards. Institutional investors are clearly rewarding the shift towards sustainable, regulated revenue models over speculative trading dependencies.