Bullish shares jumped 10% after Q2 adjusted EBITDA more than tripled to $29.5 million.
Adjusted revenue rose 62% year-over-year to $92.6 million, reversing a $6 million loss to a $14.3 million net income. This happened despite a drop in trading volume to $179.6 billion from $197.4 billion.
Our read: Bullish is pivoting from exchange activity to subscriptions and services, which hit a record $62.7 million. This is a deliberate shift to regulated onchain markets, aiming for predictable revenue over volatile trading fees. Given the current Fear market, that's a smart move for an institutional player.
We trust an exchange that prioritizes steady services over trading volume.
$BTC
Adjusted revenue rose 62% year-over-year to $92.6 million, reversing a $6 million loss to a $14.3 million net income. This happened despite a drop in trading volume to $179.6 billion from $197.4 billion.
Our read: Bullish is pivoting from exchange activity to subscriptions and services, which hit a record $62.7 million. This is a deliberate shift to regulated onchain markets, aiming for predictable revenue over volatile trading fees. Given the current Fear market, that's a smart move for an institutional player.
We trust an exchange that prioritizes steady services over trading volume.
$BTC