BLSH surged 14% on a $280M Q2 loss, mostly a $244.6M Bitcoin markdown.
Subscription and services revenue hit a record $62.7M, offsetting a 44% drop in digital asset sales to $32.6B. This is a crypto native diversifying into traditional finance, with the $4.2B Equiniti acquisition still on track for 2027.
Our read: Bullish stock moved on the non-crypto business, not the underlying asset. This is a flight to stability, not a bullish signal for Bitcoin itself, which dropped 14% in Q2. $BTC remains between its EMAs, showing no clear direction.
Do you want a crypto stock that isn't crypto-native? $BTC
Subscription and services revenue hit a record $62.7M, offsetting a 44% drop in digital asset sales to $32.6B. This is a crypto native diversifying into traditional finance, with the $4.2B Equiniti acquisition still on track for 2027.
Our read: Bullish stock moved on the non-crypto business, not the underlying asset. This is a flight to stability, not a bullish signal for Bitcoin itself, which dropped 14% in Q2. $BTC remains between its EMAs, showing no clear direction.
Do you want a crypto stock that isn't crypto-native? $BTC