Bullish Reports 62% Year-on-Year Revenue Growth After Q2 Adjustments, Plans to Build a Full-Process Tokenized Securities Platform

Odaily Planet Daily reports that the cryptocurrency asset trading platform has announced its financial performance for the second quarter of 2026. The company stated that as the global securities market gradually migrates to public chains, it plans to build a comprehensive issuer-supported tokenized securities service system around issuance, listing, trading, and tracking.

CEO Tom Farley noted that the nearly $300 trillion global securities market is shifting towards public blockchains, and the company hopes to collaborate with issuers to drive this process. Once the proposed acquisition of Equiniti is completed, the company will form an integrated platform covering tokenized securities issuance, listing, trading, and tracking.

Financial data shows that the sales of digital assets in Q2 amounted to $32.6 billion, down from $58.6 billion in the same period last year; the net loss was $280 million, compared to a net profit of $108.3 million in the same period last year, corresponding to a diluted loss per share of $1.78.

However, the company's core business performance has improved. Adjusted revenue (non-IFRS) for Q2 reached $92.6 million, a year-on-year increase of 62%, up from $57 million in the same period last year; among which, subscription, service, and other revenues reached a record $62.7 million. Adjusted trading revenue was $29.9 million, a year-on-year increase of 24%; adjusted EBITDA was $29.5 million, compared to $8.1 million in the same period last year; adjusted net profit was $14.3 million, compared to a loss of $6 million in the same period last year.

In terms of business progress, the acquisition of UK fintech company Equiniti is progressing, and it is expected to be completed in early 2027, pending regulatory approvals and other customary conditions. Additionally, its CoinDesk index continues to gain institutional adoption. Morgan Stanley has launched Bitcoin, Ethereum, and Solana-related trading products based on the CoinDesk benchmark index, attracting over $400 million in inflows in Q2.

On the regulatory front, the company has received approval from the Gibraltar Financial Services Commission (GFSC) to provide secondary trading services for tokenized securities, becoming one of the first regulated platforms to offer issuer-supported tokenized securities trading.

The company has also raised and refined its guidance for the full year of 2026, expecting subscription, service, and other revenues (non-IFRS) to be between $225 million and $245 million, adjusted operating expenses to be between $225 million and $230 million, and financing costs to be estimated between $52 million and $60 million.

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