Overview
- On Thursday, August 13, Bullish reported a $280 million net loss for Q2 2026 driven largely by a $244.6 million fair‑value write‑down on its Bitcoin holdings.
- Adjusted revenue rose 62% year over year to $92.6 million and adjusted EBITDA climbed to $29.5 million, signaling stronger underlying operating performance.
- Subscription, services and other recurring revenue hit a record $62.7 million, overtaking transaction revenue and reflecting a deliberate shift away from trading‑dependent income.
- Digital asset sales fell 44% year over year to $32.6 billion, highlighting softer trading volumes and the balance‑sheet volatility that comes from holding about 24,300 BTC.
- Management reiterated that the $4.2 billion Equiniti acquisition remains on track to close in early 2027 and said the deal would expand Bullish’s ability to issue and support tokenized securities.