Shares of crypto exchange Bullish rose 2% after the company reported its first quarterly earnings as a publicly traded firm, surpassing Wall Street expectations.
On Wednesday, Bullish announced second-quarter revenue of $57 million, exceeding analysts’ forecasts of $55.75 million. Earnings per share came in at $0.93, a sharp turnaround from the projected -6 cents, according to Zacks.
The exchange posted a net income of $108.3 million for the quarter ending June 30, recovering from a $116.4 million loss in the same period last year.
Bullish was among the most anticipated crypto IPOs this year, debuting alongside companies such as Circle Internet Group, Gemini, and eToro.
After-Hours Gains Boosted by Earnings Beat
Bullish (BLSH) shares rose 2.1% to $55.50 in after-hours trading, adding to the 5.8% gain during the day after the company announced it had received a BitLicense from New York regulators, enabling it to operate in the state’s financial hub.
Bullish Faces Post-IPO Volatility but Shows Strong Quarter and Confident Outlook
Bullish debuted on the New York Stock Exchange in mid-August, with its shares initially closing at $68. Since then, the stock has dipped more than 20%, though it remains up 47% from its $37 IPO price.
The exchange reported crypto sales of $58.6 billion, up 18% year-over-year, while trading volume rose 35% to $179.6 billion.
“We are pleased with our results for the quarter,” said CEO Tom Farley. “The work we completed in Q2 is already driving strong momentum into Q3 and beyond.”
Q3 Outlook
For the third quarter ending September 30, Bullish projects adjusted earnings before interest and taxes (EBIT) of $25 million to $28 million, with net income expected between $12 million and $17 million.
The platform anticipates trading volumes of $133 billion to $142 billion, a slight slowdown from Q2, reflecting cooling activity after Bitcoin and Ether reached all-time highs last month.
Bullish also confirmed plans for a full launch of its options trading platform in Q4, noting that it is already in a limited rollout phase with select clients.
