Bullish, the powerhouse behind CoinDesk, has defied expectations with its second-quarter earnings, leaving analysts pleasantly surprised. The company reported an earnings per share (EPS) of $0.93, a staggering jump from the average analyst estimate of just $0.03, according to FactSet data. While Bullish’s adjusted revenue of $57 million fell short of the $60.7 million estimate, the company’s other achievements paint a promising picture for its future.
A New Chapter Begins
This earnings report marks a significant milestone for Bullish, as it is the company’s first since going public on the New York Stock Exchange (NYSE) in August. The initial public offering (IPO) price was set at $37 per share, but the stock has since soared to $53.54, representing a 44% increase. The rise in stock value is partly attributed to Bullish securing a BitLicense from the New York State Department of Financial Services, a critical regulatory approval that paves the way for expansion in the U.S. market.
Riding the Crypto Wave
The second quarter of 2025 was a booming period for crypto valuations, with Bitcoin leading the charge by gaining 30%, making it the best-performing major asset globally. The CoinDesk20 Index, which covers a broader market, also rose by 23%. Bullish was quick to capitalize on this upward momentum. The firm’s trading volume reached an impressive $179.6 billion, up from $133.0 billion during the same quarter last year. As for the third quarter, Bullish projects its trading volume to be between $133.0 billion and $142.0 billion.
CEO Tom Farley highlighted the company’s “exciting liquidity services growth” and “strong business momentum” in a recent filing, attributing these successes to the execution of a successful Consensus conference. The firm has also set its sights on an adjusted EBITDA of $25 million to $28 million for the third quarter, a significant leap from the $8.1 million reported in the second quarter.
Balancing Optimism with Caution
While the earnings report paints a rosy picture, it’s important to note that Bullish faces challenges ahead. The adjusted revenue did fall short of expectations, and the projected trading volume for the next quarter is slightly lower than this quarter’s performance. However, analysts remain optimistic about the company’s trajectory, particularly given its recent strategic wins.
The BitLicense acquisition has been hailed as a crucial step in Bullish’s U.S. expansion plans. With this regulatory nod, the firm can broaden its offerings and potentially attract a larger customer base. The news has already had a positive impact, with the stock rising about 4.5% in post-market trading.
The Road Ahead
Looking forward, Bullish seems poised for continued growth, albeit with some hurdles to navigate. The crypto market remains volatile, and regulatory landscapes can shift quickly. However, the company’s recent achievements suggest it is well-equipped to adapt and thrive.
As Bullish continues to build on its strong foundation, industry watchers will be keen to see how it leverages its recent BitLicense approval and navigates the ever-evolving crypto landscape. With a solid earnings report and a clear path for expansion, Bullish is certainly a firm to watch in the coming months.
In a world where cryptocurrency is becoming increasingly mainstream, Bullish’s ability to beat Wall Street’s estimates and secure key regulatory wins positions it as a formidable player in the market. As the company continues to capitalize on favorable market conditions and strategic initiatives, its future seems bright, even as it remains vigilant of the challenges that lie ahead.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
