Q2 FY2026
Filed Aug 13, 2026Bullish Reports Second Quarter 2026 Results
Adjusted revenue and adjusted EBITDA increased year over year, supported by record subscription, services and other revenue, but digital asset sales declined and Bullish reported a net loss of $(280.0) million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Digital asset salesother | $32.6 billion | – | – |
| Cost of digital assets derecognizedother | $(32,569,561) | – | – |
| Other revenuesother | $64,951 | – | – |
| Change in fair value of digital assets held, netother | $(244,614) | – | – |
| Net spread related income and change in fair value of perpetual futures on the Exchangeother | $(98) | – | – |
| Change in fair value of investment in financial assetsother | $(30,578) | – | – |
| Administrative expensesother | $(56,268) | – | – |
| Other expensesother | $(32,513) | – | – |
| Finance expenseother | $(14,459) | – | – |
| Income/(loss) before income taxother | $(279,970) | – | – |
| Income tax benefit/(expense)other | $(4) | – | – |
| Net income/(loss)other | $(280.0) million | – | – |
| Net income/(loss) attributable to owners of the Groupother | $(270,193) | – | – |
| Total comprehensive income/(loss)other | $(258,326) | – | – |
| Basic earnings/(loss) per shareother | $(1.78) | – | – |
| Diluted earnings/(loss) per shareother | $(1.78) | – | – |
| Adjusted transaction revenuenon-GAAP | $29.9 million | – | – |
| Subscription, services and other revenuenon-GAAP | $62.7 million | – | – |
| Adjusted revenuenon-GAAP | $92.6 million | – | up 62% year over year |
| Adjusted EBITDAnon-GAAP | $29.5 million | – | – |
| Adjusted net incomenon-GAAP | $14.3 million | – | – |
| Net cash provided by operating activitiesother | $16,886 | – | – |
full year 2026 outlook
- RevenueSubscription, services & other revenue (non-IFRS) of $225.0 million to $245.0 million
- Operating expensesAdjusted operating expenses (non-IFRS) of $225.0 million to $230.0 million
- NoteFinance expense of $52.0 million to $60.0 million
What drove it
- Record subscription, services and other revenue of $62.7 million drove adjusted revenue up 62% year over year.
- Management cited a softer trading market.
- Steady SS&O revenue was underpinned by renewed strength in liquidity services.
- Morgan Stanley launched BTC, ETH, and SOL exchange traded products using CoinDesk’s benchmarks and attracted more than $400m in Q2 inflows.
- Bullish received Gibraltar Financial Services Commission approval for tokenized securities.
- Hong Kong and Miami Consensus events brought together 26,000+ attendees, ~10,000 companies, 500+ speakers, and 250+ institutional sponsors.
Concerns
- Digital asset sales were $32.6 billion versus $58.6 billion.
- Net income/(loss) was $(280.0) million versus $108.3 million.
- Change in fair value of digital assets held, net was $(244,614), versus $68,409.
- Change in fair value of investment in financial assets was $(30,578), versus $86,359.
- Administrative expenses were $(56,268), versus $(43,017), and other expenses were $(32,513), versus $(17,362).
- The Equiniti acquisition remains subject to customary closing conditions and regulatory approvals and is expected to close in early 2027.
What to watch
- Subscription, services & other revenue (non-IFRS) guidance of $225.0 million to $245.0 million for full year 2026.
- Adjusted operating expenses (non-IFRS) guidance of $225.0 million to $230.0 million for full year 2026.
- Finance expense guidance of $52.0 million to $60.0 million for full year 2026.
- The timing of the Equiniti acquisition, which is expected to close in early 2027.
- Whether renewed strength in liquidity services and CoinDesk cross-selling continue to offset a softer trading market.
- The effect of digital-asset fair-value movements, including digital-asset impairment losses.
Balance sheet and cash flow
- Cash and cash equivalents of $86,614 as of June 30, 2026, compared with $87,892 as of December 31, 2025.
- Customer segregated cash of $52,724 as of June 30, 2026, compared with $20,044 as of December 31, 2025.
- Restricted cash of $22,923 as of June 30, 2026, compared with $22,566 as of December 31, 2025.
- Gross Liquid Assets of $2,807,315 as of June 30, 2026, compared with $3,719,681 as of December 31, 2025.
- Net Liquid Assets of $2,101,571 as of June 30, 2026, compared with $2,859,701 as of December 31, 2025.
- Borrowings of $11 as of June 30, 2026, compared with $49,982 as of December 31, 2025.
- Borrowings from related parties of $495,650 as of June 30, 2026, compared with $505,600 as of December 31, 2025.
- Digital assets loan payable of $2,982 as of June 30, 2026, compared with $5,601 as of December 31, 2025.
- Net cash provided by operating activities was $107,809 for the six months ended June 30, 2026, compared with $13,426 for the six months ended June 30, 2025.
- Net cash provided by investing activities was $1,029 for the six months ended June 30, 2026, compared with net cash used in investing activities of $(12,741) for the six months ended June 30, 2025.
- Net cash used in financing activities was $(76,949) for the six months ended June 30, 2026, compared with net cash provided by financing activities of $1,498 for the six months ended June 30, 2025.
Analysis
Bullish reported a split second quarter. Digital asset sales were $32.6 billion, compared with $58.6 billion in Q2 2025, while management described a softer trading market. The IFRS result moved to a net loss of $(280.0) million, compared with net income of $108.3 million, and diluted earnings/(loss) per share was $(1.78), compared with $0.93. The reported loss included a $(244,614) change in fair value of digital assets held, net, as well as a $(30,578) change in fair value of investment in financial assets.
Management, verbatim
The nearly $300 trillion global securities market is moving onto public blockchains. Bullish is excited to work with issuers to make this happen in a way that accrues to their benefit. Upon close of the proposed Equiniti transaction, Bullish will assemble the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens.
Tom Farley, CEO
Our diversified model delivered again this quarter: record subscription, services and other revenue of $62.7 million drove adjusted revenue up 62% year over year, more than offsetting a softer trading market. That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange.
Dave Bonanno, CFO
Not in the filing
stated, not guessed- IFRS total revenue
- Gross profit and gross margin
- IFRS operating income/(loss)
- Q2 adjusted operating expense
- Q2 adjusted diluted EPS
- Free cash flow
- Capital returns, including share repurchases and dividends
- Reported operating segments and segment revenue
- Trading volume, average daily volume, and average trading spread
- Prior-quarter comparisons
- Prior full-year 2026 guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.