Bullish Q2 Adjusted Revenue Surges 62% Amid Equiniti Acquisition Plans

Bullish reports 62% YoY adjusted revenue growth to $92.6M in Q2, driven by record subscription income, while pursuing Equiniti acquisition for tokenization infrastructure.

Woofun AI data shows that Bullish reported a 62% year-on-year increase in adjusted revenue to $92.6 million for the second quarter of 2026, alongside a record $62.7 million from subscriptions and services. The platform plans to develop a full-process tokenization system for securities, covering issuance through tracking, with CEO Tom Farley citing the shift of the $300 trillion global securities market toward public blockchains. While digital asset sales declined to $32.

6 billion and the company posted a net loss of $280 million, adjusted EBITDA rose to $29.5 million from $8.1 million last year. Bullish is finalizing the acquisition of Equiniti, expected in early 2027, which would integrate issuance, listing, trading, and tracking capabilities. The company also received Gibraltar Financial Services Commission approval for secondary trading of tokenized securities and raised its 2026 full-year guidance for subscription revenues to $225 million–$245 million.

Additionally, Morgan Stanley launched products based on the CoinDesk index, attracting over $400 million in inflows during the quarter.