Bullish Q2 Loss Hits $280M Amid Trading Slump, Yet Subscription Revenue Surges 62%

Woofun AI reports that Bullish (BLSH), parent company of CoinDesk, posted a second-quarter net loss of $280 million on Thursday, a sharp deterioration from the $108.3 million loss recorded in the equivalent period a year earlier, as broader crypto trading slows.

The financial divergence is stark: while Adjusted earnings before interest, taxes, depreciation and amortization tripled to $29.5 million from $8.1 million, and Adjusted net income swung to a $14.3 million profit from a $6 million loss in the second quarter of 2025, the top line tells a mixed story. Adjusted revenue rose 62% to $92.6 million, up from $57 million, fueled by Subscription, services and other revenue hitting a record $62.7 million. Conversely, Adjusted transaction revenue increased modestly to $29.9 million from $24.1 million, even as digital asset sales plummeted to $32.6 billion from $58.6 billion.

Woofun AI data shows that market conditions remained subdued, with bitcoin stuck in the low-to-mid $60,000 range, contributing to equity volatility. Bullish shares, which peaked at $118 before losing 83% of their value since going public exactly one year ago today, were recently trading around $24. In pre-market trading on Thursday, BLSH shares traded nearly 1.5% higher at just under £25. Looking ahead, Bullish forecast full-year subscription, services and other revenue of $225 million to $245 million, while its proposed acquisition of Equiniti remains on track to close in early 2027.