Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported second-quarter net loss of $280 million, on Thursday, compared to $108.3 million for the equivalent period a year earlier.
Most of that headline loss was due to a $244.6 million markdown in the company’s bitcoin holdings as BTC’s price fell throughout the quarter.
Adjusted earnings before interest, taxes, depreciation and amortization came in at $29.5 million, versus $8.1 million a year earlier. Adjusted net income was $14.3 million, compared with a $6 million loss in the second quarter of 2025.
Adjusted revenue of $92.6 million, a 62% increase from $57 million a year earlier, as growth in subscriptions and services offset softer trading conditions.
Subscription, services and other revenue reached a record $62.7 million. Adjusted transaction revenue rose to $29.9 million from $24.1 million, even as digital asset sales fell to $32.6 billion from $58.6 billion.
Bullish forecast full-year subscription, services and other revenue of $225 million to $245 million. Its proposed acquisition of Equiniti remains on track to close in early 2027.
Bullish shares were recently trading around $24. The company went public exactly one year ago today, with shares reaching a peak of $118 before losing as much as 83% of their value.
BLSH is higher by 1.5% pre-market to $24.99.
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
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