Bullish braved a trading slowdown to post higher-than-expected revenue in the second quarter even as swings in the fair value of its cryptocurrency holdings caused its losses to deepen.
Amid a softer trading market, the crypto exchange operator posted $92.6 million in adjusted revenue, up 62% year over year and ahead of analysts' calls for $87.4 million.
Subscriptions and services revenue -- a category including anything other than core transaction fees, from CoinDesk event revenue to margin loans -- grew to a "record" $62.7 million from $32.9 million in 2025.
Other figures were less impressive. Digital asset sales, a measure of revenue generated from executing crypto spot transactions on the exchange, fell to $32.6 billion from $58.6 billion last year. The company's net loss more than doubled to $280 million, or $1.78 a share, versus $108.3 million, or 93 cents a share.
Against the backdrop of a sharp decline in crypto prices and trading volume, Bullish has been working to expand its business. The company struck a $4.2 billion deal to purchase transfer agent Equiniti in May, representing an effort to establish infrastructure to bridge blockchain technology with traditional capital markets.
Once that transaction closes, "Bullish will assemble the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens," CEO Tom Farley said on Thursday.
The crypto market has been trapped in a prolonged downturn. Bitcoin, the world's largest digital asset by market capitalization, has plunged from its record high of above $126,000 back in October last year, driven lower by tighter macroeconomic conditions and declining spot trading volumes across major exchanges.
Bitcoin has traded flat over the past 24 hours at $63,706 on Thursday. Bullish, meanwhile, rose 1%.