Bullish Is Pulling Away From Crypto Peers, Analyst Says — but a Brutal July Spoils the Party

Bullish reported adjusted revenue of $92.6 million, up 62% year over year, beating the analyst estimate of $87.81 million. Record subscription, services, and other revenue of $62.7 million drove growth and helped offset weaker crypto trading activity. Adjusted EBITDA rose to $29.5 million from $8.1 million a year earlier. Adjusted net income totaled $14.3 million, or 9 cents per share, missing the 10-cent consensus estimate for adjusted EPS.

Management also refined its full-year 2026 outlook. Bullish expects subscription, services, and other revenue to be between $225 million and $245 million, and adjusted operating expenses to be between $225 million and $230 million. The company is also working to diversify beyond crypto trading, with its Equiniti transaction on track to close in early 2027.