Bullish's second-quarter adjusted revenue increased 62% year-on-year, and plans to build a full-process platform for securities tokenization
Comparing news, crypto asset trading platform Bullish announced financial results for the second quarter of 2026. The company said that as the global securities market gradually migrates to the public chain, Bullish is planning to build a complete issuer-supported tokenized securities service system around issuance, listing, trading and tracking.
Bullish CEO Tom Farley said that the nearly $300 trillion global securities market is shifting to public blockchains, and Bullish hopes to work with issuers to drive this process forward. Once the proposed Equiniti acquisition is completed, the company will form an integrated platform covering the issuance, listing, trading and tracking of securities tokens.
According to financial data, Bullish's digital asset sales for the second quarter were US$32.6 billion, down from US$58.6 billion in the same period last year; net loss was US$280 million, compared with net profit of US$108.3 million for the same period last year, corresponding to a diluted loss of 1.78 US dollars per share.
However, the company's core business performance improved. Adjusted revenue (non-IFRS) for the second quarter reached $92.6 million, up 62% year over year, up from $57 million in the same period last year; of this, subscription, services and other revenue reached a record $62.7 million. Adjusted transaction revenue was $29.9 million, up 24% year over year; adjusted EBITDA was $29.5 million, compared to $8.1 million in the same period last year; adjusted net profit was $14.3 million, with a loss of $6 million in the same period last year.
In terms of business progress, Bullish said the deal to acquire British fintech company Equiniti is progressing and is expected to be completed in early 2027, and is still subject to regulatory approval and other customary conditions. Furthermore, Bullish's CoinDesk Index continues to receive institutional adoption. Morgan Stanley launched Bitcoin, Ethereum, and Solana-related trading products based on the CoinDesk Benchmark Index, which attracted more than $400 million in capital inflows in the second quarter.
On the regulatory side, Bullish has been approved by the Gibraltar Financial Services Commission (GFSC) to provide secondary trading services for tokenized securities, making it one of the first regulated platforms to provide issuer-supported tokenized securities trading.
The company also raised and refined its guidance for the full year of 2026. Subscriptions, services and other revenue (non-IFRS) are estimated to be $225 million to $245 million, adjusted operating expenses of $225 million to $230 million, and financing expenses of $52 million to $60 million.
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