Bullish stock gained about 13% in early trading on Thursday. The institutional-focused cryptocurrency exchange and owner of CoinDesk reported a 62% year-over-year increase in adjusted revenue for Q2 and a more than threefold rise in adjusted EBITDA.
Bullish reported adjusted quarterly revenue of $92.6 million versus $57 million a year ago. Adjusted EBITDA grew from $8.1 million to $29.5 million, while adjusted net income reached $14.3 million compared to a loss of $6 million in the prior year period.
Revenue from subscriptions, services, and other sources reached a record $62.7 million, helping to offset declining exchange activity. Quarterly trading volume was $179.6 billion compared to $197.4 billion a year earlier, and average daily volume decreased from $2.2 billion to $2 billion.
BLSH stock, trading on the NYSE, rose more than 10% on Thursday morning. Source: Yahoo Finance.
The company also received approval from the Gibraltar Financial Services Commission for trading in secondary-market tokenized securities issued with issuer participation. This expanded its operations into regulated on-chain asset markets.
Bullish raised its full-year forecast and now expects revenue from subscriptions, services, and other sources in the range of $225 million to $245 million. The company cited first-half results and increased predictability.
Thursday's rally in Bullish stock extended a recent recovery: over the past month, shares have risen by approximately 20%. However, according to data from Yahoo Finance.
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