Thiel-Backed Bullish Change Posts $108M Q2 Revenue, Reversing Final 12 months’s Loss

Crypto change Bullish has reported a internet revenue of $108.3 million for Q2 2025, marking a significant turnaround from a $116.4 million loss in the identical quarter final yr.

Key Takeaways:

• Bullish posted a $108.3M revenue in Q2 2025, reversing final yr’s $116.4M loss.
• The change secured New York’s BitLicense and expanded its world regulatory attain.
• Q2 buying and selling quantity hit $179.6B, however Bullish expects a slight dip in Q3 exercise.

That is the platform’s first earnings disclosure since its debut on the New York Inventory Change, and it comes with sturdy momentum in buying and selling exercise and regulatory wins.

Digital asset gross sales for the quarter rose to $58.6 billion, up from $49.6 billion year-over-year.

Bullish Secures Key New York Licenses to Provide Crypto Spot Buying and selling and Custody

The change additionally secured key licenses in New York, together with a BitLicense and Cash Transmission License, granting it permission to supply crypto spot buying and selling and custody companies within the state.

These additions bolster its increasing regulatory presence, which already contains approvals in Europe below MiCA and licenses in Hong Kong.

CEO Tom Farley mentioned the outcomes replicate 1 / 4 of operational power and strategic positioning.

“We noticed thrilling liquidity companies progress, executed a profitable Consensus convention, and secured regulatory approvals that put together us for long-term success,” Farley famous in Wednesday’s assertion.

Whole buying and selling quantity hit $179.6 billion in Q2, up from $133 billion a yr in the past. Regardless of this progress, the corporate expects volumes to ease barely in Q3, projecting between $133 billion and $142 billion.

Following the report, Bullish’s inventory closed at $54.35, up 5.8% on the day and an extra 2.1% in after-hours buying and selling. Nonetheless, shares are nonetheless down 21.8% for the reason that change went public in August.

With stable earnings, rising compliance credentials, and rising transaction volumes, Bullish seems to be gaining traction in a tightening crypto change panorama, providing a uncommon vibrant spot in an in any other case cautious market.

Bullish Rides IPO Momentum and European Licenses to Enter US Market

Bullish’s BitLicense and Cash Transmission License in New York comes amid the corporate’s rising worldwide presence, which now spans the EU, Hong Kong, Gibraltar, and the US.

The change just lately made headlines by turning into the primary US-listed firm to boost over $1 billion fully in stablecoins throughout its NYSE IPO in August, with backing from Peter Thiel.

The capital elevate was settled throughout blockchain networks like Solana, reflecting Bullish’s dedication to digital-native finance.

In Europe, Bullish achieved a MiCAR license uplift by means of BaFin in Germany, giving it a regulatory basis to serve institutional shoppers throughout the EU.

Its headquarters in Frankfurt locations it below one of the crucial trusted monetary regulators on the planet.

Now, with the U.S. licenses in hand, Bullish is opening its doorways to institutional shoppers and superior merchants in New York, providing spot buying and selling and custody companies.

Its high-performance buying and selling engine combines order e-book matching and automatic market making, making certain deep liquidity.

Bullish’s entry into the US comes amid a wave of crypto companies returning to or increasing within the nation as regulatory readability improves.

Corporations like Polymarket, TON Basis, and Deribit are additionally eyeing US markets, whereas Wall Avenue prepares for a $15B crypto IPO pipeline earlier than September.

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