Bullish's net loss narrowed to $280 million in the second quarter from $604.9 million in Q1 2026, the company said Thursday.
The Peter Thiel-backed crypto exchange said in a statement its adjusted revenue rose 62% year over year to $92.6 million, while digital asset sales fell 44% to $32.6 billion from $58.6 billion.
Adjusted EBITDA increased to $29.5 million from $8.1 million.
Subscription, services, and other revenue reached a record $62.7 million, the company said, helping offset weaker trading activity during the quarter. “That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange,” Bullish CFO Dave Bonanno said in the statement.
Bullish also revised its full-year 2026 guidance.
