After going public, it welcomed a "good start"! Bullish's first quarterly report is impressive, with both performance and guidance exceeding expectations

According to Zhitong Finance APP, after the U.S. stock market closed on Wednesday, Bullish (BLSH.US), the parent company of the well-known cryptocurrency media CoinDesk and a digital asset trading platform, announced better-than-expected third-quarter revenue guidance, with both its second-quarter earnings and sales exceeding market expectations. As a result, the company's stock price surged in after-hours trading.

Data shows that Bullish's second-quarter earnings per share reached $0.93, a significant improvement from -$1.03 in the same period last year, and far exceeded the market expectation of -$0.05. Revenue was $57 million, although lower than $60.7 million in the same period last year, it surpassed the market expectation of $55.8 million. Digital asset sales reached $58.6 billion, a significant increase from $49.6 billion in the second quarter of 2024. The trading volume soared to $179.6 billion, a notable increase from $133 billion in the same period last year.

For the three months ending June 30, adjusted operating expenses were $48.9 million, up from $46 million in the same period last year. Adjusted EBITDA was $8.1 million, down from $14.7 million in the same period last year.

Additionally, CoinDesk Indices, a digital asset index provider under Bullish, reported an end-of-quarter assets under management of $41 billion, an increase of over $9 billion from the first quarter. During the period from April to June, cryptocurrency prices surged significantly, with Bitcoin rising 30% in the quarter, making it the best-performing major asset globally. The CoinDesk 20 index, which tracks the overall market, rose 23% during the same period.

Looking ahead, the company expects adjusted revenue for the third quarter of 2025 to reach $69 million to $76 million, far exceeding the average analyst forecast of $57.1 million; adjusted EBITDA is expected to be between $25 million and $28 million; and trading volume is expected to reach $133 billion to $142 billion.

Bullish CEO Tom Farley commented in a statement that the company has achieved "significant growth in liquidity services and successfully held the Consensus conference," and that the third quarter is showing "strong business development momentum."

This financial report is the first quarterly report released by Bullish since its listing on the New York Stock Exchange in August. Its IPO issuance price was $37 per share, and as of Wednesday's close, Bullish's stock price was $53.35, an increase of 46% from the issuance price. In after-hours trading, the stock price further rose by about 2%.

On Wednesday, Bullish also received a BitLicense from the New York State Department of Financial Services. Analysts believe this key regulatory license opens the door for the company's expansion in the U.S. market.

Additionally, "Woodstock" Kathy Wood's Ark Invest continued to increase its stake in Bullish, purchasing over 160,000 shares of the company’s stock worth approximately $8.3 million before the earnings report was released. Since the stock's debut on the New York Stock Exchange, Ark Invest has remained optimistic about its development, having initially purchased over 2.5 million shares (then valued at $172 million) at the time of its IPO Data shows that Bullish has become the 34th largest holding in ARK Investment's flagship fund ARK Innovation ETF (ARKK.US) and the 37th largest holding in ARK Next Generation Internet ETF (ARKW.US). Currently, ARK Investment holds over $129 million worth of Bullish shares through ARKK, ARKW, and its ARK Fintech Innovation ETF (ARKF.US)