Bullish (BLSH), the parent company of CoinDesk, has reported earnings per share (EPS) of $0.93 for the second quarter, significantly exceeding the average analyst estimate of $0.03, according to data from FactSet. In addition to strong EPS figures, the crypto platform has indicated expectations of higher adjusted EBITDA for the upcoming quarter. The firm noted an adjusted revenue of $57 million for the second quarter, slightly below the estimate of $60.7 million.
Tom Farley, CEO of Bullish, highlighted the company’s positive trajectory in a recent filing, reporting “exciting liquidity services growth” and a successful execution of the Consensus conference. He emphasized that the firm is experiencing “strong business momentum” heading into the third quarter.
Trading volume has notably surged to $179.6 billion, up from $133.0 billion in the same quarter last year. Looking forward, Bullish projects trading volume between $133.0 billion and $142.0 billion for the upcoming quarter. The company also anticipates adjusted EBITDA in the range of $25 million to $28 million, a marked increase from the $8.1 million recorded in the second quarter.
This financial report marks Bullish’s first quarterly earnings since its public listing on the New York Stock Exchange (NYSE) in August, where the initial public offering (IPO) price was set at $37 per share. The stock has seen a substantial rise, currently trading at $53.54, up 44% from the IPO price. On Wednesday, shares increased during regular trading hours following the announcement that Bullish secured a BitLicense from the New York State Department of Financial Services. This regulatory approval is viewed as a significant milestone, allowing the firm to expand its operations within the United States.
After market hours, the stock remained up about 1%. The recent rally in cryptocurrency prices, which saw Bitcoin appreciating by 30% from April to June, has also contributed to the broader market’s favorable outlook; the CoinDesk20 Index, which tracks key digital assets, recorded a 23% increase during the same timeframe.
