Crypto exchange Bullish has experienced a notable rise of 2% following the release of its inaugural quarterly results as a publicly traded entity. The company reported second-quarter earnings, showcasing revenue of $57 million, which surpassed Wall Street’s expectations of $55.75 million. Additionally, Bullish achieved earnings per share of 93 cents, significantly exceeding estimates that predicted a loss of 6 cents, according to Zacks.
For the quarter ending June 30, Bullish reported a net income of $108.3 million, marking a remarkable recovery from a loss of $116.4 million during the same period the previous year. This strong performance reflects a successful initial public offering earlier this year, when Bullish entered the market alongside other prominent cryptocurrency companies, such as stablecoin issuer Circle Internet Group and competitors Gemini and eToro.
In after-hours trading, Bullish shares reached a 2.1% increase, closing at $55.50, buoyed by the positive earnings report. This uptick added to a daily gain of 5.8% following the announcement that the exchange had secured a BitLicense from New York financial regulators, enabling it to operate within the state’s financial framework.
Since going public on the New York Stock Exchange in mid-August, Bullish’s stock has faced challenges in sustaining its initial surge, having dropped over 20% from its debut closing price of $68. Despite this setback, the current share price reflects an impressive 47% increase from its initial public offering price of $37.
The company also highlighted a significant uptick in its crypto sales, reporting an 18% year-on-year increase to $58.6 billion, while trading volumes escalated by 35% to reach $179.6 billion.
CEO Tom Farley expressed satisfaction with the quarterly results, stating, “We are pleased with our results for the quarter… the work we did in the second quarter is already directly contributing to strong business momentum in the third quarter and beyond.”
Looking ahead to the third quarter, which concludes on September 30, Bullish anticipates adjusted earnings before interest and taxes to fall between $25 million and $28 million, with net income expected to range from $12 million to $17 million. The company also forecasts its platform trading volumes to reach between $133 billion and $142 billion, representing a slowdown compared to the previous quarter, despite Bitcoin and Ether achieving all-time highs last month.
Furthermore, Bullish revealed plans for a full launch of its options trading platform in the fourth quarter, which is currently in a limited mobilization phase with selected clients.
