Crypto exchange operator Bullish saw its shares climb roughly 10% in premarket trading on August 13 after posting contrasting quarterly results. Adjusted EBITDA reached $29.5 million in Q2 2026, tripling from $8.1 million in Q2 2025, with a 32% margin, while adjusted revenue grew 62% to $92.6 million. However, GAAP net loss stood at $280 million, a stark reversal from the $108.3 million net income a year earlier, primarily driven by changes in the fair value of digital assets on the balance sheet. Subscription and services revenue hit a record $62.7 million, offsetting a 44% plunge in digital asset sales to $32.6 billion. Bullish also announced the acquisition of transfer agent Equiniti for $4.2 billion, expected to close in early 2027, as part of its expansion strategy into tokenization.
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