Bullish, the Peter Thiel-backed digital asset exchange listed on the NYSE under ticker BLSH, posted a net loss of $280 million in Q2 2026, or $1.78 per diluted share. The loss was primarily driven by a $244.6 million markdown on its Bitcoin holdings. Despite the headline loss, investors focused on adjusted metrics that beat expectations: $92.6 million in adjusted revenue and $29.5 million in adjusted EBITDA. Shares surged 11.7% to $27.50. Total digital asset sales for the quarter hit $32.6 billion. The stock remains down roughly 60% from its nearly $70 first-day high following its NYSE debut in August 2025.
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