Bullish

Bullish reported second-quarter 2026 total adjusted revenue of $92.6 million, up 62% year over year and essentially flat versus Q1. Subscription services and other revenue hit a record $62.7 million, and adjusted transaction revenue was $29.9 million. Adjusted operating expenses were $63.1 million, adjusted EBITDA was $29.5 million at an approximately 32% margin, and adjusted net income was $14.3 million after finance expense of $14.5 million. The company ended the quarter with net liquid assets of $2.1 billion. For full-year 2026, Bullish narrowed guidance for SS&O revenue to $225 million-$245 million, adjusted operating expenses to $225 million-$230 million, and finance expense to $52 million-$60 million; it does not guide to adjusted transaction revenue.

Tom Farley framed the quarter as proof that Bullish’s diversified, recurring revenue model can hold up even when crypto prices and volatility are soft. He was highly focused on tokenization, saying the company’s tokenized shares trading on its own venue was an important first step and that issuer-sponsored tokenization sits at the center of Bullish’s strategy. His tone was confident and expansive, but he repeatedly noted that the timing of crypto trading recovery is uncertain and said the company does not want to overpromise on volumes.

David Bonanno highlighted the key financial figures: $92.6 million in adjusted revenue, $63.1 million in adjusted operating expenses, $29.5 million in adjusted EBITDA, $14.3 million in adjusted net income, and $2.1 billion of net liquid assets. He said Q2 operating expenses were expected to be the peak quarter of 2026, and the increase included Consensus-related costs plus about $2.5 million of one-time compensation tied to the business transformation. He also said those one-time compensation costs will be offset in the second half by efficiencies already realized in Q3, and that full-year guidance was narrowed due to greater visibility.

Analysts focused heavily on tokenized equities, including whether synthetic and issuer-sponsored models will coexist, how Bullish will compete with synthetic distribution, and where economics will be captured. Management said both models likely survive, but argued the issuer-sponsored version is the real share and the one issuers will prefer; they also said Bullish expects to benefit through exchange, liquidity, transfer agent, media, and other services, with transaction revenue likely following issuer success. Another major topic was U.S. derivatives access, where management said a new pathway could open access to the U.S. market for perps, dated futures, and options in the next several months, nearly a year earlier than expected.