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Investor Relations14 Oct 2025
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Bullish (BLSH) investor relations material
Bullish Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Sep, 2025
Executive summary
First quarterly earnings call as a public company, highlighting global institutional focus, major regulatory milestones, and imminent U.S. market entry following New York BitLicense approval.
Operates Bullish Exchange (market infrastructure) and CoinDesk (information services), both showing strong growth, product innovation, and expanded regulatory licenses.
Significant expansion in liquidity services, cross-selling, and new partnerships, including Solana Foundation and high-profile stablecoin issuers.
Progressed toward full launch of an options trading platform, currently in beta/limited mobilization, with early adoption by major traders.
Adjusted net income was a loss of $6.0M in Q2 2025, compared to a profit in prior quarters, driven by higher operating expenses and finance costs.
Financial highlights
Q2 2025 adjusted revenue was $57.0M, down 8.7% sequentially and 6.1% year-over-year, with adjusted EBITDA of $8.1M (14% margin), and adjusted net income of -$6.0M.
Subscription, services & other revenue reached $32.9M in Q2, up 61.4% sequentially and 27.4% year-over-year.
Adjusted transaction revenue was $24.1M, down from $42.0M in Q1 2025 and $34.9M year-over-year.
Adjusted operating expenses were $48.9M; employee compensation at $25.7M, down 13% sequentially.
Average daily spot trading volume in Q2 was $1.79B, down from $2.55B in Q1, but total trading volume YTD through August 2025 exceeded $530B.
Outlook and guidance
Q3 2025 adjusted revenue guidance: $69–$76M; adjusted EBITDA: $25–$28M; adjusted net income: $12–$17M.
Q3 2025 adjusted transaction revenue: $25.5–$28M; SS&O revenue: $43.5–$48M.
Q3 2025 trading volume guidance: $133–$142B.
Continued sequential growth expected in SS&O revenue, with further uplift anticipated in Q4.
Guidance to be provided quarterly for operating expenses and SS&O revenue.
Pudgy Penguins partnership revenue contribution?
Q3 EBITDA margin expansion drivers?
Digital asset price volatility management strategy?
Quantify BitLicense's Q4 US market entry impact
Impact of reduced trading spread on transaction revenue?
Key drivers for SS&O revenue growth?
Liquidity Services pipeline: stablecoin vs. non-stablecoin mix?
US launch: How to accelerate institutional onboarding?
Options platform: Expected impact on trading volume?
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Q3 202517 Dec, 2025
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Eferix Drawings Google Play
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