Crypto exchange Bullish (NYSE: BLSH) surged 6% on Thursday after posting a profit in its first quarterly result since going public, reversing a loss from the same period last year.
The Peter Thiel-backed firm also announced it had secured key regulatory licenses in New York, strengthening its global footprint as it pushes further into regulated markets.
Strong second-quarter results
For the second quarter of 2025, Bullish posted net income of $108.3 million, a sharp turnaround from a net loss of $116.4 million in the prior-year period.
The company’s adjusted revenue came in at $57 million, above consensus estimates of $55.9 million, according to LSEG data.
Adjusted EBITDA for the quarter was $8.1 million, also surpassing analyst expectations of $6.8 million.
Bullish reported digital asset sales of $58.6 billion, compared with $49.6 billion in the same quarter last year, while trading volume rose 35% year-over-year to $179.6 billion.
However, the company guided lower for the current quarter, projecting trading volume between $133 billion and $142 billion, alongside revenue of $69 million to $76 million and adjusted EBITDA of $25 million to $28 million.
CEO Tom Farley, a former NYSE president, highlighted the company’s liquidity services growth, participation in the Consensus conference, and successful IPO as major achievements.
“Our recent receipt of the prestigious New York DFS BitLicense is testament to our institutional rigor and truly global reach,” Farley said in a statement.
Expanding regulatory footprint
Alongside its financial results, Bullish announced that it had obtained both a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS).
The licenses will allow the firm to offer crypto spot trading and custody services in the state, a significant step for institutional credibility and access to the US market.
The company pointed to these approvals as part of its broader regulatory expansion, which already includes a MiCA license uplift in Europe and existing licenses in Hong Kong.
Farley said these moves position Bullish to compete as a “truly global” exchange at a time when regulators are increasingly demanding compliance and transparency from digital asset firms.
Market reaction and analyst views
Shares of Bullish rose 6.75% to $58.02 on Thursday.
The stock, which debuted on the NYSE on August 13 through a $1.1 billion IPO priced at $37, has gained momentum on the back of stronger-than-expected results and regulatory milestones.
Analysts reacted positively to the earnings report.
At least four brokerages raised their price targets, with Citigroup lifting its target to $70 from $66 and Jefferies raising its view to $58 from $49.
Jefferies noted that Bullish is showing “momentum in new customer adds, product roll-out, and broader utilization of its platform.”
Overall, four of the 10 brokerages covering the stock rate it as a “strong buy” or “buy,” while the remainder rate it “hold.”
The median price target currently stands at $59, according to LSEG data.
Meanwhile, Bernstein SocGen reiterated a Market Perform rating with a $60 price target, pointing to quarter-over-quarter declines in trading volumes and compressed take rates, trends it attributed to lower crypto market volatility.
The firm added that trading activity has already begun to recover in the third quarter, potentially improving conditions for Bullish and its peers.
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