Bullish Q2 2026: Net Loss of $280M, Adjusted Revenue Up 62% YoY, Equiniti Close Expected Early 2027
BLSH sits 22% above its 52-week low of $20.55.
Summary
Bullish reported Q2 2026 results with a net loss of $280.0 million but adjusted revenue up 62% year-over-year to $92.6 million. The company refined full-year guidance and confirmed the Equiniti acquisition is expected to close in early 2027.
Key Events · Earnings and Guidance · BLSH
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Q2 2026 Net Loss of $280M
Bullish reported a net loss of $280.0 million for Q2 2026, compared to net income of $108.3 million in Q2 2025, driven by a $244.6 million negative change in fair value of digital assets held.
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Adjusted Revenue Up 62% YoY
Adjusted revenue grew 62% year-over-year to $92.6 million, with adjusted EBITDA of $29.5 million, driven by record subscription, services and other revenue of $62.7 million.
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Refined Full-Year 2026 Guidance
Management refined full-year 2026 guidance to subscription, services & other revenue of $225.0-245.0 million, adjusted operating expenses of $225.0-230.0 million, and finance expense of $52.0-60.0 million.
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Equiniti Acquisition on Track for Early 2027
The Equiniti acquisition is expected to close in early 2027, with all three merger clearances secured (US HSR, UK CMA, Germany) and regulatory approvals progressing.
Analysis · BLSH · Crypto Assets
Bullish reported a net loss of $280.0 million for Q2 2026, driven by a $244.6 million negative change in fair value of digital assets held, but adjusted revenue grew 62% year-over-year to $92.6 million, with adjusted EBITDA of $29.5 million. The company refined full-year 2026 guidance, expecting subscription, services & other revenue of $225-245 million and adjusted operating expenses of $225-230 million. The Equiniti acquisition remains on track to close in early 2027, with all three merger clearances secured. The results highlight the volatility of digital asset mark-to-market accounting versus the underlying growth in subscription and services revenue.
At the time of this filing, BLSH was trading at $25.00 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $20.55 to $118.00. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.