Cryptocurrency-Exchange Bullish Swings to Profit in First Report as Public Company

By Dean Seal

Bullish swung to a profit in its first quarterly report after becoming a public company.

The cryptocurrency exchange, fresh off of its blockbuster initial public offering last month, posted a profit of $108.3 million, or 93 cents a share, for the quarter ended June 30. That is compared with a loss of $116.4 million, or $1.03 a share, in the same quarter a year earlier.

Stripping out one-time items, the company recorded an adjusted loss of $6 million, compared with an adjusted profit of $4.8 million in the year-earlier quarter.

Adjusted quarterly revenue was $57 million, down from $60.7 million a year ago.

Bullish said total digital asset sales were $58.6 million, up from $49.6 billion in the year-earlier quarter. Trading volume totaled $179.6 billion, up from $133 billion.

The work Bullish did in the second quarter is already translating to strong momentum in the current quarter, Chief Executive Tom Farley said. The company has its sights set on $12 million to $17 million in third-quarter adjusted earnings, and $69 million to $76 million in adjusted revenue.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 17, 2025 17:59 ET (21:59 GMT)