Bullish (BLSH) reported a net loss of $280 million for the second quarter, compared to net income of $108.3 million in the same period last year. According to reports from CoinDesk, the company's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $29.5 million, more than treble the $8.1 million recorded a year earlier. Adjusted net income turned positive at $14.3 million, compared with a $6 million loss in Q2 2025. The majority of this loss stemmed from a $244.6 million impairment charge on the company's Bitcoin portfolio as cryptocurrency valuations declined throughout the quarter.
The company's adjusted revenue increased 62% year-over-year to $92.6 million, up from $57 million in the previous year and surpassing Wall Street projections of $87.4 million. As reported by CoinDesk, revenue from subscriptions, services and other revenue reached a record $62.7 million, up from $32.9 million in Q2 2025, helping to offset softer trading conditions. Adjusted transaction revenue rose to $29.9 million from $24.1 million, while digital asset sales fell to $32.6 billion from $58.6 billion in the prior year period. Bitcoin was trading near $63,706 on Thursday, significantly below its all-time high of over $126,000 achieved in October 2025.
Recent insider trading activity has raised investor concerns about confidence in the company's prospects. Lyft director Janey Whiteside sold 14,220 shares of Bullish stock at $17 per share, representing a significant insider sale that investors often monitor as a signal of confidence or strategic portfolio management. This transaction comes as the company continues to navigate challenging market conditions, with crypto markets struggling during the quarter and bitcoin trading largely in the low-to-mid $60,000 range. The stock has lost as much as 83% of its value since going public exactly one year ago, when shares reached a peak of $118.
The company's proposed acquisition of Equiniti remains on track to close in early 2027, as reported by CoinDesk. Bullish announced the $4.2 billion acquisition of transfer agent Equiniti in May, a strategic initiative designed to connect blockchain technology with conventional capital markets infrastructure. CEO Tom Farley stated that following the deal's completion, Bullish will possess "the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens." The transaction continues to progress toward its anticipated early 2027 closing date, with BLSH shares climbing approximately 1.5% to $24.99 during pre-market trading, reflecting investor optimism about the company's strategic direction despite current market challenges.
