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Thiel-Backed Bullish Exchange Posts $108M Q2 Profit, Reversing Last Year’s Loss

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Crypto alternate Bullish has reported a internet revenue of $108.3 million for Q2 2025, marking a serious turnaround from a $116.4 million loss in the identical quarter final yr.

Key Takeaways:

  • Bullish posted a $108.3M revenue in Q2 2025, reversing final yr’s $116.4M loss.
  • The alternate secured New York’s BitLicense and expanded its international regulatory attain.
  • Q2 buying and selling quantity hit $179.6B, however Bullish expects a slight dip in Q3 exercise.

This is the platform’s first earnings disclosure since its debut on the New York Stock Exchange, and it comes with sturdy momentum in buying and selling exercise and regulatory wins.

Digital asset gross sales for the quarter rose to $58.6 billion, up from $49.6 billion year-over-year.

Bullish Secures Key New York Licenses to Offer Crypto Spot Trading and Custody

The alternate also secured key licenses in New York, together with a BitLicense and Money Transmission License, granting it permission to supply crypto spot buying and selling and custody companies within the state.

These additions bolster its increasing regulatory presence, which already consists of approvals in Europe below MiCA and licenses in Hong Kong.

CEO Tom Farley mentioned the outcomes replicate 1 / 4 of operational power and strategic positioning.

“We noticed thrilling liquidity companies development, executed a profitable Consensus convention, and secured regulatory approvals that put together us for long-term success,” Farley famous in Wednesday’s assertion.

Total buying and selling quantity hit $179.6 billion in Q2, up from $133 billion a yr in the past. Despite this development, the corporate expects volumes to ease barely in Q3, projecting between $133 billion and $142 billion.

Following the report, Bullish’s inventory closed at $54.35, up 5.8% on the day and a further 2.1% in after-hours buying and selling. However, shares are nonetheless down 21.8% because the alternate went public in August.

With strong earnings, rising compliance credentials, and rising transaction volumes, Bullish seems to be gaining traction in a tightening crypto alternate panorama, providing a uncommon vivid spot in an in any other case cautious market.

Bullish Rides IPO Momentum and European Licenses to Enter US Market

Bullish’s BitLicense and Money Transmission License in New York comes amid the corporate’s rising worldwide presence, which now spans the EU, Hong Kong, Gibraltar, and the US.

The alternate lately made headlines by turning into the primary US-listed firm to raise over $1 billion entirely in stablecoins throughout its NYSE IPO in August, with backing from Peter Thiel.

The capital increase was settled throughout blockchain networks like Solana, reflecting Bullish’s dedication to digital-native finance.

In Europe, Bullish achieved a MiCAR license uplift via BaFin in Germany, giving it a regulatory basis to serve institutional purchasers throughout the EU.

Its headquarters in Frankfurt locations it below one of the trusted monetary regulators on the earth.

Now, with the U.S. licenses in hand, Bullish is opening its doorways to institutional purchasers and superior merchants in New York, providing spot buying and selling and custody companies.

Its high-performance buying and selling engine combines order ebook matching and automatic market making, guaranteeing deep liquidity.

Bullish’s entry into the US comes amid a wave of crypto companies returning to or increasing within the nation as regulatory readability improves.

Firms like Polymarket, TON Foundation, and Deribit are additionally eyeing US markets, whereas Wall Street prepares for a $15B crypto IPO pipeline earlier than September.

The put up Thiel-Backed Bullish Exchange Posts $108M Q2 Profit, Reversing Last Year’s Loss appeared first on Cryptonews.

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