Bullish Q2/2025: Profit Milestone In Crypto

Bullish, a global digital asset platform focused on institutional clients, has released its Q2/2025 financial report, marking a strong turnaround in both profitability and regulatory positioning worldwide.

1. Revenue And Profit: A Turning Point After Multiple Losses

In Q2/2025, Bullish reported digital asset sales of $58.6 billion and net income of $108.3 million (equivalent to $0.93 per diluted share). This represents a sharp reversal from a $116.4 million loss in the same period last year.

 - Adjusted revenue reached $57 million, slightly below the $60.7 million reported in Q2/2024.

 - Adjusted EBITDA was $8.1 million, compared to $14.7 million last year.

What stands out is that despite lower adjusted (non-IFRS) metrics, the significant leap in net income highlights effective cost management and improved profitability structures.

2. Liquidity And Trading Volume: Core Growth Drivers

Trading volume for the quarter totaled $179.6 billion, up more than 35% compared to $133 billion in Q2/2024. Average daily volume also rose to $1.974 billion, reflecting stronger adoption of the platform.

Importantly, the average trading spread tightened from 2.6 bps to 1.3 bps, signaling healthier liquidity—a critical factor for institutional-grade exchanges. Narrower spreads demonstrate Bullish’s competitiveness and its ability to provide deep, stable liquidity, a key element for attracting institutional investors.

3. Regulatory Positioning: Building A Global Footprint

One of the most significant milestones this quarter was Bullish securing the New York DFS BitLicense, one of the most stringent approvals in the digital asset space. This achievement paves the way for Bullish’s entry into the U.S. market as early as Q4/2025.

In addition to the U.S., Bullish holds a MiCA license in the EU and an SFC license in Hong Kong. Together, these create a strategic regulatory triad, positioning Bullish as a truly global player and giving it an edge over competitors limited to narrower jurisdictions.

4. Revenue Diversification: From Trading To Data Services

Another highlight is the sharp growth in Subscriptions, Services & Other (SS&O) revenue, which reached $32.9 million, up 61.4% quarter-over-quarter and 27.4% year-over-year. This underscores the company’s commitment to revenue diversification beyond transaction fees.

Bullish has also expanded its CoinDesk Indices business, which ended the quarter with $41 billion in assets under management (AUM), a $9 billion increase from Q1. The launch of the CoinDesk Overnight Rates stablecoin benchmark further enriches Bullish’s data and index offerings, a segment that offers high margins and long-term sustainability.

5. Strategic Partnerships And Product Expansion

Bullish announced several multi-year, multi-product agreements with high-profile partners, including Igloo Inc., the owner of Pudgy Penguins. These partnerships showcase Bullish’s ability to leverage cross-selling opportunities across liquidity services, data, and insights. Such moves highlight a broader “flight to quality” trend, where institutions increasingly turn to trusted platforms in volatile markets.

Additionally, Bullish is piloting its options trading platform, currently in limited rollout with select clients, with a full launch planned for Q4/2025. Entering the options space would mark a major step forward, unlocking a lucrative derivatives market that has long been dominated by a few key exchanges.

6. Q3/2025 Outlook: Accelerating Momentum

Management provided optimistic guidance for Q3/2025:

 - Adjusted revenue projected at $69–76 million

 - Adjusted EBITDA expected at $25–28 million

 - Adjusted net income forecast between $12–17 million

These figures reflect clear momentum in both revenue and profitability, supported by successful IPO execution, growing institutional client adoption, and the positive regulatory tailwinds from securing the BitLicense.

7. Conclusion: Bullish At A Breakthrough Point

Overall, Q2/2025 demonstrates that Bullish is not only reversing its financial performance but also strengthening its global standing through regulatory approvals, diversified revenues, and strategic product development.

Three critical pillars—improved liquidity, diversified revenue streams, and strong regulatory positioning—are converging to establish Bullish as one of the most significant digital asset infrastructure players worldwide.

If the company maintains this trajectory, particularly with the upcoming launch of its options platform and U.S. market entry in Q4/2025, Bullish could soon emerge as a true rival to today’s leading institutional exchanges.

Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.