Cryptocurrency exchange Bullish rose 2% after releasing its first quarterly report since going public, with performance exceeding Wall Street analysts' expectations.
According to Zacks data, Bullish announced its second-quarter financial results on Wednesday, reporting revenue of $57 million, surpassing Wall Street's expectation of $55.75 million. Earnings per share were 93 cents, significantly higher than the expected loss of 6 cents.
For the quarter ending June 30, the exchange reported a net profit of $108.3 million, recovering from a loss of $116.4 million in the same period last year.
Bullish is one of the most anticipated cryptocurrency initial public offerings this year, joining several crypto companies, including stablecoin issuer Circle Internet Group and competing exchanges Gemini and eToro, in entering the capital markets.
Bullish (BLSH) shares rose 2.1% in after-hours trading to $55.50, driven by the better-than-expected performance.
The company's stock price further increased during the day, rising 5.8% intraday, after it announced it had received a BitLicense from the New York Department of Financial Services, allowing it to operate in New York, USA.
Bullish went public on the New York Stock Exchange in mid-August, but its stock price has not maintained its initial high, having fallen over 20% since its closing price of $68 on the first day of trading; however, it is still up 47% from the IPO price of $37.
In its report, Bullish stated that quarterly cryptocurrency sales grew 18% year-over-year to $58.6 billion, with trading volume increasing 35% year-over-year to $179.6 billion.
"We are pleased with our performance this quarter," said Bullish CEO Tom Farley. "We are excited that the efforts in the second quarter have laid the groundwork for strong business growth in the third quarter and beyond."
For the third quarter outlook ending September 30, Bullish expects adjusted EBITDA to be between $25 million and $28 million, with net profit projected to be between $12 million and $17 million.
The company anticipates platform trading volume to be between $133 billion and $142 billion. Despite Bitcoin (BTC) and Ethereum (ETH) reaching all-time highs last month, they have since retreated from those peaks, and platform trading volume is expected to slow compared to the second quarter.
Bullish also stated that it expects to fully launch its options trading platform in the fourth quarter, which is currently in a trial operation phase and open to select customers.
Related: Solana shows bullish signals again, with a similar historical pattern previously triggering a 1300% surge in SOL.
Original article: “Cryptocurrency Exchange Bullish Rises After Second Quarter Earnings Beat Expectations”
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