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Bullish posts adjusted Q2 EPS in line as subscription revenue offsets slump

Digital asset sales fell to $32.6 billion from $58.6 billion a year earlier, while subscription, services and other revenue reached a record $62.7 million.

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Bullish, the crypto platform and parent company of CoinDesk, reported adjusted second-quarter earnings of $0.09 per share, in line with Street forecasts, as subscription and services revenue helped offset weaker trading conditions.

Adjusted revenue rose 62% year over year to $92.6 million, topping estimates of $88 million, driven by subscription, services and other revenue hitting a record $62.7 million.

The company said digital asset sales declined to $32.6 billion from $58.6 billion a year earlier, while adjusted transaction revenue increased to $29.9 million from $24.1 million.

Bullish also reported a second-quarter net loss of $280 million, largely tied to a $244.6 million markdown of its bitcoin holdings as BTC’s price fell during the quarter, and it reaffirmed a full-year subscription, services and other revenue outlook of $225 million to $245 million.

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