Bullish (NYSE:BLSH) shares are trading higher Thursday after the company reported a year-over-year increase in second quarter financial results on Wednesday after the market closed.
What To Know: Bullish reported earnings per share of 93 cents, compared to a loss of $1.03 a year ago. Revenue came in at $58.63 million, up from $49.57 million year-over-year.
The company said it secured the New York DFS BitLicense in September, becoming only the third entity to hold both the BitLicense and the New York MTL since 2023. Executives said the approval, along with licenses in the EU and Hong Kong, underscores Bullish's global regulatory reach.
Bullish reported trading volume of $179.6 billion for the quarter, up from $133.0 billion a year ago. Average daily trading volume climbed to $1.97 billion, while the average trading spread narrowed to 1.3 basis points from 2.6 basis points.
Subscription, services and other revenue totaled $32.9 million, a 61% sequential increase and a 27% year-over-year rise. The company said the growth reflects demand for its liquidity services and information offerings.
Bullish highlighted significant client wins during the quarter, including multi-year agreements with Igloo Inc., the owner of Pudgy Penguins. Management said the deals show momentum in cross-selling liquidity, data and insights products to institutional clients.
CoinDesk Indices, part of Bullish's information services unit, ended the quarter with $41 billion in assets under management, up more than $9 billion from the prior quarter. The unit also launched a new stablecoin benchmark interest rate, CoinDesk Overnight Rates.
The company said it is progressing toward a full launch of its options trading platform in the fourth quarter, which is currently in limited use with select clients.
Q3 Outlook: The company sees sales from $69.00 million to $76.00 million and trading volume from $133.00 billion to $142.00 billion.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
- Rosenblatt analyst Chris Brendler maintained a Buy rating on Bullish and raised the price target from $60 to $62.
- Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on Bullish and maintained a $68 price target.
- Cantor Fitzgerald analyst Brett Knoblauch maintained an Overweight rating on Bullish and raised the price target from $56 to $59.
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BLSH Price Action: At the time of writing, Bullish shares are trading 10.30% higher at $59.95, according to data from Benzinga Pro.
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