From Red to Green: The Bullish Crypto Exchange Exceeds Expectations in Q2

The Bullish crypto exchange creates a surprise. Recently listed in New York, the exchange revealed second-quarter results significantly above expectations. Performances that exceed Wall Street forecasts. Bullish is also among the most publicized crypto IPOs of the year, alongside Circle, Gemini, and eToro.

A financial performance that surprises Wall Street

Bullish published Wednesday its second quarter 2024 results, marking its notable debut as a publicly traded company. The crypto exchange generated revenue of 57 million dollars, beating Wall Street estimates set at 55.75 million. 

Even more impressive, earnings per share stood at 93 cents, literally smashing analysts’ forecasts that expected a 6-cent loss.

This spectacular turnaround is reflected in the company’s net income. Bullish recorded a profit of 108.3 million dollars for the quarter ended June 30, a striking reversal compared to the 116.4 million dollar loss in the same quarter last year.

Markets immediately welcomed this performance. Bullish’s stock (BLSH) closed the regular session up 5.8%, boosted by the announcement of obtaining a BitLicense from New York financial regulators. 

This authorization now allows the exchange to operate in the main U.S. financial center. In after-hours trading, the stock rose another 2.1% to reach 55.50 dollars.

Despite this recent upswing, the stock has remained volatile since its mid-August New York Stock Exchange listing. The price has lost more than 20% since its first day of trading at 68 dollars. 

However, it still shows an increase of 47% compared to the introductory price of 37 dollars, reflecting investors’ appetite for well-positioned crypto assets.

Trading volumes expanding sharply in a favorable context

Bullish’s growth is mainly explained by the explosion in volumes. In the second quarter, the exchange saw its cryptocurrency sales increase by 18% year-over-year, reaching 58.6 billion dollars. 

At the same time, the total transaction volume jumped 35%, to 179.6 billion dollars. These figures reflect the platform’s growing attractiveness to investors.

Confident, CEO Tom Farley praised this momentum:

We are pleased with our results for the quarter. We’re excited that the work we did in the second quarter is already directly contributing to strong business momentum in the third quarter and beyond.

For the current quarter, ending September 30, Bullish expects adjusted earnings before interest and taxes between 25 and 28 million dollars, and net income between 12 and 17 million. 

The company nonetheless anticipates slightly lower trading volume, between 133 and 142 billion dollars, despite recent highs reached by bitcoin and Ethereum.

Abundant liquidity drives crypto exchanges expansion

These forecasts come in a supportive environment. The crypto market benefits from abundant liquidity, fueled by the rise of stablecoins: with 240 billion dollars in circulation, they represent a true “dry powder” ready to fuel new bullish cycles. 

This “stablecoin season” could therefore be an additional catalyst for major platforms like Bullish.

The exchange is also preparing the full launch of its options trading service in the fourth quarter. Currently tested with a limited circle of clients, this product could become a strategic growth driver, further strengthening the diversification of its offering.

These solid results arrive at the right time in a sector undergoing consolidation. Bullish is among the most watched crypto IPOs of the year, alongside Circle, Gemini, and eToro. A wave of listings illustrating the accelerated professionalization of the ecosystem and its gradual integration into traditional finance standards.