Bullish Stock Rises 6% Following Strong Q2 Earnings Report

The stock price of crypto exchange Bullish (NASDAQ: BLSH) increased by 6% on Sept. 17 following its stronger-than-expected Q2 results.
Bullish reported a Q2 revenue of $57 million, surpassing Wall Street estimates of $55.75 million, with earnings per share at 93 cents compared to the expected -6 cents.
The company achieved a net income of $108.3 million in Q2, reversing a previous loss of $116.4 million from the same period last year.
Quarterly crypto sales rose 18% year-on-year to $58.6 billion, and trading volume increased by 35% to $179.6 billion.
Bullish projects Q3 revenue with adjusted earnings before interest and taxes between $25 million and $28 million, and net income between $12 million and $17 million.
The company plans to fully launch its options trading platform in Q4, currently in limited use.
BLSH stock rebounded to $54.35, influenced partly by Fed rate cuts, after previously declining more than 20% from its initial NYSE debut price.
Despite this decline, the stock remains up 47% from its IPO price of $37.
Institutional investors like Cathie Wood’s Ark Invest have increased their holdings in BLSH, purchasing an additional 32,000 shares after a recent $8.2 million investment.