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BLSHBullishEarningsShort Term

High materiality8/10

Bullish reports second quarter 2026 results

StockNews.AIAug 13, 6:45 AM EDT1 source

Trading thesisImportance 8/10

Bullish likely to re-rate on progress: Equiniti close, regulatory momentum, and non-IFRS strength within 3–6 months.

AI summary

What happened and why it matters

Bullish reported a 2Q26 mix of softer GAAP results and stronger non-IFRS momentum, with adjusted revenue of $92.6M and EBITDA of $29.5M, while digital asset sales totaled $32.6B and net income was $(280)M. The Equiniti deal remains on track for a early-2027 close, supported by GFSC tokenized-securities approvals and Morgan Stanley inflows via CoinDesk benchmarks, signaling a clearer growth path for tokenization, data services, and liquidity offerings.

Equiniti acquisition progress; potential near-term value realization on closing.
GFSC tokenized securities approval provides regulatory tailwinds for Bullish ecosystem.
Morgan Stanley Q2 inflows (> $400M) via CoinDesk benchmarks signals institutional demand.
Non-IFRS metrics show improving profitability despite GAAP net loss; focus on EBITDA.

Sentiment rationale

The company shows improving non-IFRS profitability metrics (Adjusted revenue/EBITDA) and meaningful catalysts: Equiniti deal progress toward a 2027 close, GFSC regulatory approval for tokenized securities, and substantial institutional inflows via MS ETFs using CoinDesk benchmarks. While GAAP net income is negative, the burn is easing in cash-flow terms and the growth-attribution from cross-sell, data, and tokenization could lead to multiple expansion if execution remains on track.

Key facts

01
Q2 2026 digital asset sales $32.6B; net loss $(280)M.
02
Adjusted revenue $92.6M; Adjusted EBITDA $29.5M; improved cross-sell results.
03
Equiniti acquisition on track; close expected in early 2027; regulatory approvals in progress.
04
GFSC approves tokenized securities; Morgan Stanley ETFs inflows >$400M via CoinDesk benchmarks.
05
2026 guidance refined: subscription, services & other revenue $225–$245M; Opex $225–$230M.

Corporate Developments

Category: Corporate Developments. The piece centers on earnings alongside a key M&A activity (Equiniti) and regulatory/regulatory-adjacent milestones (GFSC). These elements imply potential near-term changes to Bullish’s cost structure, revenue mix, and strategic trajectory.