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High materiality8/10

Bullish 2Q26 results show improving non-IFRS metrics; Equiniti deal on track

Aug 13, 2026, 6:48 AM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting

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.

AI summary

What happened, with direct paths to the underlying reporting

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.

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

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