"Opening ceremony" after listing! Bullish (BLSH.US) first quarter report impressive, performance and guidance both surpass expectations.

On Wednesday after the U.S. stock market closed, Bullish, the parent company of the well-known cryptocurrency industry media CoinDesk and the digital asset trading platform, announced better-than-expected third-quarter revenue guidance. Its second-quarter earnings and sales also exceeded market expectations. Boosted by this news, the company's stock price surged after hours. Data showed that Bullish's second-quarter earnings per share reached $0.93, a significant increase from the same period last year when it was at -$1.03, and far exceeded the market expectation of -$0.05. Revenue was $57 million, slightly lower than the $60.7 million in the same period last year, but higher than the market expectation of $55.8 million. Digital asset sales reached $58.6 billion, a significant increase from $49.6 billion in the second quarter of 2024. Quarterly trading volume soared to $179.6 billion, a significant increase from $133 billion in the same period last year. For the three months ending on June 30, adjusted operating expenses were $48.9 million, higher than $46 million in the same period last year. Adjusted EBITDA was $8.1 million, lower than $14.7 million in the same period last year. In addition, Bullish's subsidiary CoinDesk Indices reported that assets under management reached $41 billion at the end of the quarter, an increase of over $9 billion from the first quarter. Cryptocurrency prices surged between April and June this year, with Bitcoin rising by 30% in the quarter, becoming one of the best-performing assets globally. The CoinDesk20 index tracking the overall market also rose by 23%. Looking ahead, the company expects adjusted revenue for the third quarter of 2025 to reach $69 million to $76 million, far exceeding analysts' average forecast of $57.1 million; adjusted EBITDA is expected to be $25 million to $28 million; and trading volume is expected to reach $133 billion to $142 billion. Bullish CEO Tom Farley commented in a statement that the company achieved significant growth in liquidity services and successfully hosted the Consensus conference, with a strong business development momentum in the third quarter. This financial report is the first quarterly report released by Bullish since its listing on the NYSE in August. Its IPO price was $37 per share, and as of Wednesday's closing, Bullish's stock price was $53.35, a 46% increase from the IPO price. In after-hours trading, the stock price further increased by about 2%. On Wednesday, Bullish also received a BitLicense (Bitcoin License) from the New York State Department of Financial Services. Analysts believe that this key regulatory license has opened the door for the company to expand in the U.S. market. Additionally, Cathie Wood's ARK Investment under Ark Invest continued to increase its holdings in Bullish, purchasing over 160,000 shares of the company's stock worth about $8.3 million before the financial report was released. Since its listing on the NYSE, Ark Invest has been optimistic about its development, initially purchasing over 2.5 million shares (valued at $172 million at the time). Data showed that Bullish has become the 34th largest holding in the flagship fund ARK Innovation ETF (ARKK.US) and the 37th largest holding in ARK Next Generation Internet ETF (ARKW.US) in the Ark Invest portfolio. Currently, through ARKK, ARKW, and ARK Fintech Innovation ETF (ARKF.US), Ark Invest holds Bullish shares worth over $129 million.