Bullish reported a net loss of $280.0 million, or $(1.78) per diluted share, for the second quarter ended June 30, 2026, compared to net income of $108.3 million in the prior year period. Digital asset sales declined to $32.6 billion from $58.6 billion. Adjusted revenue rose 62% year-over-year to $92.6 million, driven by record subscription, services, and other revenue of $62.7 million. Adjusted EBITDA increased to $29.5 million from $8.1 million. The company refined its full-year 2026 guidance for adjusted operating expenses to a range of $225.0 million to $230.0 million and finance expense to $52.0 million to $60.0 million. Bullish is an institutionally focused global digital asset platform that provides regulated market infrastructure, exchange services, and information services.

On August 12, 2026, Bullish announced the launch of tokenized equity trading for its own shares (BLSH) on its Gibraltar-regulated exchange, marking the first instance of such trades settling against a USD stablecoin. The initiative leverages Bullish's pending $4.2 billion acquisition of transfer agent Equiniti to provide issuer-sponsored tokens with direct legal standing equivalent to conventional shareholders. Liquidity is supported by Wintermute and institutional participants including Qube Research & Technologies. This development builds on May 2026 efforts to tokenize the company's equity cap table on Solana, aiming to establish a regulated infrastructure for tokenized securities issuance, registry, and trading with near-instant settlement capabilities. Bullish operates as an institutionally focused global digital asset platform providing market infrastructure and information services.

Bullish announced that an affiliate of Siris will acquire Equiniti's non-core business lines, including EQ Retirement Solutions, EQ Customer Resolutions, and Lenvi, as part of the carve-out process for Bullish's $4.2 billion acquisition of Equiniti. The company also received competition law clearances from the United Kingdom, the United States, and Germany for the planned transaction, which is expected to close in January 2027. Bullish is a global digital asset platform providing market infrastructure and information services.