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Bullish Stock Rises After Q2 Earnings and New York BitLicense Approval
Crypto exchange Bullish has reported a sharp turnaround in its financial performance, posting a net income of $108.3 million in the second quarter of 2025, compared to a $116.4 million net loss during the same period last year. The announcement marks the company’s first earnings release since its debut on the New York Stock Exchange (NYSE).
Trading Activity and Revenue Growth
Bullish highlighted strong momentum across its business metrics. Digital asset sales climbed to $58.6 billion, up from $49.6 billion a year earlier. Meanwhile, the platform’s trading volume surged to $179.6 billion, compared to $133 billion in the second quarter of 2024.
Despite the strong growth, the exchange projected a slowdown in the coming quarter, forecasting trading volumes in the $133 billion–$142 billion range.
Key Regulatory Milestone
Alongside its earnings, Bullish revealed it had obtained both a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS). These approvals allow the platform to provide crypto spot trading and custody services in New York, a market known for its strict regulatory framework.
The firm also emphasized its expanding global regulatory footprint, pointing to its MiCA license uplift in Europe and existing authorizations in Hong Kong.
CEO Comments and Market Reaction
“We are pleased with our results for the quarter,” said Tom Farley, CEO of Bullish. “Our recent receipt of the prestigious New York DFS BitLicense is testament to our institutional rigor and truly global reach.”
The news helped lift Bullish stock (NYSE: BULL), which gained 5.8% on Wednesday to close at $54.35, before adding another 2.1% in after-hours trading. Still, shares remain down 21.8% since their August listing, according to Google Finance.
