Bullish (BLSH) Form 6-K — Aug 13, 2026
Bullish reported a Q2 2026 net loss of $280.0 million, or $(1.78) per diluted share, swinging from a $108.3 million profit a year earlier, as digital asset sales fell to $32.6 billion from $58.6 billion and crypto holdings absorbed heavy mark-to-market and impairment charges, including $181.5 million of intangible digital asset impairments. Underlying operations strengthened: adjusted revenue rose 62% year over year to a record-driven $92.6 million on record subscription, services and other revenue of $62.7 million, while adjusted EBITDA more than tripled to $29.5 million and adjusted net income was $14.3 million versus a $(6.0) million loss a year ago.
Key figures
- Eps
- -$1.78 diluted (Q2 2026) vs $0.93 (Q2 2025)
- Guidance
- FY2026: Subscription, services & other revenue (non-IFRS) $225.0M-$245.0M; adjusted operating expenses $225.0M-$230.0M; finance expense $52.0M-$60.0M
- Net Income
- -$280.0 million (Q2 2026) vs +$108.3 million (Q2 2025)
- Total Debt
- $495.7 million borrowings from related parties (non-current)
- Total Assets
- $3.10 billion (June 30, 2026) vs $3.96 billion (Dec 31, 2025)
- Cash Position
- $86.6 million cash and cash equivalents (plus $52.7M customer segregated cash and $22.9M restricted cash)
- Total Equity
- $2.46 billion
- Adjusted EBITDA
- $29.5 million vs $8.1 million
- Adjusted Revenue
- $92.6 million vs $57.0 million (+62% YoY)
- Net Liquid Assets
- $2.10 billion vs $2.86 billion (Dec 31, 2025)
- Six Month Net Loss
- -$884.8 million
- Adjusted Net Income
- $14.3 million vs $(6.0) million
- Digital Asset Sales
- $32.6 billion (Q2 2026) vs $58.6 billion (Q2 2025)
- Gross Liquid Assets
- $2.81 billion vs $3.72 billion (Dec 31, 2025)
- Consensus Attendees
- 26,000+ across Hong Kong and Miami events
- Morgan Stanley Etp Q2 Inflows
- $400 million+
- Q2 Digital Asset Impairments
- $181.5 million (intangible assets); $540.0 million for six months
- Adjusted Transaction Revenue
- $29.9 million vs $24.1 million
- Record Subscription Services Other Revenue
- $62.7 million
AI analysis
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