Bullish exchange operator's shares surge 10% on record Q2 EBITDA

Shares of Bullish, a cryptocurrency exchange operator, jumped approximately 10% after the company reported a more than threefold increase in adjusted EBITDA for the second quarter, alongside record-high revenue from subscriptions and services.

The exchange operator disclosed that adjusted EBITDA surged to $X million in Q2, up from $Y million in the same period last year, reflecting stronger operational efficiency and higher transaction volumes. Subscription and services revenue, which includes fees from trading, custody and other client-facing offerings, reached a record $Z million, the company stated.

Bullish attributed the financial performance to increased user activity and expanded product offerings, including institutional services. The company also highlighted growth in its derivatives and spot trading segments, which contributed to the revenue uplift.

The stock's rise follows a broader trend of improved profitability among major crypto exchanges amid stabilizing market conditions. Analysts noted that Bullish's results underscore the sector's resilience despite ongoing regulatory scrutiny and macroeconomic headwinds.

Bullish, backed by Block.one, has been expanding its global footprint, with recent launches in key markets including Europe and Asia. The company's shares, listed on the NYSE under the ticker BULL, have gained traction as investors seek exposure to crypto infrastructure amid renewed institutional interest in digital assets.