Bullish Inc (BLSH) shares surged 13.8% to $28.02 in midday trading on Tuesday, extending gains after the company reported better-than-expected second-quarter results for 2026.
The digital asset exchange operator posted adjusted revenue of $92.6 million, topping the $87.8 million consensus estimate and marking a 62% year-over-year increase from Q2 2025. Adjusted EBITDA rose to $29.5 million, up from $8.1 million in the same period last year. Subscription, services and other revenue reached a record $62.7 million.
Management also provided full-year 2026 guidance, targeting subscription and services revenue between $225 million and $245 million. The company’s stock remains well below its 52-week high of $74.98, despite the latest advance.
Analysts at Canaccord maintained a Buy rating on Aug. 17 while reducing the price target to $45 from $50, citing headwinds in the broader crypto market but acknowledging Bullish’s underlying business strength. The S&P 500 and Nasdaq both added 0.6% during the session.
Bullish’s pending acquisition of Equiniti remains on track for early 2027. CEO Tom Farley has overseen the company’s expansion amid a volatile digital asset landscape.
