Bullish Exchange, Supported by Thiel, Reports $108 Million Profit in Q2, Recovering from Previous Year’s Deficit

Crypto exchange Bullish has announced a net profit of $108.3 million for Q2 2025, representing a significant recovery from a $116.4 million loss during the same quarter last year.

Key Takeaways:

• Bullish recorded a $108.3M profit in Q2 2025, reversing the $116.4M loss from the previous year.
• The exchange obtained New York’s BitLicense and broadened its global regulatory footprint.
• Q2 trading volume reached $179.6B, although Bullish anticipates a minor decline in Q3 activity.

This marks the platform’s initial earnings report since its launch on the New York Stock Exchange, coinciding with robust trading activity and regulatory achievements.

Sales of digital assets for the quarter increased to $58.6 billion, up from $49.6 billion year-over-year.

Bullish Secures Essential New York Licenses for Crypto Spot Trading and Custody

The exchange has also obtained crucial licenses in New York, including a BitLicense and Money Transmission License, allowing it to provide crypto spot trading and custody services within the state.

These new licenses enhance its growing regulatory presence, which already encompasses approvals in Europe under MiCA and licenses in Hong Kong.

CEO Tom Farley stated that the results demonstrate a quarter of operational resilience and strategic positioning.

“We experienced notable growth in liquidity services, successfully executed a Consensus conference, and obtained regulatory approvals that set us up for long-term success,” Farley remarked in Wednesday’s announcement.

Total trading volume reached $179.6 billion in Q2, an increase from $133 billion a year prior. Despite this growth, the company expects volumes to slightly decrease in Q3, forecasting between $133 billion and $142 billion.

Following the earnings report, Bullish’s stock closed at $54.35, reflecting a 5.8% increase for the day and an additional 2.1% in after-hours trading. However, shares remain down 21.8% since the exchange went public in August.

With strong earnings, expanding compliance credentials, and increasing transaction volumes, Bullish seems to be gaining momentum in a competitive crypto exchange environment, presenting a rare positive aspect in an otherwise cautious market.

Bullish Leverages IPO Momentum and European Licenses to Enter US Market

Bullish’s BitLicense and Money Transmission License in New York come as the company enhances its international presence, which now includes the EU, Hong Kong, Gibraltar, and the US.

The exchange recently garnered attention by becoming the first US-listed company to raise over $1 billion entirely in stablecoins during its NYSE IPO in August, with support from Peter Thiel.

Regulated and Revolutionary@Bullish becomes the first digital asset exchange to list on the NYSE. $BLSH | @CoinDesk | @ThomasFarley pic.twitter.com/m9ZnLOT5EQ

— NYSE (@NYSE) August 13, 2025

The capital raise was conducted across blockchain networks such as Solana, underscoring Bullish’s dedication to digital-native finance.

In Europe, Bullish secured a MiCAR license uplift through BaFin in Germany, providing a regulatory framework to serve institutional clients throughout the EU.

Its headquarters in Frankfurt places it under one of the most reputable financial regulators globally.

Now, with the U.S. licenses acquired, Bullish is welcoming institutional clients and advanced traders in New York, offering spot trading and custody services.

Its high-performance trading engine integrates order book matching and automated market making, ensuring substantial liquidity.

Bullish’s entry into the U.S. occurs amid a trend of crypto firms returning to or expanding within the country as regulatory clarity improves.

Companies like Polymarket, TON Foundation, and Deribit are also targeting U.S. markets, while Wall Street prepares for a $15B crypto IPO pipeline before September.

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