Crypto exchange Bullish rose 2% after the company posted its first-ever quarterly results as a public company, with earnings beating Wall Street analysts’ expectations.
Bullish reported its second-quarter earnings on Wednesday, with revenues coming in at $57 million, above Wall Street estimates of $55.75 million. It posted an earnings per share of 93 cents, compared to estimates of minus 6 cents, according to Zacks.
The exchange’s net income was $108.3 million for the quarter ended June 30, swinging from a loss of $116.4 million compared to the same quarter a year ago.
Bullish was one of the most hyped crypto initial public offerings this year, debuting amid a slate of crypto companies, including stablecoin issuer Circle Internet Group and rival exchanges Gemini and eToro.
Bullish adds to day’s gains with 2% after-hours bump
Bullish (BLSH) shares ended after-hours trading at 2.1% at $55.50, boosted by its earnings beat.
It added to the company’s gains over the trading day, which saw a 5.8% lift after it announced that it gained a BitLicense from New York financial regulators, allowing it to offer services in the country’s finance hub.
Bullish went live on the New York Stock Exchange in mid-August, and its share price has struggled to maintain its initial high, having lost over 20% since closing its debut trading day at $68; however, it’s still up 47% from its $37 IPO.
Crypto sales soar, firm gives confident Q3 outlook
Bullish said in its report that its crypto sales for the quarter rose 18% year-on-year to $58.6 billion, while trading volume rose 35% to $179.6 billion.
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”We are pleased with our results for the quarter,” said Bullish CEO Tom Farley. “We’re excited that the work we did in the second quarter is already directly contributing to strong business momentum in the third quarter and beyond.”
In its outlook for the third quarter ending Sept. 30, Bullish said it expects its adjusted earnings before interest and taxes to range from $25 million to $28 million, with its net income ranging between $12 million and $17 million.
It expected its platform trading volumes to land between $133 billion and $142 billion, a slowdown from Q2 despite Bitcoin (BTC) and Ether (ETH) hitting all-time highs last month, as they have since cooled from their peaks.
Bullish added that it is anticipating a full launch of its options trading platform in the fourth quarter, which is “already in a limited mobilization phase with select clients.”
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