The stock of Bullish (NYSE: $BLSH) is up 13% after the cryptocurrency exchange reported financial results that surpassed Wall Street’s expectations.
The company, which also develops blockchain technologies, announced earnings per share (EPS) of $0.10 U.S., which beat analysts’ consensus expectation of $0.09 U.S.
Revenue in the year’s second quarter totaled $92.6 million U.S., topping Wall Street estimates of $87.4 million U.S. Sales were up 62% from a year earlier.
The company, which is backed by investor Peter Thiel, said its subscription, services and other revenue hit a record $62.7 million U.S. in the quarter.
That means 68% of Bullish revenue is recurring, making the company less vulnerable to volatile crypto trading in digital assets such as Bitcoin (CRYPTO: $BTC).
Looking ahead, Bullish forecast full-year subscription, services and other revenue of $225 million U.S. to $245 million U.S.
Management at Bullish said that the $4.2 billion U.S. acquisition of global transfer agent Equiniti remains on track to close in early 2027.
Bullish went public a year ago. Prior to today (Aug. 13), BLSH stock had declined 60% over the past 12 months to trade at $27.39 U.S. per share.
