Peter Thiel-backed crypto exchange Bullish reported a $280 million net loss for the second quarter of 2026, reversing a $108.3 million profit in the same period a year earlier.
Despite the loss, investors sent Bullish shares sharply higher after the market opened on Thursday. The stock was up 11.7% at $27.50 at the time of writing, reversing an earlier premarket decline.
The rally came as other parts of the results showed growth.
Adjusted revenue rose 62% year over year to $92.6 million, even as digital asset sales fell 44% to $32.6 billion amid weaker trading activity.
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Chief financial officer Dave Bonanno pointed to Bullish’s expanding businesses beyond trading.
“That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange,” Bonanno said.
Wall Street saw upside before earnings
Wall Street had been broadly optimistic about Bullish heading into its Aug. 13 results. Analysts expected adjusted earnings of about $0.09 per share and revenue of roughly $87.9 million, meaning Bullish’s adjusted revenue ultimately came in above expectations.
Bullish went public on Aug. 13, 2025, raising about $1.1 billion after selling 30 million shares at $37 each. The offering valued the company at roughly $5.4 billion.
At the time of writing, Bullish shares were trading up 11.7% on the day, but remained about 26% below their $37 IPO price.
Related: Goldman Sachs is paying $2.25 billion to get into Bitcoin income game
This story was originally published by TheStreet on Aug 13, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
