Thiel-Backed Bullish Exchange Posts $108M Q2 Profit, Reversing Last Year’s Loss

Crypto exchange Bullish has reported a net profit of $108.3 million for Q2 2025, marking a major turnaround from a $116.4 million loss in the same quarter last year.

Key Takeaways:

• Bullish posted a $108.3M profit in Q2 2025, reversing last year’s $116.4M loss.
• The exchange secured New York’s BitLicense and expanded its global regulatory reach.
• Q2 trading volume hit $179.6B, but Bullish expects a slight dip in Q3 activity.

This is the platform’s first earnings disclosure since its debut on the New York Stock Exchange, and it comes with strong momentum in trading activity and regulatory wins.

Digital asset sales for the quarter rose to $58.6 billion, up from $49.6 billion year-over-year.

The exchange also secured key licenses in New York, including a BitLicense and Money Transmission License, granting it permission to offer crypto spot trading and custody services in the state.

These additions bolster its expanding regulatory presence, which already includes approvals in Europe under MiCA and licenses in Hong Kong.

CEO Tom Farley said the results reflect a quarter of operational strength and strategic positioning.

“We saw exciting liquidity services growth, executed a successful Consensus conference, and secured regulatory approvals that prepare us for long-term success,” Farley noted in Wednesday’s statement.

Total trading volume hit $179.6 billion in Q2, up from $133 billion a year ago. Despite this growth, the company expects volumes to ease slightly in Q3, projecting between $133 billion and $142 billion.

Following the report, Bullish’s stock closed at $54.35, up 5.8% on the day and an additional 2.1% in after-hours trading. However, shares are still down 21.8% since the exchange went public in August.

With solid earnings, growing compliance credentials, and rising transaction volumes, Bullish appears to be gaining traction in a tightening crypto exchange landscape, offering a rare bright spot in an otherwise cautious market.

Bullish’s BitLicense and Money Transmission License in New York comes amid the company’s growing international presence, which now spans the EU, Hong Kong, Gibraltar, and the US.

The exchange recently made headlines by becoming the first US-listed company to raise over $1 billion entirely in stablecoins during its NYSE IPO in August, with backing 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

The capital raise was settled across blockchain networks like Solana, reflecting Bullish’s commitment to digital-native finance.

In Europe, Bullish achieved a MiCAR license uplift through BaFin in Germany, giving it a regulatory foundation to serve institutional clients across the EU.

Its headquarters in Frankfurt places it under one of the most trusted financial regulators in the world.

Now, with the U.S. licenses in hand, Bullish is opening its doors to institutional clients and advanced traders in New York, offering spot trading and custody services.

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

Bullish’s entry into the US comes amid a wave of crypto firms returning to or expanding in the country as regulatory clarity improves.

Firms like Polymarket, TON Foundation, and Deribit are also eyeing US markets, while Wall Street prepares for a $15B crypto IPO pipeline before September.

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