Peter Thiel-backed Bullish also reported a net income of $108.3 million for the second quarter, compared with a net loss of $116.4 million in the year-ago quarter.

The company logo of cryptocurrency exchange Bullish is displayed on a banner at the New York Stock Exchange during morning trading on August 13, 2025 in New York City. (Photo by Michael M. Santiago/Getty Images)

Sourasis Bose·Stocktwits

Published Sep 17, 2025 | 10:26 PM GMT-04

Share this article

Bullish (BLSH) stock gained 2.1% in extended trading on Wednesday after the cryptocurrency exchange projected a rise in third-quarter core profit.

The company, posting its first earnings since making its trading debut, forecasted current-quarter earnings before interest, tax, depreciation, and amortization (EBITDA) between $25 million and $28 million, compared with $8.1 million in the previous quarter.

Peter Thiel-backed Bullish also reported a net income of $108.3 million or $0.93 per share for the second quarter ended on June 30, compared with a net loss of $116.4 million or $1.03 per share in the year-ago quarter.

“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,” CEO Tom Farley said in a statement.

Retail sentiment on Stocktwits about Bullish stock was in the ‘extremely bullish’ territory, compared with ‘bearish’ a day ago, while retail chatter was ‘extremely high.’

**BLSH’s Sentiment Meter and Message Volume as of 09:54 p.m. ET on Sept. 17, 2025 | Source: Stocktwits**

During the second quarter, the company’s trading volume totaled $179.6 billion, compared with $133 billion a year earlier. Its subscription, services, and other revenue grew to $32.9 million in the second quarter, which was over 27% higher than a year earlier.

For the third quarter, the company also projected trading Volume between $133 billion and $142 billion. Earlier in the day, the company also secured a license to begin operating in the U.S. as a digital asset trading and custody business.

“The EBITDA growth is looking healthy for 3Q25. I imagine 4Q25 could be double or even triple that,” one user wrote on Stocktwits.

Bullish stock closed at $54.35 on Wednesday, 46.9% higher than its initial public offering price of $37. Cryptocurrency stocks have surged this year due to favorable regulatory policies from the Trump administration.

Also See: Uber CEO Renews Robotaxi Pitch To Tesla CEO Elon Musk: ‘We’re Your Ticket to Maximizing That Revenue’

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Subscribe to Trends with No Friends

All Newsletters

High Relative Strength, Low Social Following

Read about our editorial guidelines and ethics policy

Trending Afterhours Retail Equities