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Bullish shares up 10% as Q2 adjusted EBITDA more than triples

8/14/2026

Around 10%, by share price: that is the market's verdict on Bullish's second-quarter print.

The crypto exchange operator reported adjusted EBITDA that more than tripled year over year and subscription and services revenue that hit a record high for the quarter. The EBITDA expansion is the load-bearing number.

Tripling adjusted earnings in a single year reflects a sharp move in revenue, cost structure, or both.

Subscription and services topping a prior record adds a second signal: the recurring revenue side of the business moved in the same direction as adjusted earnings. For a crypto exchange, the revenue mix matters.