Bullish Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Company Overview: Bullish operates as a premier institutional digital asset platform with two core businesses:
    • Bullish Exchange: Offers spot, perpetual futures, dated futures, and will soon launch options trading. Known for deep liquidity in leading digital assets like BTC, ETH, and stablecoins.
    • CoinDesk (Information Services): Offers indices, data, and insights; notable indices include CoinDesk 5 and CoinDesk 20 used in growing ETF products.
  • Key Milestone: Bullish received the New York State BitLicense in Q2 2025, unlocking the U.S. market for expansion. The exchange had previously refrained from operating in the U.S. pending this license.
  • Exchange Volume: Through August 2025, Bullish facilitated over $530B in total volume, including $485B in spot trades — none of which originated from the U.S.

Q2 2025 Financial Results

  • Adjusted Revenue: $57M, down 8.7% sequentially and 6.1% year-over-year due to low BTC volatility and subdued market activity.
  • SS&O Revenue: Grew to 45% of total adjusted revenue from 28% in full-year 2024, driven by liquidity services and CoinDesk-branded offerings.

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Operator: Thank you for standing by. My name is Erik, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bullish Global Sector Quarter 2025 Earnings Call and Q&A. All lines have been placed on mute to prevent any background noise. After the speakers emerge, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the call over to Michael Fedele. Please go ahead. Michael Fedele: Good evening and welcome to our first ever quarterly earnings call as a public company. I'm Michael Fedele, Vice President of Finance, and I'm joined on today's call by our Chief Executive Officer, Tom Farley, Chief Financial Officer, David Bonanno, and Director of Corporate Development, Liam Foley. This call will contain forward-looking statements, including those relating to our expected performance and business opportunities. These statements are not assurances of future performance. They are subject to risks and uncertainties, and our actual results could differ materially. For more details on these risks, please refer to today's earnings press release and our SEC filings, including our prospectus dated August 12th, 2025. We undertake no obligation to update or revise any forward-looking statements. This call will also include a discussion of non-I

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