Bullish posts $108 million net income in first quarterly report after IPO

Crypto exchange Bullish reported a second-quarter net income, reversing a loss from the same period last year, in its first earnings release since listing on the New York Stock Exchange.

In its Wednesday earnings disclosure, Peter Thiel-backed Bullish reported a net income of $108.3 million in the second quarter of this year, compared to a net loss of $116.4 million in the same period of last year.

Its digital asset sales rose to $58.6 billion in the second quarter, up from $49.6 billion in the same period last year.

The earnings release came alongside news that the firm obtained a BitLicense and Money Transmission License from the New York State Department of Financial Services.

The license allows it to offer crypto spot trading and custody services in the state. Bullish said the approval adds to its growing regulatory footprint, citing its recent MiCA license uplift in Europe and existing licenses in Hong Kong.

"We are pleased with our results for the quarter — we saw exciting liquidity services growth, executed on a successful Consensus conference, and prepared for what would be a successful IPO," Tom Farley, CEO of Bullish, said in a Wednesday statement. "Our recent receipt of the prestigious New York DFS Bitlicense is testament to our institutional rigor and truly global reach."

Bullish also reported steady growth in key business metrics. The company's trading volume reached $179.6 billion in the second quarter of this year, up from $133 billion in the same period last year. However, Bullish expects trading volume to decline in the third quarter, projecting between $133 billion and $142 billion.

The company's stock price rose 2.1% in after-hours trading on Wednesday after closing up 5.8% at $54.35, according to Google Finance data. The stock has declined 21.8% since its August debut.