TL;DR
- Bullish, the crypto exchange backed by Peter Thiel, posted a net income of $108.3 million in Q2 2025, recovering from a $116.4 million loss in the same period last year.
- The company secured New York BitLicense and Money Transmission License approvals, expanding its global regulatory footprint.
- Digital asset trading volume surged to $179.6 billion, although the firm projects slightly lower activity in Q3 as market conditions moderate.
Bullish, the cryptocurrency trading platform supported by Peter Thiel, revealed a net profit of $108.3 million for the second quarter, marking a sharp turnaround from a $116.4 million loss in the same period last year. This is the first earnings release since the company’s NYSE debut in August, where it raised over $1 billion entirely in stablecoins, reflecting its commitment to blockchain-native finance. The report also highlighted increasing interest in derivatives and institutional staking services, which contributed to overall growth.
Trading Volumes Surge While Future Activity Moderates
The exchange recorded a second-quarter trading volume of $179.6 billion, up from $133 billion year-over-year, signaling strong engagement from institutional and retail traders alike. Digital asset sales also increased to $58.6 billion, compared to $49.6 billion in Q2 2024. Despite this growth, Bullish anticipates a moderate slowdown in trading volume for Q3, projecting activity between $133 billion and $142 billion. Its stock responded positively, closing at $54.35 on Wednesday, up 5.8% during the day and rising an additional 2.1% in after-hours trading, though shares remain down 21.8% since the IPO. Analysts also note growing interest from international investors entering the platform through cross-border partnerships.
Bullish Expands Regulatory Presence in the U.S. and Abroad
Bullish strengthened its U.S. operations by obtaining a BitLicense and Money Transmission License from the New York State Department of Financial Services, enabling spot trading and custody services in the state. This complements its European MiCAR license uplift through Germany’s BaFin and existing licenses in Hong Kong. CEO Tom Farley emphasized that these approvals reinforce the company’s institutional rigor and global reach, aligning with Bullish’s strategy to attract high-volume traders and institutional clients.
The platform’s high-performance trading engine, which combines order book matching with automated market making, continues to ensure deep liquidity across digital assets. Bullish’s entry into regulated U.S. markets highlights its readiness to compete with other crypto firms returning to or expanding in the country, as regulatory clarity improves. The company also noted improvements in its API integrations and mobile trading experience, appealing to a broader range of users.
