Why Did Bullish Stock Rise Over 2% After-Hours Today?

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.'

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.

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