Bullish's Equiniti Deal Advances as Q2 Loss Masks Subscription Growth
Gibraltar Approval for Tokenized Securities Bullish won Gibraltar approval to trade tokenized securities, becoming one of the first regulated platforms for digital assets. This opens a new business line and supports its strategy to modernize capital markets, potentially boosting future revenue and investor confidence.
New regulatory milestone that expands Bullish's addressable market and supports its tokenization strategy.
Equiniti Deal Clears Competition Hurdles Bullish's $4.2 billion acquisition of Equiniti received competition clearances from the UK, US, and Germany, and Siris will buy three non-core Equiniti units. This streamlines the deal, reducing regulatory risk and keeping the transformative acquisition on track for early 2027.
New progress on the Equiniti acquisition, a major catalyst for Bullish's expansion into transfer agency and capital markets infrastructure.
Crypto M&A Record Highlights Equiniti Deal Crypto M&A hit a record $9.66 billion in the first half of 2026, with Bullish's $4.2 billion Equiniti purchase accounting for 43% of the total. This underscores Bullish's role as a leading consolidator in the sector, which could attract investor interest.
New data showing Bullish's deal is the largest in a record M&A period, reinforcing its strategic importance.
Q2 Net Loss but Adjusted Revenue Beat Bullish reported a $280 million Q2 net loss as digital asset sales fell 44%, but adjusted revenue rose 62% to $92.6 million, beating estimates, and the stock jumped 11.7%. The loss reflects weak trading, while subscription growth offers a brighter outlook.
New earnings report showing both a large loss and strong adjusted revenue growth, driving a mixed but ultimately positive market reaction.