Key Notes
- Bullish’s quarterly crypto sales rose 18% YoY to $58.6 billion, while trading volume increased 35% to $179.6 billion.
- The crypto exchange is also planning to launch its options trading platform fully in Q4.
- BLSH stock jumped 6% to $54.35 on September 17, supported by Ark Invest’s continued buying.
The stock price of crypto exchange Bullish (NASDAQ: BLSH) surged by 6% on Sept. 17, after the company posted its Q2 results, beating Wall Street estimates. Cathie Wood’s Ark Invest continued with its BLSH share buying for the second consecutive day.
Crypto Exchange Bullish Beats Wall Street Estimates in Q2 Results
Crypto exchange Bullish released its first quarterly results after its successful debut on the New York Stock Exchange (NYSE) last week. The company’s Q2 revenue stood at $57 million, against the Wall Street estimates of $55.75 million. Additionally, the company posted a massive 93 cents earnings per share, against the expected -6 cents.
For the second quarter, the exchange reported a net income of $108.3 million, reversing a loss of $116.4 million in the same period last year. Moreover, Bullish reported that quarterly crypto sales climbed 18% year-on-year to $58.6 billion, while trading volume increased 35% to $179.6 billion. Speaking on the development, company CEO Tom Farley said:
”We are pleased with our results for the 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.”
The company has made modest projections for Q3 revenue, expecting adjusted earnings before interest and taxes of $25 million to $28 million. Furthermore, the exchange projects net income between $12 million and $17 million.
Bullish also said it plans a full launch of its options trading platform in Q4, noting the service is already in limited use with select clients.
BLSH Stock Rallies With Strong Institutional Demand
After moving sideways over the past month and forming a base at $50, the BLSH stock has seen a strong bounce back, gaining 6% on Sept. 17, and closing at $54.35. The Fed rate cuts by Jerome Powell during the FOMC meeting also contributed to the rally.
Bullish (BLSH) debuted on the New York Stock Exchange in mid-August, but its share price has since fallen more than 20% from the $68 closing price on its first day of trading. Despite the decline, the stock remains up 47% from its $37 IPO price.
Amid this correction, institutional players like Cathie Wood’s Ark Invest, have added BLSH stock to their portfolio, highlighting greater confidence in the project. Following her $8.2 million purchase of BLSH stock a day before, the company added another 32,000 shares on Sept. 17.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
