:max_bytes(150000):strip_icc()/GettyImages-2229932725-a9d2650b84b24208bdc92b88139ea30e.jpg "Peter Thiel-Backed Cryto Platform Bullish Swings to a Profit; Stock Surges")
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Key Takeaways
- Bullish reported a second-quarter profit as sales and trading volume increased.
- The cryptocurrency platform backed by billionaire Peter Thiel reported net income of $108 million, compared with a loss of $116 million in the year-ago period.
- Shares of Bullish, which carried out its initial public offering last month, rose more than 10% on Thursday morning.
Shares of Bullish (BLSH) surged Thursday after the cryptocurrency exchange backed by billionaire Peter Thiel reported that it posted a profit on higher sales and trading volume.
Bullish, which also operates the CoinDesk crypto information site, reported second quarter net income of $108.3 million, or $0.93 per diluted share, compared to a loss of $116.4 million, or $1.03 per share, the year before. Digital asset sales rose 18% to $58.6 billion, while trading volume jumped 35% to $179.6 billion,
It was the company’s first financial report since becoming a publicly-traded company in August. CEO Tom Farley said the company was pleased with the results, and that “the work we did in the second quarter is already directly contributing to strong business momentum in the third quarter and beyond.”
Bullish sees current quarter non-IFRS adjusted net income of $12 million to $17 million, and trading volume of between $133 billion and $142 billion.
Shares were up 12% in recent trading. After popping when they hit the market last month, shares of Bullish have tumbled about 10%.
