Bullish (BLSH) Stock Sinks As Crypto Volatility Deepens Losses

Bullish dropped 11.2% today, which tells you traders saw red in this crypto infrastructure story. The earnings print tells a more complicated tale. Adjusted revenue held near US$92.6m and adjusted EBITDA touched roughly a 32% margin, yet the company still reported a quarterly net loss of US$270.2m. The sentiment reckoning here is simple: a richly valued stock with a P/S around 12.3x just reminded the market that the path from growth to durable profitability is still a work in progress.

Is Bullish now a growth engine priced for perfection, or has a 12.3x P/S already stretched the story too far? See how NYSE:BLSH compares with its fundamentals in our valuation analysis for Bullish

Q2 2026 Earnings Summary

• Total Revenue (Q2 2026 vs Q2 2025): US$80.5m vs. US$47.7m (up about 69%)
• Net Income or Loss (Q2 2026 vs Q2 2025): loss of US$270.2m vs. profit of US$107.5m (moved from profit to a significantly larger loss)
• Basic EPS (Q2 2026 vs Q2 2025): loss of US$1.78 per share vs. profit of US$0.95 per share (shifted from earnings to a wider per share loss)
• Adjusted EBITDA Margin (Q2 2026): about 32% on adjusted revenue of roughly US$92.6m, which highlights profitable operations on an adjusted basis despite the reported net loss