Around 10%, by share price: that is the market's verdict on Bullish's second-quarter print. The crypto exchange operator reported adjusted EBITDA that more than tripled year over year and subscription and services revenue that hit a record high for the quarter.
The EBITDA expansion is the load-bearing number. Tripling adjusted earnings in a single year reflects a sharp move in revenue, cost structure, or both. Subscription and services topping a prior record adds a second signal: the recurring revenue side of the business moved in the same direction as adjusted earnings.
For a crypto exchange, the revenue mix matters. Trading income tracks volume and cycles with the market. Subscription and services fees recur on a more predictable schedule. A record quarter in that line, alongside a tripling of adjusted EBITDA, is what the market priced at roughly 10% on the session.