Bullish (BLSH) shares surge 14% as subscription revenue offsets digital asset slowdown

Bullish BLSH$27.06, the cryptocurrency platform and parent company of CoinDesk, surged 14% after saying subscription, services and other revenue reached a record $62.7 million in the second quarter.

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Adjusted earnings before interest, taxes, depreciation and amortization (ebitda) more than tripled to $29.5 million, while adjusted net income rose to $14.3 million from a year-earlier loss of $6 million, the company said.

The company went public exactly one year ago, with shares reaching a peak of $118 before losing as much as 83% of their value. At the time, bitcoin was on its way to a record high of nearly $125,000, which it reached in early October.

The world’s largest cryptocurrency has lost around half of its value since then, and fell 14% in the second quarter. The resulting markdown in Bullish’s bitcoin holdings led to a $244.6 million charge and was the main contributor to a net loss of $280 million for the quarter. It reported a $108.3 million profit in the year-earlier period.

The shares climbed as high as $28.20 on Thursday, nearly 14.5% higher on the day and the biggest single-day gain since Feb. 9, when they rose 17%.