Slide 1: Bullish 2Q 2026 Shareholder Update
Bullish 2Q 2026 Shareholder Update August 13, 2026 1 1
Slide 2: Disclaimer
Disclaimer Non-IFRS financial measures and key performance indicators This communication includes certain financial measures that are not recognized by the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures are “adjusted transaction revenue,” “subscription, servi
Slide 3: Speaking Today
Speaking Today Tom Farley David Bonanno Chief Executive Officer Chief Financial Officer 3
Slide 4: 2Q 2026 Earnings
2Q 2026 Earnings Equiniti + Bullish: An end-to-end onchain solution Bullish and Equiniti will together offer issuers a single solution spanning Total Trading Spot Trading Options Trading transfer agent services, tokenization, onchain trading, and indices data- Volume Volume Volume solution post-clos
Slide 5: Equiniti acquisition on track & expected to close in early 2027
Equiniti acquisition on track & expected to close in early 2027 with momentum building Path to close… Build commercial value with a two-part pre-close plan... Antitrust cleared Build the tokenization business Modernize & streamline • All three merger clearances secured: US (HSR), UK (CMA), and Germa
Slide 6: Consensus is the glue behind a complementary product suite
Consensus is the glue behind a complementary product suite, sold into a shared customer base One integrated suite Exchange Liquidity Data Indices Media Consensus Post close, Equiniti Tokenization Transfer Investor Public Proxy Share Plans expands services: Agent Relations Relations How one relations
Slide 7: Our licenses deliver more products in more regulated jurisdictions
Our licenses deliver more products in more regulated jurisdictions, a moat vs. the competition In Process Sept. 2025+: Dec. 2025: Jul. 2026: UNLOCKING U.S. TOKENIZED SECURITIES Feb. 2025: SFC Type 1 and Type 7, plus Open for business in 43 US Live SEC-registered Received conditional Virtual Asset Tr
Slide 8: Our Tokenization Opportunity
Our Tokenization Opportunity 8
Slide 9: Tokenization is transforming market infrastructure, and Bullish is built to lead it
Tokenization is transforming market infrastructure, and Bullish is built to lead it Tokenized Real-World Assets (RWAs) onchain have grown over 20x since 2024 Asset tokenization is already happening at scale… Total value onchain, excluding stablecoins, US$ billions $290B stablecoins, tokenized cash (
Slide 10: Tokenization benefits issuers, investors, and market structure
Tokenization benefits issuers, investors, and market structure FOR ISSUERS FOR INVESTORS FOR MARKET STRUCTURE ➢ Heightened investor engagement ➢ Shareholder rewards ➢ Instant settlement & real-time through programmable corporate corporate actions actions like shareholder rewards ➢ Programmable owner
Slide 11: Issuer-sponsored tokenization is positioned to lead the next generation of market structure
Issuer-sponsored tokenization is positioned to lead the next generation of market structure Issuer-Sponsored Third-Party Issued Legal ownership of share ● Token is the share, true legal title ● An IOU on a share held elsewhere Visibility into shareholder ● Named holders, real visibility ● Holders in
Slide 12: Bullish + Equiniti: a complete business model for the tokenized securities opportunity
Bullish + Equiniti: a complete business model for the tokenized securities opportunity Post-closing plans, with expected closing in early 2027 1 2 3 4 End-to-end tokenization Unified transfer agent Blue-chip issuers at scale Regulated institutional ledger exchange One proprietary platform from The r
Slide 13: Bullish Standalone Financials & KPIs
Bullish Standalone Financials & KPIs 2Q 2026 Update 13
Slide 14: Income statement & KPIs
Income statement & KPIs Figures in $ millions, unless otherwise noted 2Q25 3Q25 4Q25 1Q26 2Q26 Financial Metrics ($M) 1 Adjusted Transaction Revenue $24.1 $26.7 $37.9 $38.0 $29.9 Subscription & Services Revenue 31.9 49.3 54.6 54.8 62.7 Revaluation of digital assets held as investments & Other2 1.0 0
Slide 15: Adjusted operating expense summary
Adjusted operating expense summary Adjusted Operating Expenses Figures in $ millions, unless otherwise noted End of period total Headcount 406 406 409 414 405 394 2 Notes: 1. Adjusted operating expense is a non-IFRS measure. See subsequent sections including Appendix for further explanation and reco
Slide 16: Digital asset balances
Digital asset balances Digital Asset Balances – 2Q26 BTC2 ETH 2 USDx Other Total2 2 Ending Price as of 06/30/20261 $58,632 $1,564 Units (in 000s) Digital assets held - intangible assets 18.2 1.3 Digital assets held - inventories 1.8 8.2 Loan and other receivable - digital assets 1.6 2.1 Digital asse
Slide 17: Net Liquid Assets
Net Liquid Assets Figures in $ millions, unless otherwise noted $269 $2,807 $226 ($207) $139 $953 $2,102 ($499) $1,134 $87 Cash and Digital Digital Digital Investments Loan & Gross On Exchange Borrowings Net Liquid Assets Cash Assets Held Assets Held Assets Held in Financial Other Liquid Capital and
Slide 18: Adjusted Fully Diluted Shares Outstanding & Adjusted Diluted EPS
Adjusted Fully Diluted Shares Outstanding & Adjusted Diluted EPS Weighted Average ($ in millions, except per share data) 2Q '26 Reconciliation of Weighted Average "WA" Shares to Adjusted Diluted WA Shares: Weighted average shares of common stock outstanding — Basic 151.7 Assumed exchange of all outs
Slide 19: Adjusted Fully Diluted Weighted Average Shares sensitivity table
Adjusted Fully Diluted Weighted Average Shares sensitivity table Adjusted Fully Diluted Weighted Average Shares (in millions) Assumed Average 2Q 2026 Share Price $20.00 159.2 $25.00 159.8 $30.00 160.2 $35.00 160.7 $40.00 161.0 $45.00 161.5 $50.00 162.0 $55.00 162.4 $60.00 162.7 $65.00 163.0 $70.00 1
Slide 20: Post-Quarter Bullish Standalone Performance
Post-Quarter Bullish Standalone Performance 20
Slide 21: July 2026 exchange update
July 2026 exchange update Monthly Metrics Report for July 2026 (Unaudited) 2 Notes: 1. Figures presented may not sum precisely due to rounding 21 2. The March 2026 ETH volatility figure has been revised from 46% to 60% to reflect updated market data; no Bullish financial metrics were affected
Slide 22: Updated FY26 guidance
Updated FY26 guidance Incorporating 2026 year-to-date results (Figures in $ millions, unless otherwise noted) Q2 2026 Actuals Updated FY 2026 Guidance High Low Adjusted Revenue ($M) Adjusted Transaction Revenue 29.9 Subscription, Services and Other 62.7 245.0 225.0 Total Adjusted Revenue 92.6 Adjust
Slide 23: Equiniti Primer
Equiniti Primer 23
Slide 24: Equiniti brings an irreplicable blue-chip client base and privileged market position to Bullish
Equiniti brings an irreplicable blue-chip client base and privileged market position to Bullish MISSION-CRITICAL SERVICES THE FULL EQUINITI FRANCHISE Registrar & Transfer Agent Equiniti holds the raw materials, ~30% S&P 500 System of record for US and UK issuers: registration, ~50% FTSE 100 the issu
Slide 25: Appendix A. Equiniti
Appendix A. Equiniti 25
Slide 26: 2026E Equiniti standalone financial outlook
2026E Equiniti standalone financial outlook Pre-Close / Pre-Synergy 2026E Outlook Equiniti Standalone Low Base High Issuer & Holder Services $670 $685 $705 Interest Income $220 $230 $240 Total Revenue $890 $915 $945 Adjusted OPEX ($490) ($505) ($525) Capital Expenditures ($60) ($65) ($70) EQ Adjuste
Slide 27: We reiterate the 2027E-2029E combined medium-term outlook
We reiterate the 2027E-2029E combined medium-term outlook Revenue Growth Cost Optimization Profitability • 6-8%+ combined annual • $25-50M in annualized net cost • EBITDA Less Capex expected revenue growth, 2027E-2029E takeouts vs. combined 2026E to grow ~$100M+ per year • Growth targeted to acceler
Slide 28: UK dematerialization: a structural opportunity trending towards tokenization
UK dematerialization: a structural opportunity trending towards tokenization 1 The opportunity UK dematerialization is a growth unlock, bringing shares into a digital, dealable format that Bullish + Equiniti is designed to serve end-to-end with our transfer agent, brokerage, and W HA T IT IS tokeniz
Slide 29: Appendix B. Bullish
Appendix B. Bullish 29
Slide 30: Bullish revenue model
Bullish revenue model INFRASTRUCTURE Adjusted Volumes Spread Fees Exchange transaction revenue MARKET Balances Subscription Performance Liquidity services fee based upside revenue Liquidity Services SUBSCRIPTION SERVICES & OTHER REVENUE Yield Asset-linked Indices related Indices revenue AUM fee % da
Slide 31: Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss)
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited) Three months ended June 30, Six months ended June 30, ($ in thousands, except per share data) 2026 2025 2026 2025 Digital assets sales $ 32,585,087 $ 58,630,645 $ 84,397,834 $ 138,866,802 Cost of di
Slide 32: Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (cont'd)
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited) (cont’d) Three months ended June 30, Six months ended June 30, ($ in thousands, except per share data) 2026 2025 2026 2025 Attributable to: Owners of the Group (250,774) 576,422 (844,677) 140,104 No
Slide 33: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) ($ in thousands) June 30, 2026 December 31, 2025 ASSETS Non-current assets Goodwill $ 62,648 $ 63,062 Other intangible assets 29,978 31,104 Property and equipment and right-of-use assets 27,541 28,369 Deferred tax assets 2,823 2,865 Other assets 26,0
Slide 34: Condensed Consolidated Balance Sheets (Unaudited) (cont'd)
Condensed Consolidated Balance Sheets (Unaudited) (cont’d) ($ in thousands) June 30, 2026 December 31, 2025 LIABILITIES Non-current liabilities Borrowings from related parties $ 495,650 $ 505,600 Convertible redeemable preference shares — — Digital assets loan payable 2,916 5,267 Lease liabilities 1
Slide 35: Non-IFRS Measures Summarized
Non-IFRS Measures Summarized Six months ended June 30, June 30, ($ in thousands) 2026 2025 Non-IFRS Financial Measures Adjusted transaction revenue $ 67,914 $ 66,114 Adjusted revenue $ 185,423 $ 119,401 Adjusted EBITDA $ 64,690 $ 21,246 Adjusted Net Income $ 34,611 $ (3,782) Adjusted Opex $ 120,733
Slide 36: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures Six months ended June 30, June 30, ($ in thousands) 2026 2025 Adjusted Transaction Revenue and Adjusted Revenue 2026 2025 Digital assets sales $ 84,397,834 $ 138,866,802 Digital asset sales on venues other than Exchange - (333,933) Digital asset sales - on our Exc
Slide 37: Reconciliation of non-IFRS measures (cont'd)
Reconciliation of non-IFRS measures (cont’d) Six months ended June 30, June 30, ($ in thousands) 2026 2025 Adjusted to exclude the following: Digital asset sales on venues other than Exchange - (333,933) Cost of digital assets derecognized on other venues - 334,040 Loss/(Gain) from changes in fair v
Slide 38: Gross and Net Liquid Assets
Gross and Net Liquid Assets ($ in thousands) June 30, 2026 December 31, 2025 Digital assets held - inventories $ 139,131 $ 206,178 Digital assets held - intangible assets 1,133,596 1,537,071 Digital assets held - financial assets (on Exchange) 59,976 84,993 Digital assets held - financial assets (of
Slide 39: Reconciliation of Adjusted Operating Expense
Reconciliation of Adjusted Operating Expense Six months ended June 30, June 30, ($ in thousands) 2026 2025 IFRS Core Operating Expense to Adjusted Operating Expense IFRS Core Operating Expense $ 182,591 $ 122,628 Adjusted for Employee stock-based compensation expense 10,634 8,389 Other stock-based c
Slide 40: Definition of Certain Metrics
Definition of Certain Metrics Adjusted transaction revenue is a non-IFRS financial measure intended to capture the fees and trading spreads earned from customers trading on our Exchange. We define adjusted transaction revenue as (i) the portion of “Digital asset sales”, as reported in accordance wit
Slide 41: Definition of Certain Metrics (Cont'd)
Definition of Certain Metrics (Cont’d) Adjusted EBITDA Less Capex is Adjusted EBITDA excluding funds used to acquire, upgrade, or maintain physical assets such as property, plants, buildings, technology, or equipment Adjusted net income/(loss) is calculated as income/(loss) after tax adjusted by the
Slide 42: Bullish
SF °¢ Bullish