Bullish · NYSE:BLSH
Bullish — Q2 2025 Earnings Presentation
31 slides from Bullish's earnings presentation, Sep 17, 2025
Slide 1: Bullish Q2 2025 Shareholder Update
1 September 17, 2025 Bullish Q2 2025 Shareholder Update 1
Slide 2: Disclaimer
2 Disclaimer Non - IFRS financial measures and key performance indicators This communication includes certain financial measures that are not recognized by the International Financial Reporting Stand ard s (“IFRS”). These non - IFRS financial measures are “adjusted transaction revenue,” “subscriptio
Slide 3: Speaking today: Tom Farley and David Bonanno
3 Tom Farley Speaking today David Bonanno Chief Executive Officer Chief Financial Officer
Slide 4: Our objective
4 To provide mission - critical products and services that are designed to help institutions grow their businesses, build trust across global regulatory frameworks, and drive the adoption of blockchain technology and digital assets Our objective
Slide 5: Comprehensive product offering and unique value proposition
5 We offer comprehensive product offering and unique value proposition in the rapidly growing digital assets market Information Services Global reach CoinDesk brand Comprehensive suite of digital assets data Trusted & regulated index solutions Realtime insights Marquee events Market Infrastructure G
Slide 6: Bullish is well positioned to take advantage of massive TAM in digital assets
6 Source: Company filings, Research and Markets, ISDA, SIFMA, Ocorion , CBOE, CoinGecko Note: 1 Crypto market cap as of 9/11/25, Investable assets as of 12/31/24; 2 Represents latest available data – 7/31/25 LTM for digital assets, 8/31/25 LTM for US equities, and 2024 for US treasuries, rate swaps,
Slide 7: Tremendous momentum across the digital assets industry
7 There is currently tremendous momentum across the digital assets industry Growing stablecoin opportunity $290B+ Stablecoin market cap 1 +68% YoY increase in stablecoin circulation 2 +574% Increase in stablecoin tokens from 27 to 182 over past 3 years 3 Institutional engagement 4 57% European insti
Slide 8: Market infrastructure and information services business based on TradFi precedents
8 Traditional asset classes Bullish has built a market infrastructure and information services business based on proven TradFi precedents opportunity Regional brokers Pre - trade data / indices Trade Exchange Execution and liquidity provision Clearing Institutional Retail Exchange Liquidity services
Slide 9: CoinDesk is crypto's leading information services platform
9 CoinDesk is crypto’s leading information services platform CoinDesk’s indices, data, and insights offerings are highly complementary to Market Infrastructure Summary Revenue Model Proprietary and single - asset benchmarks and indices tracking the performance of digital assets AUM & Volume Driven $
Slide 10: Bullish benefits from a diverse revenue model
10 Bullish benefits from a diverse revenue model Note: Formulas displayed represent a simplified view of Bullish revenue model Adjusted transaction revenue Insights business revenue Liquidity services revenue # of Ads Balances Subscription fee Exchange Data business revenue Subscribers Subscription
Slide 11: Recent Bullish Highlights
11 Recent Bullish Highlights Officially licensed in Hong Kong with Type 1 & Type 7 Virtual asset trading platform licenses MiCAR license uplift through Germany’s BaFin to full alignment with the European Union ’s MiCA regulations NY BitLicense approval and Money Transmitter License approvals in vari
Slide 12: Powering our Partners Growth: Igloo Inc, Pudgy Penguins and $PENGU
12 Powering our Partners Growth Igloo Inc: Pudgy Penguins and $PENGU 12 ● Pudgy Penguins is onboarding the next generation of crypto users through retail - friendly products, video games, digital content and partnerships with high - profile brands such as Sotheby’s, Nascar and Pez. ● +2 million Pudg
Slide 13: Pudgy Penguins and PENGU partnership details
13 13 ● PENGU inclusion in CoinDesk 80, CoinDesk 100 and CoinDesk MEME Indices. ● CBOE 19b - 4 filing for the first - of - its - kind $PENGU and Pudgy Penguins NFT ETF is currently under SEC review. ● PENGU 8th largest airdrop in history with ~$1 billion in current market value given out to Pudgy Pe
Slide 14: Financials & KPIs Q2 2025 Update
14 Financials & KPIs Q2 2025 Update
Slide 15: Q2'2025 In-line with F1 Ranges
15 Q2’2025 In - line with F1 Ranges * Figures may not sum due to rounding Q2 Ranges (F1) Q2’2025 US $ Millions High Low Actual Adjusted Transaction Revenue $24.2 $23.9 $24.1 Subscription and Services Revenue 32.4 30.7 31.9 Revaluation of Digital Assets Held as Investments 1.2 0.8 1.0 Total Adjusted
Slide 16: Quarterly financial metrics and KPIs
16 1 Revaluation of digital assets held as investments & Other includes Change in Fair value on Investments in Financial Assets of $0 .2m in 1Q24 Note: Adjusted transaction revenue, subscription, services and other revenue and adjusted operating expenses and adjusted ope rat ing profit / (loss) are
Slide 17: Bullish Adjusted Operating Expense Summary
17 Bullish Adjusted Operating Expense Summary ▪ Adjusted Operating Expenses increased 0.6% QoQ ($49.2m in 1Q25 vs. $48.9m in 2Q25) and 6.3% YoY (vs. $46.0m in 2Q24). ▪ Compensation and Benefits remains the largest driver, though it was slightly lower QoQ mainly due to annual bonus and other staff co
Slide 18: Digital Asset Balance Update
18 Digital Asset Balance Update BTC ETH USDx Other Total 2 Ending Price as of 6/30/2025 1 $107,594 $2,460 Units (in 000s) Digital assets held - intangible assets 17.8 0.8 Digital assets held - inventories 1.8 10.8 Loan and other receivable - digital assets 2.6 1.0 Digital assets held - financial ass
Slide 19: Post-Quarter Performance Q3 2025 Update & Guidance
19 Post - Quarter Performance Q3 2025 Update & Guidance
Slide 20: July & August Exchange Update
20 July & August Exchange Update 2025 Monthly Metrics Report for August 2025 Aug Jul Jun May Apr Mar Feb Jan (Unaudited) (M - in millions, B - in billions) Trading Volume ($B) 18.2 20.8 19.9 32.8 39.2 43.2 30.9 34.6 Spot - BTC 12.8 11.1 9.5 12.0 10.9 14.9 19.2 18.3 Spot - ETH 8.6 12.9 8.1 10.3 13.3
Slide 21: Q3'2025 Guidance
21 Q3’2025 Guidance Q3’2025 2025 2024 Quarterly Performance & Outlook Low High Q2 Q1 Q4 Q3 Estimates as of 9/17/2025 (M - in millions, B - in billions) Trading Volume ($B) 133.0 142.0 179.6 251.9 212.6 160.4 Total Trading Volume Adjusted Revenue ($M) 25.5 28.0 24.1 42.0 41.0 32.8 Adjusted Transactio
Slide 22: Value of excess capital: NAV calculation update
22 Value of excess capital: NAV calculation update Notes : 1 Assumes BTC price of $ 107 , 594 and $ 116 , 267 as of 6 / 30 and 9 / 17 , respectively . Assumes ETH price of $ 2 , 460 and $ 4 , 506 as of 6 / 30 and 9 / 17 , respectively . You should not assume that the amounts depicted above reflect t
Slide 23: Appendix
23 Appendix
Slide 24: Reconciliation of non-IFRS measures
24 Reconciliation of non - IFRS measures June 30 LTM Quarter ended June 30 Year ended December 31 (In U.S. $ millions) 2025 2025 2024 2023 Digital assets sales - on our Exchange 258,744$ 58,601$ 250,179$ 115,607$ Cost of digital assets derecognized - on our Exchange (258,656) (58,585) (250,083) (115
Slide 25: Income statement
25 ($ in millions) Q4'24 Q1'25 Q2'25 Digital assets sales $66,024 $80,236 $58,631 Cost of digital assets derecognized (65,999) (80,210) (58,615) Other revenues 17 20 32 Change in fair value of derivatives (13) - (2) Change in fair value of investments in financial assets 27 (72) 86 Change in fair va
Slide 26: Adjusted EBITDA and Adjusted Net Income
26 Adjusted EBITDA and Adjusted Net Income Adjusted EBITDA and Adjusted Net Income June 30 LTM Quarter ended June 30 Year ended December 31 2025 2025 2024 2023 Income/(loss) (149)$ 108$ 80$ 1,300$ Adjusted to exclude the following: Digital asset sales on other venues (341) (30) (22) (885) Cost of di
Slide 27: Balance Sheet
27 Balance Sheet ASSETS Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Goodwill $ 40 $ 40 $ 61 $ 62 $ 63 Other intangible assets 34 33 33 33 32 Property and equipment and right-of-use assets 17 16 14 16 15 Deferred tax assets 5 5 2 2 3 Other assets 19 19 22 23 21 Restricted cash 4 4 2 2 2 Total non-current assets 11
Slide 28: IFRS Operating Expense to Adjusted Operating Expense
28 IFRS Operating Expense to Adjusted Operating Expense Quarterly Periods 6 Months ended June 30 6 Months ended June 30 $ Millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 2024 2025 IFRS Core Operating Expense $46.7 $56.4 $46.4 $49.7 $62.2 $60.4 $103.1 $122.6 Adjusted for: Stock-based compensation expense 1 3.
Slide 29: Definition of Certain Metrics
29 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 transactional revenue as ( i ) the portion of “Digital asset sales”, as reported in accor
Slide 30: Definition of Certain Metrics (continued)
30 Adjusted net income/(loss) is calculated as income/(loss) after tax adjusted by the same adjustment items taken into account for determining adjusted EBITDA, with further adjustment to add back finance expense and depreciation and amortization, and reduced by tax effect of the adjustments . Adjus
Slide 31: Bullish
*¢ Bullish EF